Central Fill Pharmacy Automation Market, By Product Type (Automated Medication Dispensing System, Integrated Workflow Automation Systems, Automated Packaging and Labeling Systems, Automated Table Top Counters, Automated Medication Compounding Systems, Automated Storage and Retrieval Systems, Others), By Application (Inpatient Pharmacy, Outpatient Pharmacy, Retail Pharmacy), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jun 2024

Code : CMI5189

Pages :163

Formats :

Excel and PDF

Industry : Medical Devices

Market Challenge – Shortage of trained experts and significant skilled professionals

The lack of skilled professionals and substantial initial capital requirements can hamper the market growth. The competencies of the pharmaceutical workforce have yet to catch up with emerging technologies like automation, computer science, and process modeling, leading to a widening talent gap. Consequently, firms are facing challenges in sourcing these skills from the existing workforce. Due to factors such as increased tariffs, anti-dumping taxes, non-tariff barriers, and stricter compliance measures, there has been increase in cost of trade. These logistical hurdles can hamper the market growth over the forecast period. The overall budget encompasses expenses such as maintenance, power consumption, servicing, technician fees, and others. The significant upfront investment required for central fill pharmacy automation systems has restrained market expansion in economies with lower income levels.

Market Opportunity – Increased collaboration between pharmacies and pharmaceutical companies

Increased collaboration between pharmacies and pharmaceutical companies can offer beneficial opportunities for the central fill pharmacy automation market. By combining their strengths, including pharmaceutical manufacturing expertise and pharmacy-patient relationships, these can establish integrated central fill systems. These systems ensure timely and cost-effective delivery of accurate prescriptions to patients. Collaborative models also foster innovation in automation, software, analytics, and business models, addressing challenges and serving niche patient populations. Collaborative efforts have improved access to essential medicines in conflict regions, according to the report published by World Health Organization in 2021.