Automated Dispensing Systems Market to Expand with Significant CAGR During 2024

ReleaseWire

Albany, NY -- (SBWIRE) -- 06/26/2018 -- Improving patient's health and safety is always a primary objective in hospital and health care settings, and pharmacologists have been discovering a variety of policies and technologies to achieve this objective. Automated dispensing system, also termed as automated drug cabinet, is an electronic drug storage and dispensing device primarily used in health care settings. These systems provide easy to operate computer-controlled storage, dispensing, and tracking of medicine. These systems have been recommended as one of the potential instruments to improve efficiency and patient safety, and they are now widely used in many hospitals, for instance in clinics, nursing homes, are located at the point of care settings (POC), for example in an accident & emergency department (A&E), diagnostic labs, an intensive care unit (ICU), and critical care unit (CCU).

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Automated dispensing systems deliver a balance between security, user-friendliness, inventory management, and control of medications, which are all acknowledged as imperative features of a safe medication distribution system. These features drive the global automated dispensing systems market. Other drivers of the market include increasing demand for rapidly generated electronic reports to help categorize and prevent potential diversion from patient's current health status. Automated dispensing systems save nursing time by reducing the need for manual end-of-shift counts in patient care division. Moreover, there is growing demand for automated systems such as barcodes and RFID cabinets, which help stock management and inventory management. These are the key factors expected to drive the market in the next few years. Moreover, 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 hospital pharmacies and retail drug stores, consequently increasing demand for automated dispensing systems. Increase in the number of prescriptions and lack of skilled pharmacists are the other factors expected to boost automation in medication dispensing.

The global automated dispensing systems market has been segmented based on product type, end-user, and region. In terms of product type, the market has been segmented into centralized automated dispensing systems and de-centralized automated dispensing systems. Centralized automated dispensing systems are sub-segmented into robotic automated systems and manually operated unit-dose system. Decentralized systems which provide computer controlled storage, tracking of medications, and dispensing have been recommended widely and are expected to hold large market share in the near future.

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Based on end-user, the global automated dispensing systems market has been segmented into pharmacy stores, hospitals, laboratories, and others. The hospitals segment is anticipated to account for major share of the automated dispensing systems market driven by rapidly increasing health care expenditure and rising patient admissions which increases burden on pharmacy departments. The hospitals segment has been sub-segmented into general ward and emergency ward. The pharmacy stores segment is expected to expand at a high CAGR during the forecast period. Increasing pressure on pharmacies due to rising drug prices and decline in reimbursements leads to inefficient inventory and supply chain management. However, human error can lead to medication dispensing errors. This in turn is expected to boost the growth of the pharmacy stores segment during the forecast period.

North America accounted for major share of the global automated dispensing systems market. This is attributed to increased concerns toward patient's health and safety. Europe was the next major market for automated dispensing systems. However, Asia Pacific is expected to witness significant growth during the forecast period. Key growth drivers of the automated dispensing systems market in the region include increasing geriatric population and rising health care expenditures.

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Major players operating in the automated dispensing systems market are Aesynt Incorporated, Becton, Dickinson and Company, Omnicell, Inc., Pearson Medical Technologies, RxMedic Systems, Inc., Avery Weigh-Tronix, ScriptPro LLC, Capsa Solutions, LLC, and Cerner Corporation, among others.

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