Automated Dispensing Machines Market Analysis ,Future Scope And Forecast To 2024
Posted by Neha Bora on September 18th, 2019
San Francisco, 18 September 2019: The Report Automated Dispensing Machines Market By Application (Outpatient, In-Patient), By End Use (Hospitals, Retail Drug Stores And Pharmacies), By Operation (Centralized Pharmacy, Decentralized Pharmacy), And Segment Forecasts To 2024
The global automated dispensing machine market was valued at USD 2.9 billion in 2015 and is expected to reach a value of USD 5.5 billion by 2024, according to a new report by Grand View Research, Inc. The growing pressure on the pharmaceuticals due to reimbursement reduction and rapidly growing drug prices leads to inefficient supply chain and inventory management. The growing demand for automated systems, such as RFID cabinet and barcodes, facilitates real-time inventory and stock management, which is one of the pivotal factors expected to drive the market in the coming years.
Furthermore, the 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 pharmacy of hospitals and retail drug stores. Upsurge in number of prescriptions and lack of skilled pharmacist are also few factors expected to boost automation in the medication dispensing system.
There is increasing demand for technologically advanced medication dispensing systems to mitigate long waiting hours for stock replenishment and drug mismanagement, which is one of the crucial factors expected to drive the usage rate of pharmacy automation system, such dispensing, storage, and retrieval. Based on the 2011 ASHP national survey of pharmacy practice in hospital settings, it was stated that approximately 89% of the hospitals are using automated dispensing cabinets and over 10% of the hospitals are using robots.
According to a survey conducted by Society of Actuaries, it was found that measurable medication errors cost USD 20 billion to the U.S. economy, while majority of these errors could have been easily avoided. Increase in medication dispensing errors is a significant factor driving the number of adverse drug reactions, which may lead to severe deterioration of the patient’s health and may also lead to death; this is expected to drive the demand in the coming years. For instance, in the U.S., data published by the Institute of Medicine states that around 7,000 deaths each year can be attributed to medication errors.
Access Research Report of Automated Dispensing Machines Market @ www.grandviewresearch.com/industry-analysis/automated-dispensing-machine-market
Further Key Findings From the Study Suggest:
Access Research Insights of Automated Dispensing Machines Market @ www.grandviewresearch.com/research-insights/automated-dispensing-machines-market-insights-minimizing-medical-cost-errors
Grand View Research has segmented the automated dispensing machine market by operation, application, end use, and region:
Application outlook (Market revenue in USD Million, 2013 - 2024)
End-Use outlook (Market revenue in USD Million, 2013 - 2024)
Operation outlook (Market revenue in USD Million, 2013 - 2024)
Regional outlook (Market revenue in USD Million, 2013 - 2024)
Access Press Release of Automated Dispensing Machines Market @ www.grandviewresearch.com/press-release/global-automated-dispensing-machine-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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About the AuthorNeha Bora
Joined: September 16th, 2019
Articles Posted: 1,010
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