Automated Dispensing Machines Market Overview
The global automated dispensing machines market is projected to witness significant growth during the forecast period, on account of increasing medication errors, rising technological advancements, growing geriatric population, increasing investment in pharmacies, and advantages of automated pill dispenser over manual dispenser. Moreover, the manufacturers are increasingly investing in the emerging markets, such as China and India to increase their geographic presence. For instance, an ePharmacy, Netmeds.com, launched in 2010, delivers medicines ordered online across 12,000 pin codes in India. Owing to this, the Indian government has been recognizing the ePharmacy sector and there have been many ePharmacy startups established in India, including 1mg, PharmEasy and Myra.
Automated dispensing machines market can be divided into centralized and decentralized systems, wherein centralized systems are further categorized into robotic automated dispensing machines and carousels. Whereas, the decentralized automated dispensing machines category is further bifurcated into pharmacy-based, ward-based, and automated unit dose dispensing systems. Centralized systems are predicted to lead the global market, in terms of both size and growth, during the forecast period. The increase in the adoption of automatic pill dispenser in major healthcare facilities for an effective workflow is boosting the growth of this category across the globe.
These machines are broadly used in inpatient and outpatient facilities. Among these, inpatient facilities hold the larger share in the automated dispensing machines market, as rapidly growing number of patient admissions raises the burden on pharmacy departments of hospitals and also decrease the chances of poor inventory management, thereby increasing the demand for automated dispensing machines in hospitals.
Among the varies end users, hospitals and retail drugs stores together constitute the larger end-user base in the automated dispensing machines market.
Automated Dispensing Machines Market Dynamics
Increasing number of medication errors is leading to rapid adoption of these products
Lack of therapeutic trainings, inadequate perception of risks, and poor communication between healthcare professionals and patients are some of the notable factors driving the growth of automated dispensing machines market. According to a study conducted by the World Health Organization (WHO), in 2016, in the U.K. around 12% of all primary care patients might be affected by a prescribing or monitoring error over the course of a year, increasing to 38% in those 75 years and older and 30% in patients receiving five or more drugs during a 12-month period. Overall, 5% of prescriptions had prescribing errors in 2016.
Globally the need for drugs and devices used for the treatment of patients suffering from various types of chronic diseases is increasing. In 2015, the Centers for Disease Control and Prevention (CDC) stated that, approximately 91 people died every day from overdose of prescribed opioids and heroin. Furthermore, rising labor costs, decentralization of pharmacies, and rising home healthcare services are also boosting the market growth.
The growth of the automated dispensing machines market is restrained by factors like possibility of manual error, stringent government regulations, and high cyber security issues. It has also been observed, that the government relaxes regulations associated with these products in emergency cases. For instance, in 2017, as per the guidance by the U.S. Drug Enforcement Administration (DEA), to the American Society of Consultant Pharmacists, pharmacies that use automated dispensers exclusively for emergency dispensing need not register the machines with the DEA.
Presence of lucrative opportunities in the emerging markets
Developing regions have been witnessing an increasing trend in the healthcare infrastructure and expenditure, owing to which the manufacturers can easily invest in these economies and generate higher revenue. Moreover, increasing awareness among pharmacists about these products and growing number of cost-reduction measures adopted by healthcare facilities also offer great opportunities to invest in these markets. For instance, an Indian state introduced a project for the installation of automated medicine dispensing machines in 2016. The project was initiated under the Central Medical Services Society (CMSS), a Central procurement agency under the Union Ministry of Health and Family Welfare (MoHFW). This initiative was aimed at overcoming the need for on-site pharmacist and doctor in the rural areas of the state.
Automated Dispensing Machines Market Competitive Landscape
The market players are investing in product development of automated dispensers, in order to grow their presence globally. For instance, in June 2018, Becton, Dickinson and Company (BD) and Helmer Scientific collaborated to introduce a medical-grade refrigerated solution, integrated with an automated dispenser to provide clinicians secure, single line-item access to high-risk and high-value refrigerated medications. The new BD Pyxis ES refrigerator with Helmer Access Technology features locked bins for secure individual storage of refrigerated medications with temperature monitoring capabilities.
Moreover, in 2016, McKesson Corporation launched In-Office Dispensing (IOD) solution for rheumatology and gastroenterology practices. It is programmed with physician IOD program and is used by more than 1,000 physicians at 150 sites of community oncology care, the IOD solution for rheumatology and gastroenterology providers combines advanced technology, managed care expertise, and dedicated clinical support to help practices deliver convenient, high-quality care to patients.
Other players present in the automated dispensing machines industry are Omnicell Inc., ScriptPro LLC, Baxter International, Cerner Corporation, Capsa Healthcare, Pearson Medical Technologies, RxMedic Systems Inc., and Accu-Chart Plus Healthcare Systems Inc.
The study provides historical as well the forecast market size data for various countries including the U.S., Canada, Germany, U.K., France, Italy, Spain, Brazil, Mexico, Saudi Arabia.