Automated Dispensing Systems Market is expected to reach US$ 2,980.38 million by 2027
NEW YORK, UNITED STATES, December 3, 2021 /EINPresswire.com/ — According to The Insight Partners new market research study on “Automated Dispensing Systems Market to 2027 – Global Analysis and Forecast – by Operation, Application, and End User,”the market is expected to reach US$ 2,980.38 millionby 2027 from US$ 1,665.78 millionin 2019; it is estimated to grow at a CAGR of 7.6% from 2020 to 2027. The report highlights trends prevailing in the global automated dispensing systems market,and the drivers and restraints pertaining to the market growth.
Report Coverage (Details)
Market Size Value in (US$ 1,665.78 million in 2019)
Market Size Value by (US$ 2,980.38 million by 2027)
Growth Rate (CAGR of 7.6% during 2020–2027)
Forecast Period (2020-2027)
Base Year (2020)
No. of Pages (155)
No. Tables (46)
No. of Charts & Figures (60)
Segments covered (by Operation, Application End User and Geography)
Regional scope (North America; Europe; Asia Pacific; Latin America; MEA)
Country scope (US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
Report coverage (Revenue forecast, company ranking, competitive landscape, growth factors, and trends)
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Automated dispensing system, also termed as automated drug cabinets, are electronic drug storage and dispensing devices, primarily used in healthcare settings. These systems aid in tracking and controlling the drug distribution;they are secured with authenticated passwords and biometrics for inventory control and security of the drugs against thefts. These systems have been highlighted as one of the potential instruments to improve operational efficiency and patient safety.Moreover, they are now widely used in clinics and nursing homes, among others. Automated dispensing systems help transform hospitals into safer, and more efficient and effective institutions.
Increasing Medication Errors
Annually, the US Food and Drug Administration (FDA) receives over 100,000 reports associated with medication error. Further, as per the study “Medication Errors” published in StatPearls in June 2020, every year ~7,000–9,000 people die due to medication errorin the US. Similarly, as per the estimations published in the study “Prevalence and Economic Burden of Medication Errors in the NHS In England” in 2018, every year ~237 million medication errors occur in NHS and avoidable adverse drug reactions (ADRs) lead to hundreds of deaths.
An irrational, inappropriate, and ineffective medication dispensing may lead to serious medication errors that can harm patients. A few of the common medication errors are dispensing a wrong drug, dispensing a wrong drugquantity, dispensing wrong strength drug, and item omission. ~75% of the medication errors are caused by distractions, as the healthcare professionals are engaged with multiple tasks such as examination of patients, speaking to consultants, speaking to patient family members, conversing with insurance professionals.
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
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Based on operation, the automated dispensing systems market is segmented into decentralized systems and centralized systems. The centralized systems segment held a larger share of the market in 2019 owing to factors such as growing need to reduce costs, ensure medication availability, and modernize resource allocation.Moreover, decentralized system is anticipated to register a greater CAGR in the market during the forecast period.
Based on application, the automated dispensing systems market is segmented into in-patient automated dispensing and out-patient automated dispensing. The in-patient automated dispensing segment held a larger share of the market in 2019; however, out-patient automated dispensing is anticipated to register a higher CAGR during the forecast period.
Based on end user, the automated dispensing systems market is segmented into hospital pharmacies, retail pharmacies, and others. The hospital pharmacies segment held the largest share of the market in 2019; however, the retail pharmacies segment is expected to register the highest CAGR of in the market during the forecast period.
Automated Dispensing Systems Market: Competitive Landscape and Key Developments
Cerner Corporation, Capsa Healthcare, Omnicell, Inc, BD, ARxIUM, Accu-Chart Plus Healthcare Systems, Inc, Innovation Associates, RxMedic Systems, Inc, Swiss log Holding Ltd and Willach Pharmacy Solutions GmbHare among the leading companies operating in the automated dispensing systemsmarket.
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