Automated Dispensing Systems Market Outlook, Competitive Analysis, Industry Trends

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

Automated dispensing system, also termed as automated drug cabinets, are electronic drug storage and dispensing devices, primarily used in healthcare settings. These systems aid in tracking and controlling the drug distribution;they are secured with authenticated passwords and biometrics for inventory control and security of the drugs against thefts. These systems have been highlighted as one of the potential instruments to improve operational efficiency and patient safety.Moreover, they are now widely used in clinics and nursing homes, among others. Automated dispensing systems help transform hospitals into safer, and more efficient and effective institutions.

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Company Profiles

Cerner Corporation
Capsa Healthcare
Omnicell, Inc
BD
ARxIUM
Accu-Chart Plus Healthcare Systems, Inc
Innovation Associates
RxMedic Systems, Inc
Swiss log Holding Ltd
Willach Pharmacy Solutions GmbH

Increasing Medication Errors

An irrational, inappropriate, and ineffective medication dispensing may lead to serious medication errors that can harm patients. A few of the common medication errors are dispensing a wrong drug, dispensing a wrong drugquantity, dispensing wrong strength drug, and item omission. ~75% of the medication errors are caused by distractions, as the healthcare professionals are engaged with multiple tasks such as examination of patients, speaking to consultants, speaking to patient family members, conversing with insurance professionals.

Annually, the US Food and Drug Administration (FDA) receives over 100,000 reports associated with medication error. Further, as per the study “Medication Errors” published in StatPearls in June 2020, every year ~7,000–9,000 people die due to medication errorin the US. Similarly, as per the estimations published in the study “Prevalence and Economic Burden of Medication Errors in the NHS In England” in 2018, every year ~237 million medication errors occur in NHS and avoidable adverse drug reactions (ADRs) lead to hundreds of deaths.

Based on application, the 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 during the forecast period.

Based on end user, the 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 expected to register the highest CAGR of in the market during the forecast period.

Global Automated Dispensing Systems Market– by Operation

Decentralized Systems
Centralized Systems

Global Automated Dispensing Systems Market– by Application

Out-Patient Automated Dispensing
In-Patient Automated Dispensing

Global Automated Dispensing Systems Market– by End User

Retail Pharmacies
Hospital Pharmacies
Others

Automated Dispensing Systems Market– by Geography

North America
US
Canada
Mexico
Europe
France
Germany
Italy
UK
Spain
Rest of Europe
Asia Pacific (APAC)
China
India
South Korea
Japan
Australia
Rest of Asia Pacific
Middle East and Africa (MEA)
South Africa
Saudi Arabia
UAE
Rest of Middle East and Africa
South and Central America
Brazil
Argentina
Rest of South America

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This release was published on openPR.