Global automated dispensing machine market was valued at USD 2.89 billion in 2015. It is expected to grow at a profitable CAGR of more than 7% during the forecast period. The forecast period will see a rise in usage due to government initiatives to support pharmacists and healthcare institutions with the deployment a technologically advanced medication dispenser system to reduce medication mistakes.
According to the American Society of Health System Pharmacists (ASHP), hospitals spend between 70% and 75% on their pharmacy departments. According to the Institutes for Safety Medication Practices' estimates, more than 20% of healthcare professionals reported adverse patient reactions due to poor inventory and supply management. Complexity in medication distribution is increasing due to the rising death rate from expired drugs and the rapidly increasing number of patients.
The majority of applications were made by in-patients, accounting for 74.4%. In-patient held a majority share of 74.4% of the application segment in 2015. This increases pharmacy department's workload and can lead to poor inventory management.
Due to the increased demand for technological advancements and lower inventory management costs, the outpatient segment will grow at 8.2% CAGR. The increasing demand for automated dispensing machines is a result of increased demand for inventory tracking and automation in medication distribution system. One of the key factors expected to drive growth in the future is the increasing number of patients who need long-term and home-based healthcare.
In 2015, 56.1% of the segment's end-use was held by hospitals. Hospitals are not able to manage their pharmacy inventory properly, which is a factor that increases the risk of medication mistakes. The shortage of technicians and pharmacists is a key factor in market growth. According to the 2012 FIP Pharmacist Global Workforce Report, the average density of pharmacists per 10,000 population was 6.02. The key drivers behind the adoption of automated dispensing systems at hospitals are a lack of skilled workers and high errors in manual dispensing.
Retail drug stores and pharmacies will grow at a profitable CAGR of 7.8%. There is a growing demand for pharmacies and retail drug stores, as well as government initiatives to support them. These factors indicate the need to automate to reduce inventory holding costs and dispose of expired medication. These factors will drive growth in the future.
In 2015, a majority of the operation segment was held by centralized pharmacies. They held a share of 63.9%. The majority of the operation segment was held by centralized pharmacies, with 63.9%. Market drivers include the growing need to reduce costs, increase medication availability, and streamline resource allocation. With a forecast CAGR of 8.5%, the decentralized pharmacy segment is expected to grow at the fastest rate.
North America held the highest revenue share at 53.8% in 2015, followed by Europe. The U.S. sector is the largest and holds a large share of the North American segment. One factor that is increasing the pressure on traditional pharmaceutical systems is the rising prevalence of chronic diseases in both the elderly and children. The awareness regarding the presently available, technologically-advanced systems gaining prominence, and lack of low-cost skilled professionals are some of the crucial factors expected to boost the market.
Asia Pacific will be the fastest-growing region, with a CAGR at 9.1% during the forecast period. Market growth will be driven by supportive government initiatives and rising incidence of medication errors.
Aesynt Incorporated, Becton, Dickinson and Co., Omnicell, Inc., Script Pro LLC, Avery Weigh-Tronix, Pearson Medical Technologies, Accu-Chart Plus Healthcare System, Inc., Inc., Baxter, and Capsa Solutions LLC are some of the key players. These key players are distinguished by their technology, ROI and services.
b. Global Automated Dispensing Machines Market Size was USD 3.86 Billion in 2019, and is forecast to grow to USD 4.14 Billion by 2020.
What is the market growth for automated dispensing machines?b. Global Automated Dispensing Machines Market is expected to grow at a compound annual rate of 7% between 2019 and 2024, reaching USD 5.5 billion in 2024.
Which segment had the largest market share for automated dispensing machine?b. With a share of 73% in 2019, the Automated Dispensing Machines Market was dominated by the In-Patient segment. This can be attributed to the rapidly increasing number of patient admissions, which increases the burden on pharmacie departments. Also, poor inventory management increases demand for automated medication dispensing systems.
What are the major players in the automated dispensing machine market?b. Aesynt Incorporated, Becton, Dickinson and Co., Omnicell, Inc., Script Pro LLC, Avery Weigh-Tronix, Pearson Medical Technologies, Accu-Chart Plus Healthcare System, Inc., Baxter, and Capsa Solutions LLC are some of the key players in the Automated Dispensing Machines Market.
What are the driving factors for the automated dispensing machine market?b. Market growth is driven by growing demand for automated systems, government support, growing demand for technologically advanced medication dispensing equipment, and rising incidence of medication errors.
Up Market Research published a new report titled “Automated Dispensing Machines Market research report which is segmented by Application (In-Patient, Outpatient), by End Use (Hospitals, Retail Drug Stores And Pharmacies), by Operation (Centralized Pharmacy, Decentralized Pharmacy), By Players/Companies Dickinson and Co; Omnicell, Pearson Medical Technologies, Aesynt Incorporated; Becton, Accu-Chart Plus Healthcare System, Inc; Baxter; and Capsa Solutions LLC, Inc; Script Pro LLC; Avery Weigh-Tronix”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Automated Dispensing Machines Market Research Report |
By Application | In-Patient, Outpatient |
By End Use | Hospitals, Retail Drug Stores And Pharmacies |
By Operation | Centralized Pharmacy, Decentralized Pharmacy |
By Companies | Dickinson and Co; Omnicell, Pearson Medical Technologies, Aesynt Incorporated; Becton, Accu-Chart Plus Healthcare System, Inc; Baxter; and Capsa Solutions LLC, Inc; Script Pro LLC; Avery Weigh-Tronix |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 223 |
Number of Tables & Figures | 157 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (In-Patient, Outpatient), by End Use (Hospitals, Retail Drug Stores And Pharmacies), by Operation (Centralized Pharmacy, Decentralized Pharmacy).
Automated Dispensing Machines Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Automated Dispensing Machines Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Automated Dispensing Machines Market Report:
Some other reports from this category!