Remote Dispensing Systems Market size is expected to grow significantly from 2020 to 2026. Remote dispensing systems eliminate the need of a pharmacist and instead use an automated medication dispenser. A remote pharmacist validates the prescription and authorizes the medication and the dispenser delivers the drugs. Remote systems have additional advantages such as reduced error rate and cost savings.
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The lack of pharmacies in rural areas will primarily boost the market growth. Rural areas often lack access to a sophisticated pharmacy and certain medications. Remote dispensing systems can serve as a solution to this problem by enabling a remote pharmacist to validate and dispense the prescribed medications. Furthermore, remote pharmacies can be set up in universities, correctional facilities. As these places lack an in-house pharmacy, remote dispensing systems can increase their access to vital medication.
Insurance providers lose a significant amount of money due to patient non-compliance of medication. The remote dispensing systems market can alleviate this problem by increasing patient compliance to medication by providing improved access. Furthermore, remote dispensing systems result in increased satisfaction of patients due to the easier access to medications. These factors will significantly boost the adoption of remote dispensing systems, propelling the market expansion.
However, remote dispensing systems remove the in-person interaction between the patient and the pharmacist. This removes the non-verbal cues that could help a pharmacist decide if the patient is intoxicated, leading to potentially fatal mixing of drugs with alcohol. Additionally, high costs of these remote dispensing systems may impede the adoption rate.
The remote dispensing systems market by application is classified into in-patient and outpatient. The outpatient segment includes patients in long-term care facilities and home care settings. The segment is poised to exhibit robust growth over the forecast period. The technological advancements in remote dispensing systems, and substantial growth in number of long-term care patients will power the segment growth. An increasing preference for home-care treatment will also contribute to market expansion.
The North America remote dispensing systems market share will present a lucrative growth opportunity. The significant remote population and increasing number of geriatric individuals requiring long term care will account for the growth of remote dispensing systems. Rural population in the U.S. relies on mail order for medication due to lack of pharmacies. Remote dispensing systems can increase the speed of medication delivery, increasing their adoption. Furthermore, presence of key market players in the area will boost the regional remote dispensing systems industry.
Some of the prominent players operating in remote dispensing systems market share include McKesson Corporation, Talyst, Omnicell Inc., Becton Dickinson and Company, RxSafe, ARxIUM Inc., Cerner Corporation, MedAvail Technologies Inc., InstyMeds and ScriptPRO LLC. These companies are adopting various market expansion strategies to increase their customer base and strengthen the market position.
Remote Dispensing System Market, By Application, 2015-2026 (USD Million)
Remote Dispensing System Industry, By End-use, 2015-2026 (USD Million)
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