Automatic Pill Dispenser Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2688
Automatic Pill Dispenser Market is projected to experience significant growth from 2018 to 2024.
Rising technological advancements in healthcare across the globe will lead to a significant growth in the automatic pill dispenser market. Automated pill dispensers are usually economic and offer precise results. Moreover, it reduces chances of human error and enhances pharmacy productivity. Hence, rising prevalence of diseases worldwide accompanied with increasing inclination of people towards the automated devices will fuel the growth of global automatic pill dispenser market during the forecast period.
Prevalence of diseases such as cancer, Alzheimer, osteoarthritis, diabetes and chronic obstructive pulmonary disease that are majorly associated with elderly population is increasing leading to increased number of prescribed medications for the elderly. Managing all the medications may result in accidental errors such as taking wrong medicines at the wrong time, missing doses or incorrect amount intake leading to severity of illness, hospital visits, and even death. However, this can be reduced with the use of automated pill dispensers that offer aforementioned benefits and will further drive the demand for automatic pill dispensers from the aging population.
Moreover, the growing number of patients in hospitals, has made medication distribution more difficult and complex. Automatic medication dispenser system can resolve medication distribution problem by providing appropriate medication storage in patient care unit, along with electronic tracking to monitor use of controlled drugs. Automatic dispensers eliminate the need for manually controlled drug count in patient care units, thereby reducing nursing time. Automated pill dispensers enable on-time administration of medications by improving their accessibility in patient care units. This is beneficial, particularly in intensive care units and other emergency departments where most hospitals still use a floor stock system because of frequent dose changes as well as need for immediate access.
However, there are various kinds of automatic pill dispensing machines, each with specific operating procedures. While older dispensing systems may be less reliable, the advanced systems may have a complicated interface that is difficult to use. The automated dispensers are run by computer programs that are susceptible to failure without warning. Furthermore, enormous implementation costs for automated dispensers as well as limited return on investment for such systems can hamper the industry growth during the forthcoming years.
Centralized automated dispensing system held a momentous share as of 2016, due to their increasing adoption in various hospitals as well as other healthcare facilities. It offers patient convenience and minimizes medication errors thus enhancing efficiency of medical treatments. Moreover, use of automated pill dispensers enable effective workflow that will propel the growth of centralized automated dispensing systems market.
Based on end-use, hospital pharmacy accounted for the highest market share owing to increased prevalence of chronic and infectious diseases and trauma cases in hospitals. The increase in global elderly population base coupled with high rates of hospitalization are some of the factors increasing the burden on hospital pharmacies. Additionally, increase in number of prescriptions and lack of skilled pharmacists leading to high error rate in manual dispensing are also a few factors that will boost adoption of automatic pill dispenser system.
U.S. will drive the automatic pill dispenser market owing to the increasing prevalence of chronic diseases that result in multiple medication. Most of the U.S. hospitals are equipped with automated pill dispensers owing to the ease and accuracy of capturing use of medication by individual patients for billing purpose. Furthermore, inclination of patients towards technological advancements in healthcare as well as patient convenience will further boost demand for automatic pill dispenser systems.
Increasing pool of patient population, growing prevalence of chronic and infectious diseases, as well as increasing government investments for developing better healthcare facilities in India, will significantly drive the industry growth. India is expected to witness significant growth rate in the coming years owing to improvements in healthcare infrastructure, adoption of advanced technologies as well as various government initiatives.
Some of the major industry players include Baxter, Becton Dickinson, Cerner Corporation, Capsa Healthcare, McKesson Corporation, Omnicell, ScriptPro, Swisslog, Talyst, and Yuyama. Key strategies adopted by industry players include strategic alliances, partnerships, collaborations, mergers and innovative product launches to expand their business product portfolio as main strategies.
Automatic Pill Dispenser Market by Type, 2013-2024 (USD Million)
- Centralized automated dispensing system
- Decentralized automated dispensing system
- Pharmacy-based automated dispensing system
- Ward-based automated dispensing system
- Automated unit dose dispensing system
Automatic Pill Dispenser Market by End-use, 2013-2024 (USD Million)
- Hospital Pharmacy
- Retail Pharmacy
- Home Healthcare
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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