New York, U.S., 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 to 2030“, the market will touch $7.95 billion by 2030 at a CAGR of 7.2% during the forecast year.
Automated Dispensing Machines Market Synopsis
Vending machines are designed for dispersed and centralized filling of patient prescriptions and unit dose medication orders. These automated dispensers are designed to reduce patient medication errors. The use of automated dispensers improves the safety of high-alert medication administration, helping hospitals and other users achieve the safety goal. An automated dispensing system, sometimes referred to as an automated medication cabinet, is automated medication storage and dispensing equipment used primarily in healthcare facilities. These systems simplify the storage, administration and tracking of computer-controlled pharmaceuticals. These systems have been proposed as one of the possible instruments to improve efficiency and patient safety, and many hospitals are currently using them.
Automated dispensing systems strike a balance between security, user-friendliness, inventory management and medication control, all recognized as essential elements of a safe pharmaceutical dispensing system. These features are driving the global automated dispensing system market.
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|Market size||$7.95 billion|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By product type and end user|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Rapid development of technological applications in the field of health|
|Patient satisfaction and better management of resources|
Automated Vending Machines Market Competitive Landscape:
The main competitors in the vending machine market are:
- Becton, Dickinson and company
- Omnicell, Inc.
- Accu-Chart Plus Healthcare Systems, Inc.
- Capsa Health
- Script Pro LLC
- Avery Weigh-Tronix
- YUYAMA Co.,Ltd
- Talyst, LLC
- Pearson Medical Technologies, LLC
- Cerner Company
Automated Dispensing Machine Market USP Covered:
In the care units, automated dispensers allow the secure storage of drugs and the electronic monitoring of the use of drugs and other controlled substances. The ability to actively track and analyze drug use patterns is another therapeutic advantage of automated dispensing equipment. This is done by using clinical markers to monitor the elimination of specific drugs. There are several reasons fueling the growth of the market such as resource management and rapid execution of healthcare technology applications, primarily automated dispensing equipment. During the projected period, increased government activities to assist health institutes and pharmacists to install a technologically improved drug delivery system to prevent medication errors are expected to increase utilization rates. The increasing mortality rate caused by expired pharmaceuticals and the increasing number of patients are two important causes that increase the complexity of the drug administration system.
In addition, automation of pharmaceutical dispensing system, development of demand for real-time asset tracking and efficient order management are some of the key indicators indicating increased need for automated dispensing equipment to reduce excess inventory and meet patient needs. The increase in the number of patients seeking home and long-term care is one of the main reasons expected to drive growth in the coming years.
Legislative and regulatory hurdles and pharmaceutical and enforcement issues may hamper market expansion during the assessment period. Errors, power outages or unscheduled device maintenance can further stifle the growth of the vending machine industry. However, issues with automated dispensing systems, such as incorrect program input and equipment failure, can thwart market expansion.
COVID 19 Analysis of Automated Dispensing Machines Market
The increased demand for retail pharmacies and the government’s attempts to help retail pharmacies and pharmacies are two aspects that highlight the need for automation to reduce storage costs and ensure proper disposal of expired drugs. As a result, the variables mentioned above are expected to drive growth in the coming years. Growing demand for real-time inventory tracking, drug distribution network automation, and proper order management are key aspects that show the growing need for automated dispensing equipment to reduce excess inventory and meet needs. patients in the time of COVID. The increase in the number of patients seeking home and long-term care is one of the main reasons expected to drive growth in the coming years.
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Automated Vending Machine Market Segmentation
Based on product type
The centralized automated dispensing system is expected to hold the top market share due to increased system preference and reduced cost and error. In contrast, the decentralized automated dispensing system is expected to see the fastest growth due to better understanding among hospitals and pharmacies.
Per end user
The hospital pharmacy segment held the largest market share during the projection period and is expected to grow at the fastest rate.
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Regional Overviews of the Automated Dispensing Machines Market
Europe is expected to be number two in the global market for automated dispensing equipment. The increase in the global geriatric population has increased chronic diseases and a high volume of drug distribution. 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 public funding for the healthcare sector, Asia-Pacific is expected to be the fastest growing region in the global market . The Middle East and Africa, at the other end, have the smallest market share. Due to the increase in government initiatives in the healthcare sector, the Middle East will hold most of the market in this region.
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The highest revenue share came from North America. The United States is the largest sector, representing the most North American market. One of the indications of a growth in the number of admitted patients is the increasing incidence of many chronic diseases in the pediatric and geriatric populations, which is straining the conventional manufacturing system. Some of the critical drivers expected to improve the market are the increased awareness of already available systems, the rise of technologically enhanced systems, and the scarcity of skilled people at low cost.
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