New York, Aug. 08, 2019 (GLOBE NEWSWIRE) — High prevalence of emergency cases and hospitalization and the need for in-patient services along with rising awareness are the key factors contributing to the CAGR in the forecast period.
According to the current analysis of Reports and Data, The global Automated Dispensing Machine market was valued at USD 3.57 Billion in 2018 and is expected to reach USD 6.21 Billion by year 2026, at a CAGR of 7.1%. Automated Dispensing Machines are computer controlled storage units for medications. These are also called Automated Medication Dispensing Cabinets (ADC). The installation and operation of ADM significantly benefit patient care through timely and efficient dispensing of prescriptions for controlled substances. An Automated Dispensing Machine may reduce the cost of medications remaining from wastage due to discontinued drug therapy while simultaneously decreasing the amount of controlled substances that are susceptible to diversion.
This machine employs the use of storage units that operates somewhat like a vending machines for the medical products, but also has a sophisticated software on the back-end that handles the patient orders, medication dosing documentation, inventory management, and billing transactions. The ADM provides proper storage, inventory control and security for pharmaceuticals at the point of care, and can only be used by authorized users who are authenticated by passwords and often biometric measures such as fingerprint readers. A rise in the number of geriatric population and hospitalization cases has increased chaos in the hospitals. Therefore, hospitals tend to have a large number of medication mismanagements thus, arousing a need a digitization. These are the key factors driving the automated dispensing machines market.
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Further key findings from the report suggest
- The rising death rate caused by consumption of expired drugs and the rapidly growing number of patients are some of the crucial factors increasing the level of complexity in the medication distribution system.
- With the rising innovation and developments, technological advancements in this field has been encouraging the market to grow. In addition to this, several governments of developing and under developed countries have been taking initiatives to promote the automated dispensing machines in order to improve efficiency in medication.
- The increasing number of cases of medication mismanagement and errors and the technological advancements are the driving factors of the market.
- There has been a demand for proper medication distribution, inventory tracking and apt inventory management leading to a rise in the demand for the automated dispensing machines.
- In-patient accounts for the highest share in the market accounting for 66.7%. This is due to the increase in the number of hospitalizations over the years. The in-patient rate is expected to rise at a CAGR of 7.4%. Out-patient segment is expected to grow at a CAGR of 6.5%.
- In case of end use, hospitals account for the highest share of the market amounting to 67.4%. This is due to the rising cases of hospitalizations and the vast availability of facilities in the hospitals. The segment is expected to register a CAGR of 7.3%. Pharmacies follow Hospitals with the second largest market share. They are expected to register a CAGR of 6.9%
- North America holds the largest market share owing to the technological advancements and awareness. It is expected to continue rising at a CAGR of 7%.
- Europe follows North America by acquiring the second largest share of the market share. It accounts for a market share of around 28%. This can be attributed to the rising cases of hospitalization in the region.
- Asia Pacific is the fastest growing region with a CAGR of 8.5%. This is because of the rising awareness, increasing cases of hospitalization due to prevalence of diseases and the several government initiatives for the promotion of the automated dispensing machines.
- The key players include Baxter, Pyxis Corporation, Omnicell, AcuDose, Capsa Solutions LLC, Accu-Chart Healthcare Systems Inc. and Pearson Medical Technologies.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Automated Dispensing Machines market on the basis of end use, application, and region:
Application (Revenue, USD Million; 2016–2026)
End Use (Revenue, USD Million; 2016–2026)
- Drug Stores
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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