Wilmington, Delaware, United States, July 28, 2023 (GLOBE NEWSWIRE) -- The global automated drug kiosk market was valued at US$ 8.3 Bn in 2022. It is projected to expand at a CAGR of 13.8% from 2023 to 2031.
Increase in adoption of technology-driven drug dispensing is a key factor fueling the automated drug kiosk market. Inadequate number of pharmacies in isolated regions in developing countries is likely to fuel market development in the next few years. Furthermore, improvement in healthcare infrastructure and partnership with insurance companies are anticipated to boost market size during the forecast period.
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Automated drug kiosks are automated drug dispensing units that use technology for the purpose of drug dispensing. These drug kiosks carry out tasks, except administrative, and maintain all transaction-related details.
Growth Drivers
- Rise in adoption of technology-driven healthcare solutions is fueling the automated drug kiosk market
- Increase in rate of adoption of automated drug kiosk in emerging countries is augmenting market growth
Regional Landscape
North America accounted for a leading 57% share of the global market in 2022. Expansion of the market is due to high rate of adoption of automated drug kiosks and presence of key players in the region.
The automated drug kiosk market in Asia Pacific is anticipated to grow in the near future, due to significant technological advancements in drug dispensing systems. Initiatives of several health technology companies to introduce telehealth kiosks to improve access to basic healthcare services are fueling market statistics in the region.
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Key Findings of Study
Increase in Adoption of Technology-driven Drug Dispensing – Increase in installation of automated drug kiosks is expected to fuel the automated drug kiosks market value. Hospitals are increasingly adopting automated medication dispensing for efficient patient care. For example, in June 2023, Changi General Hospital launched a pilot project that allows patients to purchase pharmacy-only medicine from a drug dispensing machine after teleconsultation. The initiative, called Pharmacy Smart Interface System (PharmaSIS) is part of the hospital’s efforts to improve the effectiveness of its pharmacists and increase convenience for patients to procure medication for minor ailments.
The machine which was introduced in April 2023in, has already been used by more than 100 patients in May 2023. Patients can use the machine to purchase both over-the-counter (OTC) and pharmacy-only drugs. However, the machine dispenses pharmacy-only medicine under the supervision of a pharmacist between 9am and 6pm on weekdays. The interface of the machine is easy to understand and is designed to simplify the process of obtaining medication for patients.
High Healthcare Cost Burden on Employers Favors Adoption – As per an article published by the Healthcare Information and Management Systems Society (HIMSS) in August 2022, employers are increasingly experiencing the burden of employer-sponsored health plans. The cost of doctor visits, prescription drugs, and medical procedures are at an all-time high, leading to high healthcare costs for employers. The adoption of automated drug kiosks is helping to ease overhead costs and improve quality of healthcare services.
Qmed Asia, a Malaysia-based health technology startup, launched Qmed GO, which is a telehealth kiosk developed for corporate employers. The kiosk works as a ‘mini clinic’ and enables online health consultations by licensed General Practitioners (GPs).
The kiosk is available in three versions: Qmed GO, Qmed GO Plus, and Qmed GO Lite, which can be installed within the premises of the workplace.
Thus, advancements in kiosks are likely to reduce overhead costs for employers and consequently, fuel market expansion.
Need to Reduce Healthcare Costs Fueling Market Growth – Based on product type, the systems segment held the leading share of the global market in 2022. Growth in the segment can be attributed to advancements in technology, demand for improved quality healthcare services, and need to reduce healthcare costs.
Competitive Analysis
The global landscape is consolidated, with the presence of well-established companies and technology-driven start-ups. Companies in the automated drug kiosk market are engaging in new product launches, strategic partnerships, and M&As to expand their geographical presence.
Prominent players in the automated drug kiosk market include MedAvail Technoogies Inc., MedfriendRx, Stericycle Inc., ScriptPro LLC, Howell LLC, Smart RX Systems, and PickPoint.
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The global automated drug kiosk market has been segmented as follows:
Global Automated Drug Kiosk Market, by Product Type
- Systems
- Services
Global Automated Drug Kiosk Market, by Drug Type
- Prescription
- Over-the-Counter (OTC)
- Others (wellness products)
Global Automated Drug Kiosk Market, by End-user
- Retail Pharmacies
- Hospitals & Clinics
- Others (workplaces, ambulatory care, etc.)
Global Automated Drug Kiosk Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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