Medication Dispensing and Storage Systems Market Exhibits a Revenue CAGR of 7.7% and Expected to Reach US$ 2.9 Billion by 2031 | Growth Plus Reports

Newark, New Castle, USA, April 14, 2023 (GLOBE NEWSWIRE) -- As per the report by Growth Plus Reports, the global medication dispensing and storage systems market size is valued at US$ 1.52 billion and is expected to reach US$ 2.9 billion in 2031, at a CAGR of 7.7% during the forecast period, 2023-2031

The global medication dispensing and storage systems market was valued and expected to rise during the forecast period with a significant rise in revenue share. Medication dispensing and storage systems are sophisticated automated systems that control and monitor the delivery of medications in healthcare facilities, including pharmacies, hospitals, and clinics. These systems often consist of hardware and software components that work together to automate processes involving medications, such as patient tracking, inventory management, and dispensing. 

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                    Medication Dispensing and Storage Systems Market Scope

Recent Development in the Market: 

• In February 2022, Karie, a smart pill dispenser from AceAge Inc., was added to Dignio AS and Care Homes' Dignio Connected Care service. The system consists of the medication dispenser Karie and other measuring tools. 
• In June 2022, Becton, Dickinson and Company, and Frazier Healthcare Partners entered into a legally binding agreement under which BD paid US$ 1.525 billion to purchase Parata Systems, a cutting-edge supplier of pharmacy automation systems.

Key Takeaways: 

• The latest technological advancements and cost-effectiveness are driving the demand.
• The rising demand for hospitals in emerging economies is boosting market revenue growth. 
• Several government initiatives and population awareness are expanding market revenue share rapidly.  

Market Drivers and Restraints: 

The global market revenue share for medicine dispensing and storage systems is growing because of the increased demand for these systems to lower pharmaceutical errors. Furthermore, the rising demand for smart dispensers and assisting in keeping track of patients' dosages drive the demand for medicine dispensing and storage systems. 

However, the lack of awareness of medicine dispensing and storage systems and high costs are expected to restrain the market revenue growth. 

Market Segmentation: 

Segmentation By Type

Based on type, the global medication dispensing and storage systems market is segmented into the centralized automatic dispenser and decentralized dispenser. The decentralized dispenser segment accounts for the largest market revenue share due to several advantages, including increased patient safety by reducing medication errors, enhanced drug delivery efficiency, and cost savings via waste reduction and inventory management. 

Segmentation By End-User

Based on the end-user, the global medication dispensing and storage systems market is segmented into hospitals, pharmacies, and others. The hospital segment accounts for the largest revenue share in the global market. This large revenue share is attributed to enhanced patient safety, hospital productivity, and real-time medicine usage and stock tracking.

Regional Growth Dynamics

Based on the region, the global medication dispensing and storage systems market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounts for the largest revenue share in the global market due to its automated solutions for healthcare, reduction of waste, and increasing adoption of technological advancements. 

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Competitive Landscape

A list of the market player operating in the global medication dispensing and storage systems market are: 

• Becton Dickinson and Company
• Koninklijke Philips N.V.
• Capsa Healthcare
• Hero Health, Inc 
• Mckesson Corporation

Report Coverage 

The report analyzes basic market fundamentals and dynamics, strategies, key investment areas, regional growth analytics, revenue forecast, significant market players, and collaborations. The study also provides a comprehensive discussion of the future of the global medication dispensing and storage systems market. 

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022) 
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3. Opportunities
5. GLOBAL MEDICATION DISPENSING AND STORAGE SYSTEMS MARKET - ANALYSIS & FORECAST, BY TYPE
   1. Centralized Automatic Dispenser
      1. Carousels
      2. Robotic 
   2. Decentralized Dispenser        
      1. Ward Based Automated Dispensing System
      2. Automatic Unit Dose Dispensing System
      3. Pharmacy Based Automated Dispensing System
6. GLOBAL MEDICATION DISPENSING AND STORAGE SYSTEMS MARKET - ANALYSIS & FORECAST, BY END-USER
   1. Hospitals
   2. Pharmacies 
   3. Others 

MEDICATION DISPENSING AND STORAGE SYSTEMS MARKET TOC

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VALUE PROPOSITIONS RELATED TO THE REPORT:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on 'Strategic Developments' registered by leading players of the market

CUSTOMIZATION OPTIONS:

• Distributor Landscape Assessment
• Pricing Intelligence
• Customer Base Assessment
• Investment & Initiatives Analysis
• 'Business Profile' of Key Players

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