PUBLISHER: The Business Research Company | PRODUCT CODE: 1425248
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425248
Automated Dispensing Machines Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automated dispensing machines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automated dispensing machines? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automated dispensing machines market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automated Dispensing Machines (ADMs) represent sophisticated medication distribution systems that integrate computer-controlled storage, dispensing, and monitoring of medications. Their primary objective is to enhance the efficiency of medicine distribution while prioritizing patient safety, making them integral components in numerous hospitals.
The key products within the realm of automated dispensing machines include automated medication dispensing and storage systems, automated packaging and labeling systems, automated tabletop counters, and automated medication compounding systems. Automated medication dispensing and storage systems specifically cater to the automated storage of medications, ensuring secure storage in patient care units. These systems find application in various healthcare settings, serving both in-patient and out-patient needs and catering to diverse end-users such as hospitals and pharmacies.
The automated dispensing machines market research report is one of a series of new reports from The Business Research Company that provides automated dispensing machines market statistics, including automated dispensing machines industry global market size, regional shares, competitors with an automated dispensing machines market share, detailed automated dispensing machines market segments, market trends and opportunities, and any further data you may need to thrive in the automated dispensing machines industry. This automated dispensing machines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automated dispensing machines market size has grown strongly in recent years. It will grow from $3.91 billion in 2023 to $4.23 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed in the historical period can be attributed to various factors, including improvements in medication dispensing efficiency, a decrease in medication errors, a rise in medication volumes, compliance with regulatory requirements, initiatives promoting patient-centered care, and efforts aimed at minimizing medication waste. These factors collectively contributed to the advancement and effectiveness of medication dispensing practices during that timeframe.
The automated dispensing machines market size is expected to see strong growth in the next few years. It will grow to $5.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period can be attributed to several key factors, including the streamlining of pharmacy workflows, enhanced telehealth capabilities for improved medication access, reduced waiting times for patients, the customization of medication dosages to meet individual needs, the implementation of smart medication management systems, leveraging data analytics to identify medication trends, and the implementation of medication therapy management programs. Major trends expected in the forecast period include the integration of RFID and barcode technologies, a shift toward decentralized medication dispensing models, integration with Electronic Health Records (EHR), incorporation of Artificial Intelligence (AI) for advanced functionality, a heightened focus on specialty medications, and increased emphasis on compliance with regulatory standards. These trends collectively indicate a trajectory toward more efficient, technology-driven, and patient-centric medication dispensing practices.
The projected increase in the geriatric population, comprising individuals aged 65 years and above, is poised to drive the growth of the automated dispensing machines market. This demographic often contends with various age-related health issues, necessitating precise and superior patient care. Automated dispensing machines play a pivotal role in ensuring greater medication security, facilitating improved nurse access to medications, streamlining medication billing and inventory management, and potentially reducing medication errors. For instance, the Administration for Community Living (ACL) projects a 21.6% rise in the geriatric population by 2040 in the United States. Hence, the expanding geriatric segment serves as a significant driver for the automated dispensing machines market.
The escalating incidence of chronic diseases is anticipated to further propel the automated dispensing machines market. Chronic diseases, enduring health conditions persisting for extended periods, often a year or more, significantly impact global health. Automated dispensing machines are instrumental in managing chronic diseases by enhancing medication adherence, optimizing medication management, averting errors, ensuring security, offering real-time reporting, and simplifying medication regimens. According to the World Health Organization in September 2022, chronic illnesses worldwide account for 74% of the 41 million annual fatalities. Notably, cardiovascular diseases, cancer, chronic respiratory disorders, and diabetes collectively contribute to millions of these fatalities. The role of automated dispensing machines in this context is instrumental in driving market growth.
Major industry players in the automated dispensing machines market are innovating technological solutions integrating advanced analytics and machine learning to enhance medication safety and operational efficiency. These sophisticated systems utilize data analysis and learning algorithms to optimize inventory management, predict maintenance needs, and overall enhance operational efficiency. For example, in June 2021, Becton, Dickinson, and Company introduced Pyxis ES, an automated medication dispensing system. The Pyxis ES system leverages advanced analytics and machine learning to revolutionize medication management across healthcare organizations, focusing on minimizing medication errors. Featuring a user-friendly touchscreen interface and a modular design for adaptable installation and customization, these systems embody advancements driving improved medication management and patient safety.
Key players in the automated dispensing machines market are actively developing innovative products tailored for automated pharmacy dispensing, catering to the evolving landscape of healthcare needs. In a notable development, in February 2021, Omnicell, a US-based healthcare company, unveiled the Medimat robot for automated pharmacy dispensing, specifically designed to store, manage, and dispense medication packs. The Medimat robot represents a breakthrough in pharmacy operations by streamlining processes, enhancing efficiency, accuracy, and ultimately improving patient safety. This automated system accommodates a diverse range of medication packages, including bottles, vials, and blister packs. Additionally, it incorporates features such as disordered storage, channel-based storage, upgraded gripper technology, and expanded gripper dimensions, signifying advancements in automation technology for medication dispensation.
In December 2021, Omnicell Inc., a US-based healthcare technology company, successfully concluded the acquisition of ReCept Holdings for $100 million. This strategic acquisition bolsters Omnicell Inc.'s medication management infrastructure by integrating specialized solutions for specialty pharmacy management services. The acquisition encompasses expertise in various facets of specialty pharmacy operations, including operational capabilities, human resources, technological integration, workflow management, and facilitation of payor access. ReCept Holdings, a US-based company specializing in pharmacy and specialty pharmacy management solutions for health systems, complements Omnicell Inc.'s endeavors to expand its offerings and expertise in the specialty pharmacy domain, thus enhancing its overall healthcare solutions portfolio.
Major companies operating in the automated dispensing machines market report are Becton Dickinson and Company, Baxter International Inc., SciptPro LLC, Omnicell Inc., Accu-Chart Plus Healthcare System Inc., Pearson Medical Technologies LLC, Swisslog Holding Limited, Avery Weigh-Tronix, Talyst LLC, TouchPoint Medical, Tosho Inc., Takazono Corporation, McKesson Corporation, B. Braun Melsungen AG, Cerner Corporation, Capsa Solutions LLC, RxMedic Systems, AlixaRx, Willach Pharmacy Solutions, Newlcon Oy, Aesynt Incorporated, Musashi Engineering Inc., Techcon Systems Inc., Fisnar Inc., Tengsheng Precision Machinery Co. Ltd., M&H Plastics, CKF Inc., Pretium Packaging, New Vision Packaging, Ottmar Reisacher
North America was the largest region in the automated dispensing machines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the automated dispensing machines market report during the forecast period. The regions covered in the automated dispensing machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automated dispensing machines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automated dispensing machine market consists of sales of centralized and decentralized automated dispensing machines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.