Industry Outlook
The pharmacy dispensing machines market is set to reach from US$ 3,222.2 Mn in 2017 to US$ 6,023.2 Mn by 2026 at a compound annual growth rate (CAGR) of 7.3% during the forecast period from 2018 to 2026. Government hospital and research institutes throughout the globe are spending approximately 70% of their allocated budget in maintaining medicine inventories in their hospital pharmacies. Proactive government initiatives to financially support healthcare infrastructures and rise in technological advancement pertaining to medicine dispensing system drive the pharmacy dispensing machines market growth. Rampant growth in patients suffering with lifestyle disorders, growing adverse events associated with medication errors and burgeoning requirement to reduce the inevitable complexities associated with medication distribution system further propels the pharmacy dispensing machines market growth.
Market Synopsis
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"Rising public health awareness and affordable reimbursement scenario drives the in-patient market growth"
In-patient is reigning the application segment for pharmacy dispensing machines market. Major features responsible for its dominance are rising public health awareness and affordable reimbursement scenario for drugs prescribed in chronic ailments. Outpatient are growing at a rapid pace owing to the technological advancement associated with medication dispensing machines and immediate requirement to reduce the cost associated with inventory management. Increasing number of patients seeking long term medication at home and rehabilitation in the near future further propels the outpatient market growth.
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"Frequent medication errors due to lack of adequate skilled workforce increases huge demand of pharmacy dispensing machines in hospital pharmacies"
Hospital pharmacies are dominating the end-user segment related to pharmacy dispensing machines market. Frequent medication errors due to inadequate skilled workforce drives the medication dispensing machines requirement in hospital pharmacies throughout the globe. Retail pharmacies will be the acquiring impressive growth in the near future on account of stringent government norms related to medication inventory, disposal of expired medication and untapped market in remote locations.
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"Increasing public health awareness and presence of highly sophisticated healthcare sector drives the market growth in North America"
In the present scenario North America is leading the geographical segment for pharmacy dispensing machines market with a share of 54%. The key factors that promotes the supremacy of North America are increasing public health awareness and existence of a highly sophisticated healthcare sector. Presence of key players such as ScriptPro, LLC., InstyMeds, MedAvail Technologies, Inc., fortifies the pharmacy dispensing machines market growth in North America. In Europe the market 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 dispenser on account of huge population base suffering with chronic disease. It represents second largest market with 26% share. Asia Pacific will be the fastest growing market during the forecast period 2018 to 2026 with 9% market share. The major attributes related to its futuristic market growth are rising prevalence of illness and burgeoning requirement of safe dispensing practice to overcome severe adverse events related to prescription misinterpretation.
Historical & Forecast Period
This research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments are calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The market segmentation comprises of by application, end users and geography.
| ATTRIBUTE |
DETAILS |
| Research Period |
2016-2026 |
| Base Year |
2017 |
| Forecast Period |
2018-2026 |
| Historical Year |
2016 |
| Unit |
USD Million |
| Segmentation |
By Application (2016–2026; US$ Mn)
• In-Patient
• Outpatient
|
|
By End Users (2016–2026; US$ Mn)
• Hospital Pharmacy
• Retail Pharmacy
|
|
Geography Segment (2016–2026; US$ Mn)
• North America (United States and Canada)
• Europe (U.K., Germany, Rest of Europe)
• Asia Pacific (China, Japan, Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East and Africa (GCC, Rest of MEA)
|
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 answered in this report
- How is the market assessment performed and compounded annual growth rate determined for the pharmacy dispensing machines market?
- Which IT-healthcare/medical device manufacturers are manufacturing pharmacy dispensing machines market?
- What are the latest technical innovations pertaining to the market?
- What are the major attributes responsible for the dominance of in-patient 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 2018 to 2026?
