The South and Central America automated dispensing systems market was valued at US$ 57.06 million in 2019 and is projected to reach US$ 95.97 million by 2027; it is expected to grow at a CAGR of 6.8% during the forecast period.
The growth of the South and Central America automated dispensing systems market is attributed to key driving factors such as rise in awareness toward health and safety for reduction of medication errors, increasing adoption of processes to control inventory costs, technological advancements and improving healthcare infrastructure. However, problems associated with automated dispensing systems such as equipment breakdown and placing wrong program input 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 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 COVID-19 pandemic is perplexing healthcare institutions in the region with unprecedented operational and clinical challenges showing a negative impact on market growth. Research institutes, pharmaceutical, and biotech companies are engaged in collaborative work to address the COVID-19 outbreak.
Based on operation, the South and Central America 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 South and Central America 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 South and Central America 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 South and Central America automated dispensing systems market are the World Health Organization (WHO); World Bank; Association of Private Clinics; Sanatoriums and Hospitals of the Argentine Republic (ADECRA); and Civil Association of Integrated Medical Activities (CAMI); among others.