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Remote Dispensing Systems Market size is slated to record a significant trajectory over the period 2023-2032 led by the growing concerns of disparity in availability and accessibility to medications in rural areas.
The ongoing advancements in healthcare technologies will complement the rapid adoption of remote dispensing systems that rely on automated medication dispensers. These systems are gaining huge popularity as they boast the ability to eliminate errors in validating and authorizing the prescribed medicines to achieve cost savings.
In developing and developed regions across the globe, the rural population is continuing to struggle with a dearth of proper healthcare facilities, treatment, and services. These regions are devoid of sophisticated pharmacies and certain medicines. Hence, several governments are considering remote dispensing systems as a potential tool to overcome accessibility issues.
Remote dispensing units have multiple benefits including improved patient compliance with medication. Additionally, these systems enhance patient satisfaction by elevating access to affordable medications. However, the higher costs of remote dispensing units and the restricted in-person interaction between pharmacists and patients may impede product adoption.
The outbreak of the COVID-19 pandemic had a significant impact on the remote dispensing systems market with the emergence of new healthcare trends such as telemedicine and telehealth. The trends picked up pace due to growing concerns associated with exposure to COVID-19 infection at healthcare facilities. The increasing focus on preventative care and rising consumption of pharmaceuticals in the wake of the pandemic encouraged the deployment of remote dispensing units worldwide.
In terms of application, the remote dispensing industry is bifurcated into outpatient and inpatient. The outpatient segment is projected to hold a notable share of the industry owing to the growing number of admissions in long-term facilities, and home care settings. With the surging geriatric population, outpatient visits and the need for home-care treatments have increased substantially in the past decade.
Regionally, the North America remote dispensing systems market is poised to register a significant revenue share through 2032. Increasing demand for long-term care across rural areas with a rising geriatric population will complement the industry expansion across the region. The rural population in the U.S. mainly procures medications via mail due to a lack of pharmacies. Remote dispensing systems are thus gaining popularity as they accelerate drug delivery and ensure easy access. Moreover, countries such as the U.S. and Canada are home to leading industry players and pharma giants, thereby positively influencing the industry outlook.
Some major competitors in the remote dispensing systems market include McKesson Corporation, Omnicell Inc., Talyst, Becton Dickinson and Company, ARxIUM Inc., RxSafe, Cerner Corporation, InstyMeds MedAvail Technologies Inc., and ScriptPRO LLC. These companies are implementing expansion strategies along with several joint initiatives to boost their business performance.
For instance, in October 2022, MedAvail Holdings announced a technology agreement with Progressive Care Inc., to deploy five MedCenters in Florida. The collaboration is intended to provide pharmacy services in areas where the law permits remote medication dispensing through digitally integrated kiosks.
The Russia-Ukraine war worsened the scenario for remote dispensing unit manufacturers with a negative impact on the pharmaceutical industry. The invasion resulted in a devastating effect on global trade with skyrocketing energy prices and unprecedented inflation. Several neighboring countries also experienced supply chain disruptions, particularly in the pharmaceutical sector.