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.
"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.
"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.
"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.
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.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Pharmacy Dispensing Machines market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Application
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End Users
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
