The Asia Pacific automated dispensing systems market accounted to US$ 289.75 million in 2019 and is anticipated to grow at a CAGR of 8.2% to account for US$ 538.85 million by 2027.
Increasing awareness toward health and safety to reduce medication errors and rising prevalence of chronic diseases are the key factors driving the growth of Asia Pacific automated dispensing system market. However, problems associated with automated dispensing systems such as equipment breakdown and lack of skilled personnel are likely to pose a negative impact on the market growth.
Medication errors refer to mistakes in dispensing, prescribing, and giving medications that lead to or can harm the patient. In 2019, the National Institute of Health estimated that at least 420,000 patients die each year in China from preventable medical errors. In the wake of the increasing incidence of deaths caused by medication errors, government agencies across the world have started encouraging hospitals and pharmacies to implement advanced technologies for dispensing accurate dosage of medicines to manage medical conditions effectively.
Hospitals are adopting advanced technologies such as automated dispensing systems to store, dispense, and track medicines to improve efficiency and patient safety. These systems enhance the efficiency of medication distribution and also minimize the medication errors in hospitals. As the majority of geriatric population suffers from various chronic diseases, there is increase in the demand for advanced medication.
The emerging markets in the developing countries are giving better opportunity for the market players to expand their business. Several companies are actively involved in developing novel and advanced medication management solutions for hospitals and pharmacies and applying error-free, fully automated medication management systems, with a strong focus on workflow of automated dispensing system.
However, the COVID-19 pandemic is perplexing healthcare institutions in Asia Pacific region with unprecedented operational and clinical challenges showing a negative impact on market growth. Hence, it has negatively affected the medical equipment supply to the nation's remote and middle-income countries. Research institutes, Pharmaceutical, and Biotech companies are engaged in collaborative work to address the COVID-19 outbreak.
Based on operation, the Asia Pacific automated dispensing systems market is segmented into decentralized systems and centralized systems. The centralized systems segment held a larger share of the market in 2019; however, decentralized system is anticipated to register a higher CAGR in the market during the forecast period.
Based on application, the Asia Pacific automated dispensing systems market is segmented into in-patient automated dispensing and out-patient automated dispensing. The in-patient automated dispensing segment held a larger share of the market in 2019; however, out-patient automated dispensing is anticipated to register a higher CAGR in the market during the forecast period.
Based on end user, the Asia Pacific automated dispensing systems market is segmented into hospital pharmacies, retail pharmacies, and others. The hospital pharmacies segment held the largest share of the market in 2019; however, the retail pharmacies segment is registered to dominate the segment at the highest CAGR in the market during the forecast period.
Some of the major primary and secondary sources referred to while preparing this report on the Asia Pacific automated dispensing systems market are the World Health Organization (WHO); National Institute of Health; UN Economic and Social Commission for Asia and the Pacific (ESCAP); and Asian Development Bank; among others.