Global Pharmacy Dispensing Machines Market Is Expected To Reach US$ 6,023.2 Mn By 2026
The latest market report published by Brisk Insights “Global Pharmacy Dispensing Machines Market - Growth, Future Prospects, Competitive Analysis, 2018 - 2026,” the global pharmacy dispensing machines market was valued at US$ 3,222.2 Mn in 2017, and is expected to reach US$ 6,023.2 Mn by 2026, expanding at a CAGR of 7.3% from 2018 to 2026.
Market Insights
Every year billions of dollars are wasted by the healthcare agencies throughout the globe due to medication non-compliance of patients. IT healthcare companies are collaborating with medical device manufacturers to build state of the art pharmacy dispensing machines ranging from manually operated to fully automated machines ensure that patients receive their prescribed medications. It is an eminent requirement to improve patient satisfaction, eliminate medication errors related severe adverse events and automate state reporting.
In-patient is leading the application segment for pharmacy dispensing machines market. Proactive government policies to promote excellent medical facilities for patients at primary healthcare centers give positive impetus to the in-patient market growth. Outpatient market will be registering fastest growth in the application segment on account of technical advancement in the medication dispensing machines and rampant growth in patients availing long term palliative care in home and rehabilitation centers.
Hospital pharmacies are presently reigning the end-user segment for pharmacy dispensing machines market. Frequent medication errors and rampant increase in the number of patients visiting healthcare centers drive the hospital pharmacies market growth. Retail pharmacies will be imposing optimistic growth during the forecast period from 2018 to 2026 owing to the stringent government norms pertaining to medicine inventory and untapped market of remote locations.
Browse the full report Pharmacy Dispensing Machines Market - Growth, Future Prospects, Competitive Analysis, 2018 – 2026 at https://www.briskinsights.com/report/pharmacy-dispensing-machines-market
North America is currently having 54% market share and dominating the geographical segment for pharmacy dispensing machines market. Rising public health awareness and affordable reimbursement scenario for medicines prescribed at hospital pharmacies drive the market growth in North America. Domicile of major competitors such as Omnicell, Inc., ScriptPro LLC., InstyMeds etc. further consolidate pharmacy dispensing machines market growth in North America. Europe accounts for 26% market share in pharmacy dispensing machines market. Technological innovations associated with medicine dispensing system and prime focus to reduce complexities associated with medicine distribution system propel the market growth in Europe. Asia Pacific represents 9% market growth owing to the rising prevalence of chronic disease and lack of skilled workforce to dispense appropriate medicines with accurate dosage.
IT-healthcare companies manufacturing pharmacy dispensing machines are ARxIUM, Inc., Becton Dickinson and Company, Cerner Corporation, InstyMeds, KUKA AG., MedAvail Technologies, Inc., Omnicell, Inc., Pearson Medical Technologies, LLC, RxSafe, LLC and ScriptPro LLC.
Key Market Movements:
• Rampant growth in hospitals throughout the globe catering huge population base suffering with chronic illness
• Government financial support towards maintaining medicine inventories and technological advancement in medicine dispensing systems
• Burgeoning requirement to reduce healthcare cost burden and minimize medication errors causing severe adverse events