The pharmacy dispensing machines market is expected to grow at a compound annual growth rate (CAGR) of 7.3% between 2018 and 2026, rising from US$ 3,222.2 million in 2017 to US$ 6,023.2 million by 2026. Government hospitals and research institutes throughout the globe are spending approximately 70% of their allocated budgets on maintaining medicine inventories in their hospital pharmacies. Proactive government initiatives to financially support healthcare infrastructures and a rise in technological advancement pertaining to the medicine dispensing systems drive the pharmacy dispensing machines market's growth. Rapid growth in patients suffering from lifestyle disorders, rising adverse events associated with medication errors, and a growing need to reduce the inevitable complexities associated with medication distribution systems all contribute to the pharmacy dispensing machine market's expansion.
Market Synopsis
Rising public health awareness and an affordable reimbursement scenario drive the inpatient market's growth.
An inpatient is reigning as the application segment for the pharmacy dispensing machine market. Major features responsible for its dominance are rising public health awareness and an affordable reimbursement scenario for drugs prescribed for chronic ailments. Outpatient services are growing at a rapid pace owing to the technological advancements associated with medication dispensing machines and the immediate requirement to reduce the cost associated with inventory management. The increasing number of patients seeking long-term medication at home and rehabilitation in the near future further propels the outpatient market's growth.
Frequent medication errors due to a lack of an adequate skilled workforce increase the huge demand for pharmacy dispensing machines in hospital pharmacies.
Hospital pharmacies are dominating the end-user segment related to the pharmacy dispensing machine market. Medication errors caused by an insufficiently skilled workforce drive the demand for medication dispensing machines in hospital pharmacies around the world. Retail pharmacies will acquire impressive growth in the near future on account of stringent government norms related to medication inventory, disposal of expired medication, and an untapped market in remote locations.
Increasing public health awareness and the presence of a highly sophisticated healthcare sector drive market growth in North America.
In the present scenario, North America is leading the geographical segment for pharmacy dispensing machines with a share of 54%. The key factors that promote the supremacy of North America are increasing public health awareness and the existence of a highly sophisticated healthcare sector. The presence of key players, such as ScriptPro, LLC, InstyMeds, and MedAvail Technologies, Inc., fortifies the pharmacy dispensing machine market's growth in North America.
In Europe, the market's growth is driven by factors such as proactive policies implemented by government healthcare agencies to provide healthcare facilities in remote locations and rising demand for automated medication dispensers on account of a huge population base suffering from chronic disease. It represents the second-largest market with a 26% share. Asia Pacific will be the fastest-growing market during the forecast period of 2018 to 2026, with a 9% market share. The major attributes related to its futuristic market growth are the rising prevalence of illness and the burgeoning requirement for safe dispensing practices to overcome severe adverse events related to prescription misinterpretation.
Periods of History and Forecast
This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The market is divided into three sections: application, end users, and geography.
IT-healthcare companies manufacturing pharmacy dispensing machines are ARxIUM, Inc., Becton Dickinson and Company, Cerner Corporation, InstyMeds, KUKA AG, MedAvail Technologies, Inc., Omnicell, Inc., Pearson Medical Technologies, LLC, RxSafe, LLC, and ScriptPro, LLC.
Key questions are answered in this report.
How is the market assessment performed and the compounded annual growth rate determined for the pharmacy dispensing machine market?
Which IT healthcare and medical device manufacturers are manufacturing pharmacy dispensing machines for the market?
What are the latest technical innovations pertaining to the market?
What are the major attributes responsible for the dominance of the inpatient market growth?
Which factors govern the futuristic growth of retail pharmacies?
What is the Asia Pacific market share, and which factors will determine its growth during the forecast period of 2018 to 2026?
Frequently Asked Questions:
The market for Pharmacy Dispensing Machines Market is expected to reach US$ 6,023.2 Mn by 2026.
The Pharmacy Dispensing Machines Market is expected to see significant CAGR growth over the coming years, at 7.3%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
ARxIUM, Inc., Becton Dickinson and Company, Cerner Corporation, InstyMeds, KUKA AG, MedAvail Technologies, Inc., Omnicell, Inc., Pearson Medical Technologies, LLC, RxSafe, LLC are some of the major players in the global market.
