Automated Dispensing Machine Market By End-User, By Geography — Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2019–2026

The Global Automated Dispensing Machines Market was valued at USD 3.2 Billion in 2018 and is estimated to register a CAGR of 7.2% from 2020–2026. The growth is primarily attributed to rise in geriatric population, rising incidence of medication errors, high death rate caused by consumption of expired drugs, growing prevalence of emergency cases and the need for in-patient services.

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Automated dispensing systems (ADS) have maintained a high competitive edge in providing patient safety within the healthcare domain. For instance, patients tend to suffer due to faulty medical services within the prescribed medical service. Although, automated processes tend to lower the safety risks, occurrence of incidences highlighting faults in medical service, continue to prevail. To counter this, automated dispensing systems are better known as automated dispensing cabinets that help in augmenting effectiveness of pharmacy and potentially lowers the safety risks involved. For instance, use of ADS in the U.S. have known to reduce the downtime by more than 40% in 2018 and has strengthened the pharmacy sector. This has resulted in the benefits of ADS with enhanced storage capacity and effective allocation of resources with no dispensing errors.

From the commercial standpoint, ADS are automated technologies that are mainly responsible for dispense and distribution of medications and documenting the medical transactions within a pharmacy. Such systems have gained a wide popularity owing to efficiency and related concerns within healthcare management. In addition, as automated dispensing technologies have undergone evolutionary changes, there is a gain of high efficiency in the dispensing and distribution of medicines that helps in lessen the workload within the pharmacy department.

As the process of automating the services of a pharmacy department having ADS technology augments the efficiency and a high control over medications, it also improves the accuracy of patient service and drug profiling followed by minimal human intervention within a pharmacy department. In addition, while configuring the ADS services within a particular medical center or a hospital, ADS processes may follow the industry standards and protocols thereby strengthening the approach to set up an ADS. Therefore, the approach undertaken for setting an ADS determines its viability and feasibility at large.