Published: June 2021 | Report Code: LS10438 | Available Format: PDF | Pages: 217
The global automated dispensing machines market generated $1,673.0 million revenue in 2020, and it is expected to grow at a CAGR of 9.1% during the forecast period (2021–2030). The key factors responsible for the growth of the market include the rising incidence of medication errors, technological innovations, growing geriatric population, rising prevalence of chronic diseases, government initiatives to integrate automated machines in healthcare settings, and increasing number of patent approvals.
The process of COVID-19 lockdown lifting has been initiated in phases, and in some countries, it has been completed. This has proved to be a good sign for the recovery of the economy and growth in the employment sector, which, in turn, has created a demand for services and goods. In 2021, the major players in the automated dispensing machines market have focused on the digitalization of the systems, which, in turn, will increase the sale of the machines in the foreseeable future. Further, this is leading to a rise in the manufacturing of the machines and their installation in healthcare settings across the world.
The in-patient category held the larger share in 2020 in the automated dispensing machines market, based on application. This is majorly attributed to the increase in the prevalence of chronic diseases, which is why the demand for automated dispensing machines for in-patients has risen considerably.
The decentralized category is expected to witness the faster growth in the automated dispensing machines market during the forecast period, based on type. This will be primarily due to the increasing cases of hospitalization, rising number of hospitals, and surging demand for decentralized systems in healthcare settings.
Hospitals have emerged as the higher-revenue-generating category amongst the end users in the automated dispensing machines market owing to the growing patient population, increasing healthcare expenditure, and rising prevalence of chronic diseases.
Geographically, North America is expected to lead the automated dispensing machines market throughout the forecast period. This can be mainly attributed to the improving healthcare infrastructure, presence of established players, and rising geriatric population.
Asia-Pacific (APAC) is expected to witness the fastest growth in the automated dispensing machines industry during the forecast period owing to the improving healthcare infrastructure and increasing focus of market players on developing countries, such as China and India, for business expansion.
Advancements in artificial intelligence (AI), machine learning, and robotics have led to a drastic increase in the demand for automated dispensing machines to improve patient safety, optimize workflow, and reduce healthcare costs. For instance, in November 2020, Omnicell Inc., a provider of medication management solutions and adherence tools for health systems and pharmacies, announced new capabilities in its portfolio of medication management solutions that are designed to expand the medication inventory and supply chain management abilities, thus supporting improved clinical, operational, and financial goals. This is playing pivotal role in the growth of automated dispensing machines market.
The booming geriatric population is another major factor driving the growth of the automated dispensing machines market. According to the World Population Ageing 2020 report by the United Nations (UN), there were 727 million persons aged 65 or above in 2020, and they are set to number over 1.5 billion by 2050. Moreover, globally, the share of the elderly population is expected to increase from 9.3% in 2020 to around 16.0% by 2050. With age, people become more susceptible to chronic diseases, majorly cardiovascular disorders (CVDs), neurological disorders, and gastroenterological diseases. According to the World Health Organization (WHO), 17.9 million people die each year from CVDs, which represents an estimated 31.0% of all deaths worldwide.
The rising incidence of medication errors is playing a pivotal role in the growth of the automated dispensing machines market. According to the National Center for Biotechnology Information (NCBI), 7,000–9,000 people die every year in the U.S. as a result of medication errors. The lack of healthcare medication administration training and poor communication between healthcare professionals and patients increase the chances of medication errors. Seeing the increasing number of deaths caused by medication errors, government agencies across the globe have started encouraging hospitals and pharmacies to implement advanced technologies for dispensing accurate doses of medicines, to manage medical conditions more effectively.
|Base Year (2020) Market Size||$1,673.0 Million|
|Market Size Forecast in 2030||$3,941.9 Million|
|Forecast Period (2021-2030) CAGR||9.1%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Type; By Application; By End User; By Region|
|Market Size of Geographies||U.S; Canada; Germany; France; U.K.; Italy; Spain; Japan; China; India; Brazil; Mexico; Saudi Arabia; South Africa|
|Secondary Sources and References (Partial List)||TouchPoint Medical; ArxIUM; Tosho Inc.; Takazono Corporation; McKesson Corporation; Pearson Medical Technologies LLC; Accu- Chart Plus Healthcare Systems Inc.; Capsa Healthcare; Swisslog Holding AG; Willach pharmacy solutions|
The global automated dispensing machines market is fragmented in nature with the presence of several key players, including Becton, Dickinson and Company, Baxter International Inc., Omnicell Inc., ScriptPro LLC, Talyst LLC, TouchPoint Medical, Tosho Inc., AlixaRx, Takazono Corporation, McKesson Corporation, Pearson Medical Technologies LLC, Capsa Healthcare, Swisslog Holding AG, Willach Pharmacy Solutions, Newlcon Oy, and Accu-Chart Plus Healthcare Systems Inc.
In recent years, players in the automated dispensing machines market have been involved in product launches in order to attain a significant position. For instance:
The global automated dispensing machines market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Type
Based on Application
Based on End User
The global automated dispensing machines market will attain value of $3,941.9 million by 2030.
The automated dispensing machines industry will progress at a CAGR of 9.1% from 2021 to 2030.
North America will hold the largest share in the automated dispensing machines industry during 2021–2030 because of the surging geriatric population in the region.
Asia-Pacific will be the fastest growing region in the market for automated dispensing machines during 2021–2030.
The growing prevalence of medication errors is driving the expansion of the market for automated dispensing machines.
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