automated dispensing systems Market

The global automated dispensing systems market is expected to reach US$ 2,980.38 million by 2027 from US$ 1,665.78 million in 2019; it is estimated to grow at a CAGR of 7.6% from 2020 to 2027. 

The growth of the automated dispensing systemsmarket is mainly attributed to the increasing medication errors and rising geriatric population.However, the problems associated with automated dispensing systems such as wrong programme input, equipment breakdown and others may hinder the market growth.

Hospitals are adopting advanced technologies such as automated dispensing systems to store, dispense, and track medicines, thereby improvingoperational efficiency and patient safety. Along with enhancing the efficiency of medication distribution, these systems minimize the medication errors in hospitals.Geriatric population is at high risk of developing various chronic disease conditions, which leads to a large number of hospitalizations and hospital visits for treatment. This increases the demand foradvanced medication and its dispensing methodologies. As per the Population Reference Bureau's Population Bulletin, "Aging in the United States", in the US, the number of people aged 65 and above is anticipated to increase from 52 million in 2018 to 95 million by 2060. Moreover, the percentage share of 65-year-old individuals would rise from 16% in 2018 to 23% by 2060. Similarly, according to the "Later Life in the United Kingdom 2019" report, ~12 million (11,989,322) people in the UK are aged 65 and above, of which, 5.4 million people are aged above 75, ~1.6 million are aged above 85, ~500,000 people are aged above 90, and ~14,430 are centenarians.

Based on operation, the 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, the market for decentralized system segment is estimated to register a higher CAGR in the market during the forecast period. Based on application, the market is segmented into in-patient automated dispensing and out-patient automated dispensing. Based on end user, the automated dispensing systems market is segmented into hospital pharmacies, retail pharmacies, and others.

The World Health Organization (WHO), Population Reference Bureau, Asian Development Bank, Ministry of Commerce & Industry, Government of India, Centers for Disease Control and Prevention (CDC), andHealthcare Financial Management Association,along with company websites, are a few of the major primary and secondary sources cited while preparing this report.