NEW YORK, Feb. 26, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, automated dispensing machines market is expected to generate a revenue of $2.3 billion by 2024, advancing at a CAGR of 7.8% during the forecast period.
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.
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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.
Adoption of automated dispensing systems is increasing in hospitals, pharmacies, and retail drug stores. Hospitals are expected to hold the largest share in the automated dispensing machines market in the coming years. This end-user category is estimated to hold over 70% share in 2018, and is expected to progress at a CAGR of 7.8% during the forecast period. Growing patient population, increasing healthcare expenditure, and rising prevalence of chronic diseases are some of the major factors fueling the demand and encouraging the adoption of automated dispensing machines in hospitals, globally.
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.
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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.
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.
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