Automated Dispensing Machines Market Size Worth USD 7.95 Billion by 2030 at 7.2% CAGR – Report by Market Research Future (MRFR)
New York, USA, June 21, 2022 (GLOBE NEWSWIRE) — Automated Dispensing Machines Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Automated Dispensing Machines Market Information By Product Type, End User, and Region – Forecast till 2030“, the market will touch USD 7.95 billion by 2030 at 7.2% CAGR during the forecast year.
Automated Dispensing Machines Market Synopsis
Automated dispensing machines are made for scattered and centralized filling of patients’ prescriptions and unit-dose drug orders. These automated dispensing machines are designed to reduce medication errors among patients. The use of automated dispensing machines improves the high-alert medicine administration safety, assisting hospitals and other users in meeting the safety aim. An automated dispensing system, sometimes known as an automated drug cabinet, is automated drug storage and dispensing equipment used mainly in healthcare settings. These systems make computer-controlled pharmaceutical storage, administration, and tracking simple. These systems have been proposed as one of the possible instruments for improving efficiency and patient safety, and many hospitals currently utilize them.
Automated dispensing systems strike a balance between security, usability, inventory management, and medication control, all recognized as essential elements of a safe pharmaceutical distribution system. These characteristics drive the global market for automated dispensing systems.
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|Market Size||USD 7.95 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Rapid development of technology applications in healthcare|
|Patient satisfaction and better resource management|
Automated Dispensing Machines Market Competitive Landscape:
The pivotal contenders in the automated dispensing machine market are:
- Becton, Dickinson, and Company
- Omnicell, Inc.
- Accu-Chart Plus Healthcare Systems, Inc.
- Capsa Healthcare
- ScriptPro LLC
- Avery Weigh-Tronix
- YUYAMA Co., Ltd
- Talyst, LLC
- Pearson Medical Technologies, LLC
- Cerner Corporation
Automated Dispensing Machines Market USP Covered:
In patient care units, automated dispensing machines allow secure medication storage and electronic monitoring of the use of drugs and other regulated substances. The capacity to track and actively analyze drug usage patterns is another therapeutic advantage of automated dispensing equipment. This is done by using clinical markers to monitor the elimination of specific medications. Several reasons fuel the market’s growth, such as resource management and the rapid execution of technological applications in healthcare, mainly automated dispensing equipment. During the projected period, rising government activities to assist healthcare institutes and pharmacists with installing a technologically enhanced medicine dispensing system to prevent pharmaceutical errors are predicted to boost utilization rates. The rising fatality rate caused by expired pharmaceuticals and the fast-growing number of patients are two significant causes driving up the complexity of the medication delivery system.
Furthermore, the automation in the pharmaceutical delivery system, developing demand for real-time asset tracking, and efficient order management are some of the key indicators pointing to an increased need for automated dispensing equipment to reduce excess inventory and meet patient needs. One of the critical reasons expected to drive growth in the following years is increasing the number of patients seeking home and long-term care.
Legislative and regulatory impediments and pharmaceutical and implementation problems may stymie market expansion during the assessment period. Errors, power outages, or unscheduled maintenance of the devices may further stifle the growth of the automated dispensing machine industry. However, issues with automated dispensing systems, such as incorrect program input, and equipment failure, may thwart market expansion.
Automated Dispensing Machines Market COVID 19 Analysis
The increased demand for retail drug shops and government attempts to assist retail drug stores, and pharmacies are two aspects pointing to the need for automation to reduce inventory holding costs and ensure proper disposal of expired medications. As a result, the variables mentioned above are expected to drive growth in the years ahead. The burgeoning demand for real-time inventory tracking, automation in the drug distribution network, and proper order management are vital aspects showing the growing need for automated dispensing equipment to reduce surplus inventory and meet patient needs in COVID times. One of the critical reasons expected to drive growth in the following years is increasing the number of patients seeking home and long-term care.
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Automated Dispensing Machines Market Segmentation
Based on Product Type
The centralized automated dispensing system is expected to have the top market share due to boosted preference for the system and reduced costs and errors. In contrast, the decentralized automated dispensing system is expected to grow fastest due to increased understanding among hospitals and pharmacies.
By End User
The hospital pharmacies segment held the most significant market share during the projection period and is predicted to grow at the fastest rate.
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Automated Dispensing Machines Market Regional Insights
Europe is predicted to come second in the global market for automated dispensing equipment. The rise in the global geriatric population has increased chronic diseases and a high volume of drug dispensing. As a result, pharmacies and hospitals are beginning to deploy innovative pharmacy automation technology to save money and increase patient safety.
Due to continuously improving economies, a large patient population, and increased government financing for the healthcare sector, Asia-Pacific is projected to be the fastest-growing region in the global market. The Middle East and Africa, on the other end, have the smallest market share. Due to increased government initiatives in the healthcare sector, the Middle East will hold most of this region’s market.
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The highest revenue portion came from North America. The United States is the most important sector, accounting for the most North American market. One of the elements indicating a growth in the number of patients admitted is the rising incidence of numerous chronic conditions among pediatric and geriatric populations, which strains the conventional manufacturing system. Some of the critical drivers projected to enhance the market are increased awareness of already available systems, the rise of technologically improved systems, and the scarcity of low-cost skilled individuals.
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