Automated Dispensing Machines Market Size, Share, Growth, and Industry Analysis, By Type (Centralized Dispening, Distributed Dispening), By Application (Hospitals, Retail Drug Stores, Pharmacies), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Automated Dispensing Machines Market Report Overview

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The global automated dispensing machines market size was 1257.9 million in 2022 and is expected to reach USD 2331.21 million by 2031, at a CAGR of 6.3% during the forecast period.

In the healthcare industry, automated dispensing machines are a type of computerized medicine storage and delivery system. It is regarded as centralized handling of the patient's medication orders for unit doses. They are currently commonly employed in many hospitals after being suggested as a viable mechanism to increase effectiveness and patient safety.

These devices can be used to control computer-controlled storage, medication tracking, and dispensing. Medication errors are decreased as a result of the widespread use of these equipment to increase patient efficiency and safety.

COVID-19 Impact: Healthcare Industry to Advance Market Growth

The COVID-19 pandemic has been unprecedented and staggering, automated dispensing machines experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 lockdown lifting process was started in stages and is now complete in several nations. This has turned out to be a promising indicator for the economy's recovery and expansion of the employment market, which has in turn increased demand for products and services. The main market participants in automated dispensing machines have concentrated on digitalizing the systems, which will improve machine sales in the near future. Additionally, this is encouraging an upsurge in the production of the devices and their placement in healthcare facilities around the globe. Moreover, during the pandemic the healthcare industry benefitted by utilizing the machine.

LATEST TRENDS

"Retail Pharmacies and Drug Stores to Stimulate Market Development"

In 2015, hospitals controlled 56.1% of the final use market. One of the issues pointing to the rising danger of drug mistakes is the absence of effective pharmacy inventory management procedures in hospitals. The shortage of technicians and pharmacists is a major element affecting industry expansion. According to information from the 2012 FIP Pharmaceutical Worldwide Work Force Report, there were 6.02 pharmacists for every 10,000 people. The implementation concerning automated dispensing machines at healthcare facilities is primarily driven by a lack of a competent workforce and a high rate of human error in manual dispensing.

Retail pharmacies and drug stores are anticipated to expand at an attractive compound annual growth rate of 7.8%. One of the causes pointing to the requirement for automation to reduce inventory holding costs and properly dispose of expired medications is the rising demand for retail medicine stores and the expanding government programs to assist such establishments. Therefore, it is expected that the aforementioned elements would spur the automated dispensing machines market growth in the upcoming years.

Automated Dispensing Machines Market Segmentation

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• By Type

Based on type; the market is divided into centralized dispensing, distributed dispensing

Centralized dispensing is the leading part of the type segment.

• By Application

Based on the application; the market is divided into hospitals, retail drug stores, pharmacies

Hospitals is the leading part of the application segment.

DRIVING FACTORS

"Increasing Consumer Demand for Cost Savings to Aid Market Expansion"

In 2015, centralized pharmacies dominated the operation segment with a 63.9% market share. Systems for centrally delivering medications include unit-dose dispensers that must be manually operated and static robotic automated dispensers that use bar code technology to dispense the medication. The automated dispensing machines market is being driven by increasing consumer demand for cost savings, drug availability, and efficient resource allocation.

"Long-term Medical Services to Foster Industry Progress "

The outpatient market is predicted to expand at a profitable CAGR of 8.2% because of the rise of interest for advances in technology and the drop in overall inventory management costs. Further evidence of the increasing requirement to obtain automated dispensing machines for decreasing surplus inventory and meet patient needs includes increasing requests for real-time inventory monitoring, efficiency in pharmaceutical distribution systems, and effective order management. One of the key elements projected to fuel growth in the upcoming years is an increasing amount of individuals searching for home- along with long-term medical services.

RESTRAINING FACTORS

"Maintenance Cost to Hinder Market Advancement"

But concerns with strict rules and legislation, medication, and implementation mistakes are limiting automated dispensing machines market share expansion. There are some limitations and difficulties that can impede market expansion. Market restrictions will probably to be caused by issues with strict rules and legislation, medication, and implementation mistakes.

Automated Dispensing Machines Market Regional Insights

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"Shortage of Highly Skilled Individuals in North America to Support Market Advancement  "

North America have the highest revenue share (53.8%) in the market. The most significant sector, accounting for the majority in the North American segment, is the U.S. One of the signs that the total amount of patients being admitted is rising and putting more strain on the conventional pharmaceutical system is the rise in the prevalence of numerous chronic conditions among the two groups of pediatric and geriatric populations. The shortage of inexpensive, highly skilled individuals and awareness of the currently available, technologically advanced technologies are some of the key aspects anticipated to drive the automated dispensing machines market growth.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Aesynt (U.S.)
• BD (U.S.)
• Omnicell (U.S.)
• Script Pro (U.S.)
• Avery Weigh-Tronix (U.K.)
• Pearson Medical Technologies (U.S.)
• Accu-Chart Plus Healthcare System (U.S.)
• Baxter Healthcare (U.S.)
• Capsa Solutions (U.S.)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.