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.
Further Key Findings From the Study Suggest:
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.
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.
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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.
About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Blog: https://healthcareforecastreport.blogspot.com/
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Blog: https://healthcareforecastreport.blogspot.com/
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