LONDON, Nov. 30, 2016 /PRNewswire/ -- The global automated dispensing machine market was valued at USD 2.9 billion in 2015 and is expected to reach a value of USD 5.5 billion by 2024, according to a new report by Grand View Research, Inc. The growing pressure on the pharmaceuticals due to reimbursement reduction and rapidly growing drug prices leads to inefficient supply chain and inventory management. The growing demand for automated systems, such as RFID cabinet and barcodes, facilitates real-time inventory and stock management, which is one of the pivotal factors expected to drive the market in the coming years.
Furthermore, the increase in global geriatric population and prevalence of various chronic diseases, as well as high rates of hospitalization are some of the factors increasing the burden on pharmacy of hospitals and retail drug stores. Upsurge in number of prescriptions and lack of skilled pharmacist are also few factors expected to boost automation in the medication dispensing system.
There is increasing demand for technologically advanced medication dispensing systems to mitigate long waiting hours for stock replenishment and drug mismanagement, which is one of the crucial factors expected to drive the usage rate of pharmacy automation system, such dispensing, storage, and retrieval. Based on the 2011 ASHP national survey of pharmacy practice in hospital settings, it was stated that approximately 89% of the hospitals are using automated dispensing cabinets and over 10% of the hospitals are using robots.
According to a survey conducted by Society of Actuaries, it was found that measurable medication errors cost USD 20 billion to the U.S. economy, while majority of these errors could have been easily avoided. Increase in medication dispensing errors is a significant factor driving the number of adverse drug reactions, which may lead to severe deterioration of the patient's health and may also lead to death; this is expected to drive the demand in the coming years. For instance, in the U.S., data published by the Institute of Medicine states that around 7,000 deaths each year can be attributed to medication errors.
Further Key Findings From the Study Suggest:
The inpatient segment is the leading application segment and occupies the largest share of 74.4% in 2015. Increasing cases of hospitalization coupled with occurrence of large number of medication errors contribute to the growth of this segment. The outpatient segment is expected to be the fastest growing segment during the forecast period with a CAGR of 8.2%.
The hospitals' segment is the largest, having a share of around 56.1% in 2015. Retail drug stores and pharmacies are expected to be the fastest growing segment during the forecast period with a CAGR of 7.8%.
In 2015, the centralized pharmacy segment was the largest operations segment and occupied a share of around 63.4%. The decentralized pharmacy is expected to be the fastest growing segment during the forecast period, with a CAGR of 8.5%.
In 2015, North America held majority of market share of over 53.8% in global automated dispensing machines market. Increasing medication errors and rising demand for the overall reduction in operational cost by streamlining medication dispensing processes are few key factors attributed to the regions high market share.
Some of the key market players are Omnicell, Inc.; Becton, Dickinson & Co; Baxter; Swisslog; Parata Systems; AmerisourceBergen Corporation. The other key competitors in the market include Pearson Medical Technologies; Script Pro LLC; and Capsa Solutions.
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