Technological advancements, government initiatives for the integration of automated dispensing machines in healthcare facilities, and growing geriatric population, incidents of medication errors, number of patent approvals for such machines and prevalence of chronic diseases are the key market growth drivers.
Decentralized and centralized are the two categories of products available in the automated dispensing machines market, of which the decentralized category is predicted to grow faster through the forecast period. Increasing hospitalization cases are raising the demand for hospitals, which is, in turn, leading to higher sales of decentralized dispensing machines.
The adoption of automated dispensing machines is increasing in retail drug stores, hospitals, and pharmacies. As an end user, hospitals are expected to hold an automated dispensing machines market share of more than 70.0% in 2018 and a forecast period CAGR of 7.8%. The demand for automated dispensing machines in hospitals is being fueled by the growing prevalence of chronic diseases, rising healthcare expenditure, and increasing number of patients.
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In 2018, North America is dominating the sector by contributing 40.8% revenue. Its revenue contribution by 2024 is projected to be $919.5 million. Growing geriatric population, improving healthcare infrastructure, and existence of established players are the reasons behind this. During the forecast period, the growth of the automated dispensing machines market is slated to be the fastest in Asia-Pacific (APAC), where it will advance with CAGR of 9.3%. This will be because the market players will increasingly focus on this region and the healthcare infrastructure will also improve considerably here.
The demand for and sales of such machines have increased in APAC owing to government initiatives. For instance, the installation of automated dispensing machines in the rural areas of India is supported by Central Medical Services Society, so the masses can have access to free-of-cost general drugs. Further, developing countries are increasingly installing such machines at their healthcare facilities. The growth in the gross domestic product of countries, such as Malaysia, Vietnam, India, and Sri Lanka, will allow for the adoption of technologically advanced equipment, thereby, taking the automated dispensing machines market ahead.
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Considering the opportune future environment, market players have started engaging in mergers, acquisitions, and collaborations to further their growth. For example, Omnicell Inc. and NYU Langone Health Hospital extended their partnership for installing the XT series systems, which consist of controlled substance manager, anesthesia workstation, and automated medication dispensing cabinets, in 2018. Other major players in the automated dispensing machines market are Omnicell Inc., Becton, Dickinson and Company, Pearson Medical Technologies LLC, ScriptPro LLC, Talyst LLC, Capsa Healthcare, Newlcon Oy, McKesson Corporation, ARxIUM, and TouchPoint Medical Inc.
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