As per the prognosis by Market Research Future (MRFR), the global Automated Dispensing Machines Market is on its way to achieve the valuation of USD 4,931 million by the end of 2023. Furthermore, the market is slated to expand at a CAGR of 8.1% during the forecast period (2018-2023).
Market Drivers and Restraints
Increasing number of government initiatives supporting healthcare institutes and pharmacists making extensive use of technologically advanced medication dispensing system for reduction of medication errors, will be highly instrumental in the augmented usage rate in the coming years. As per the American Society of Health System Pharmacists, hospitals generally spend around 70% to 75% on their pharmacy department. On the basis of the estimates of the Institutes for Safety Medication Practices, more than 20% of the healthcare professionals have reported extreme patient effects owing to the lack of proper monitoring of inventory management as well as supply levels. On that note, the rising death rate due to the consumption of expired drugs coupled with the rapidly increasing number of patients are few prominent factors that have elevated the complexity level in the medication distribution system.
Adding on, the lack of therapeutic trainings, poor communication between healthcare professionals and patients and inadequate perception of risks, are additional factors promoting the growth of the automated dispensing machines market. based on a study that was conducted by the World Health Organization (WHO) in 2016, the United Kingdom (U.K) noted around 12% of total primary care patients were affected by a prescribing or monitoring error in a year, with 38% increase in those who were 75 years and older along with 30% patients receiving five or more drugs during a year period. Sadly, 5% of the total prescriptions had errors that year.
At a global level, the need for devices and drugs used for treating patients who suffer from various kinds of chronic diseases is rissing. To illustrate, in the year 2015, the Centers for Disease Control and Prevention (CDC) reported that almost 91 people died every day due to overdose of prescribed heroin and opioids. These reports are further proof that automated dispensing machines are highly crucial in the healthcare industry. However, the growth of the automated dispensing machines market could be hampered due to the stringent government regulations across various regions around the world.
But the overall growth of the global market will remain unaffected, backed by the rising labor costs, rising home healthcare services and decentralization of pharmacies, which are set to give a significant push to the market growth in the near future.
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The market for automated dispensing machines is segmented on the basis of product type, and end-user.
The market, depending on the product type, is segmented into centralized automated dispensing systems and de-centralized automated dispensing systems. Here, the centralized automated dispensing system is presumed to amass the largest share on account of the growing preference of the system and subsequent reduction in costs and errors, while the de-centralized automated dispensing systems is set to grow at the fasted rate, as a result of the increased awareness among the hospitals and pharmacies.
Furthermore, the global market, based on centralized automated dispensing systems, is segmented into manually operated unit-dose system and automated robotic systems.
The end-users in the global automated dispensing machines market are hospitals, pharmacy stores, laboratories, and others.
Regionally, the global automated dispensing machines market has been segmented into Europe, Asia Pacific, the Americas, as well as the Middle East & Africa.
In the Americas, the automated dispensing machines market is further segmented into North America and South America, where the North America market is split into the United States (US) and Canada. The market in the Americas region is making huge strides in the global automated dispensing machines market due to the presence of a well-established healthcare sector, coupled with the increasing healthcare expenditure. Also, favorable reimbursement scenario along with increasing deaths owing to medical errors contributes heavily to the growth of the market in the region.
The Europe automated dispensing machines market consists of the Western Europe and Eastern Europe. Western Europe is further classified into countries, namely France, Germany, the UK, Spain, Italy, and the rest of Western Europe. Europe will be holding the second largest share in the global automated dispensing machines market owing to the burgeoning geriatric population. As per the World Population Prospects: the 2017 Revision, Europe accounted for the highest percentage of the population aged 60 or over.
The automated dispensing machines market in Asia Pacific is divided into countries such as India, Japan, China, Australia, South Korea, and the rest of Asia Pacific. The presence of a massive patient populace, elevating government funding for the healthcare sector and increasingly developing economies in the region will open up growth avenues for the market in the region.
On the other hand, the automated dispensing machines market in the Middle East & Africa is split into Middle East and Africa. The major portion of the total market in the region will be belonging to the Middle East region, on account of the growing government initiatives for the healthcare sector.
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Talyst, LLC, Omnicell, Inc., Becton, Dickinson and Company, Pearson Medical Technologies, LLC, Accu-Chart Plus Healthcare Systems, Inc., Avery Weigh-Tronix, ScriptPro LLC, Capsa Healthcare, Baxter, Ltd, YUYAMA Co., and Cerner Corporation are some of the well-established companies leading the global automated dispensing machines market.
The industry vendors are continuously investing in development of automated dispensers, in a bid to expand their presence on a global platform.
To illustrate, in June 2018, Helmer Scientific and Becton, Dickinson and Company (BD) collaborated to launch a medical-grade refrigerated solution that was integrated with an automated dispenser. The automated dispenser provides the clinicians with secure and single line-item access to high-value and high-risk refrigerated medications.