DUBLIN, September 15, 2021--(BUSINESS WIRE)--The "Automated Dispensing Machines Market Research Report 2021" report has been added to ResearchAndMarkets.com's offering.
The market will reach a revenue of $3,941.9 million by 2030, exhibiting a CAGR of 9.1% from 2021 to 2030.
The growing prevalence of medication errors, rapid technological advancements, surging geriatric population, increasing incidence of chronic diseases, enactment of government initiatives for integrating automated machines in healthcare settings, and soaring number of product approvals are the major factors driving the growth of the global automated dispensing machines market.
The COVID-19 pandemic has made people skeptical about visiting hospitals and clinics and receiving treatments for various chronic illnesses. Moreover, because of the policies enacted by several governments for installing automated dispensing machines at healthcare settings, the requirement for these devices has significantly increased. Furthermore, this is a great method for maintaining social distancing and ensuring the proper administration of medicines to patients. This measure is fueling the expansion of the automated dispensing machines market.
The automated dispensing machines market is divided into out-patient and in-patient categories, depending on application. Between these, the in-patient category held the larger share in the market during the historical period (2015-2020), and this trend is predicted to continue during the forecast period as well. Because of the surging incidence of chronic diseases, the use of automated dispensing machines has increased considerably.
North America contributed the highest revenue to the automated dispensing machines market in 2020. This is credited to the existence of well-established players, soaring geriatric population, and improving healthcare infrastructure in the region. In the forthcoming years, the Asia-Pacific (APAC) region is predicted to demonstrate the fastest growth, due to the increasing focus of industry players on expanding their operations in the developing countries such as India and China.
The global automated dispensing machines market players are focusing on acquisitions and mergers in order to bolster their position in the industry. For example, Becton, Dickinson and Company completed the acquisition of the medical business of CUBEX LLC, which is a private firm that offers cloud-based software for advanced medication management, in November 2020. With this acquisition, the BD Pyxis automated dispensing cabinet was incorporated with the analytics platform of CUBEX LLC and MedBank cloud-based software for enabling patient-centered care beyond acute-care settings.
Likewise, Capsa Healthcare acquired RoboPharma B.V., which is a pharmacy automated system provider in the Netherlands, in August 2020. The former provides customized high-speed prescription filling solutions for various community pharmacies, wholesalers, central fill operations, and hospitals.
As per the agreement, the engineering and management teams of RoboPharma will remain with the organization for maintaining continuity across its innovative momentum, inventive vision, and strategic focus, and it will be leveraged for expanding the international reach of Capsa Healthcare.
Increasing number of collaborations and acquisitions
Rising incidence of medication errors
Technological innovations and advancements
Growing geriatric population
Rising prevalence of chronic diseases
Government initiatives to integrate automated dispensing machines in healthcare settings
Increasing number of patent approvals for automated dispensing machines
Stringent regulatory norms
High costs of automated dispensing machines and prescription drugs
Rising data theft and cybersecurity concerns
Untapped market in developing economies
Porter's Five Forces Analysis
Impact of COVID-19
Becton, Dickinson and Company
Baxter International Inc.
YUYAMA Co. Ltd.
Pearson Medical Technologies LLC
Accu-Chart Plus Healthcare Systems Inc.
Swisslog Holding AG
Willach Pharmacy Solutions
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210915005760/en/
Laura Wood, Senior Press Manager
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