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, and growing number of patent approvals for automated dispensing
machines are some of the major factors driving the growth of the market.
Based on type, the automated dispensing machines market has been
bifurcated into centralized and decentralized systems. The decentralized
category is expected to register faster growth in the market during the
forecast period. This can be mainly attributed to the increasing cases of
hospitalization, rising number of hospitals, and growing demand for
decentralized systems in healthcare settings.
Geographically, North America holds the largest share in the automated
dispensing machines market, with an estimated contribution of 40.8% to the
market in 2018, and is projected to generate $919.5 million revenue by 2024.
This can be mainly attributed to the improved healthcare infrastructure,
presence of established players, and surging geriatric population in the
region.
During the forecast period, the automated dispensing machines market
is expected to witness the fastest growth in APAC, with 9.3% CAGR, mainly on
account of the improving healthcare infrastructure in the region and the
increasing focus of market players on developing countries, such as China and
India, for business expansion.
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Initiatives implemented by government organizations to install
automated dispensing systems in healthcare settings have increased the demand
for such systems in APAC. For instance, the Central Medical Services Society
(CMSS) of India is encouraging installation of automated dispensing systems in
rural parts of the country. With the support of CMSS, automated medication
systems are installed in several states of the country. These systems dispense
free of cost general prescribed medicines.
Acquisitions and collaborations among prominent players have dominated the automated dispensing machines market in the recent times. For instance, in July 2018, NYU Langone Health Hospital extended its strategic partnership with Omnicell Inc. for the installation of Omnicell XT automated medication dispensing cabinets, anesthesia workstation, and controlled substance manager in the hospital.
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Besides, showcasing novel technological advancements at various public
platforms is also aiding the growth of the automated dispensing machines
market. For instance, in February 2019, Omnicell Inc. showcased its
comprehensive and customizable platform for medication management at the
Healthcare Information and Management Systems Society (HIMSS) 2019 Global
Conference and Exhibition held in Florida, U.S.
Major key players operating in the global automated dispensing machines market are Becton,
Dickinson and Company; Omnicell Inc.; ScriptPro LLC; Pearson Medical
Technologies LLC; Capsa Healthcare; Talyst LLC; McKesson Corporation; Newlcon
Oy; TouchPoint Medical Inc.; and ARxIUM.