The global automated dispensing machines market was valued at USD 2.9 billion in 2015 and is projected to grow at a lucrative CAGR of over 7% over the forecast period. Growing government initiatives to support healthcare institutes and pharmacists with the deployment of technologically advanced medication dispensing system to reduce medication errors, is expected to boost the usage rate during the forecast period.
According to the American Society of Health System Pharmacists, hospitals spend about 70% to 75% on their pharmacy department. Based on the estimates of the Institutes for Safety Medication Practices, over 20% of the healthcare practitioners reported adverse patient effects due to lack of proper monitoring of supply levels and inventory management. The rising death rate caused by consumption of expired drugs and rapidly growing number of patients are some of the crucial factors increasing the level of complexity in the medication distribution system.
In-patient held a majority share of 74.4% of the application segment in 2015. The rapidly growing number of patient admissions raises the burden on pharmacy departments and also increases the chances of poor inventory management, thereby increasing the demand for automated medication dispensing system.
Outpatient segment is expected to grow at a lucrative CAGR of 8.2% due to upsurge in demand for technological advancement and reduction in the overall cost associated with the inventory management. Moreover, the growing demand for real-time inventory tracking, automation in medication distribution system, and proper order management are some of the crucial factors indicating the increasing need for automated dispensing machines to minimize excess inventory and satisfy patient requirements. The increasing number of patients for home- and long-term healthcare system is one of the crucial factors anticipated to propel growth in the coming years.
Hospitals held a majority share of 56.1% of the end-use segment in 2015. Lack of adequate pharmacy inventory management practices in the hospitals is one of the factors indicating the increasing risk of medication errors. A key factor impacting the market growth is the lack of pharmacists and technicians. As per the data published by the 2012 FIP Pharmacy Global Work Force Report, the sample mean density for number of pharmacists per 10,000 populations was 6.02. Lack of adequate skilled workforce and high error rate in manual dispensing are key factors driving the adoption of automated dispensing systems in the hospitals.
Retail drugs stores and pharmacies are expected to grow at a lucrative CAGR of 7.8%. The increasing demand for retail drug stores and growing government initiative to support retail drug stores and pharmacies are some of the factors indicating the need for automation to minimize the inventory holding cost and proper disposal of expired medication. Hence, the aforementioned factors are anticipated to propel growth in the coming years.
Centralized pharmacies held a majority share of 63.9% of the operation segment in 2015. Centralized medication dispensing systems include manually operated unit-dose systems and stationary robotic automated systems, which dispense the drug with the help of bar code technology. The growing demand for reducing costs, ensure medication availability, and streamlined resource allocation are some of the factors driving the market. The decentralized pharmacy is expected to be the fastest growing segment with a CAGR of 8.5% during the forecast period.
In 2015, North America accounted for the maximum revenue share of 53.8%, which was followed by Europe. The U.S. is the most important sector and captured a majority share of the North American segment. The increase in the prevalence of various chronic disorders among both the pediatric and elderly population is one of the factors indicating the growing number of patients being admitted, which is thereby increasing pressure on the traditional pharmaceutical system. 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 is expected to emerge as the fastest growing region with a CAGR of 9.1% over the forecast period. The supportive initiatives by the government and growing incidence of medication errors are expected to drive the growth of the market in the region.
Some of the key players are 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. The key players differentiate themselves in terms of technology, ROI, and services.
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."