Automated Dispensing Machines Market (2014-2024)
NEW YORK, Nov. 14, 2019 /PRNewswire/ --
Automated Dispensing Machines Market (2014-2024)
As per the report, the automated dispensing machines market will grow during the forecast period at a CAGR of 7.8%, ultimately generating $2.3 billion in revenue by 2024. 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.
Read the full report: https://www.reportlinker.com/p05760349/?utm_source=PRN
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.
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.
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.
Automated Dispensing Machines Market Segmentation
Market Segmentation by Type
- Centralized
- Decentralized
Market Segmentation by Application
- In-patient Care
- Out-patient Care
Market Segmentation by End User
- Hospitals
- Pharmacies
- Retail Drug Stores
Market Segmentation by Geography
- North America Automated Dispensing Machines Market
- By type
- By application
- By end user
- By country
- U.S. Automated Dispensing Machines Market
• By type
• By application
• By end user
- Canada Automated Dispensing Machines Market
• By type
• By application
• By end user
- Europe Automated Dispensing Machines Market
- By type
- By application
- By end user
- By country
- Germany Automated Dispensing Machines Market
• By type
• By application
• By end user
- U.K. Automated Dispensing Machines Market
• By type
• By application
• By end user
- France Automated Dispensing Machines Market
• By type
• By application
• By end user
- Italy Automated Dispensing Machines Market
• By type
• By application
• By end user
- Spain Automated Dispensing Machines Market
• By type
• By application
• By end user
- APAC Automated Dispensing Machines Market
- By type
- By application
- By end user
- By country
- Japan Automated Dispensing Machines Market
• By type
• By application
• By end user
- China Automated Dispensing Machines Market
• By type
• By application
• By end user
- India Automated Dispensing Machines Market
• By type
• By application
• By end user
- LATAM Automated Dispensing Machines Market
- By type
- By application
- By end user
- By country
- Brazil Automated Dispensing Machines Market
• By type
• By application
• By end user
- Mexico Automated Dispensing Machines Market
• By type
• By application
• By end user
- MEA Automated Dispensing Machines Market
- By type
- By application
- By end user
- By country
- Saudi Arabia Automated Dispensing Machines Market
• By type
• By application
• By end user
- South Africa Automated Dispensing Machines Market
• By type
• By application
• By end user
Read the full report: https://www.reportlinker.com/p05760349/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article