Automated Dispensing Systems Market Size & Share Report 2031

Report Description

The global automated dispensing systems market size was valued at USD 4.97 Billion in 2022 and is likely to reach USD 10 Billion by 2031, expanding at a CAGR of 8.7% during the forecast period, 2023–2031. The market growth is fueled by the ­rising adoption of automated systems in healthcare setups to avoid medication errors and provide convenience to patients.

The demand for automated dispensing systems is increasing as this help in minimizing the medication and administration errors in the drug distribution systems to improve patient safety. Automated dispensing systems are digitally controlled medication distribution systems that facilitate dispensing, storage, and tracking of medications. Moreover, healthcare facilities are embracing technology to streamline operations, reduce management costs, and provide convenience to patients.
 

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Healthcare professionals are adopting smart inventory management solutions to efficiently organize medication distribution systems.  Automated dispensing systems are recognized as safe medication distribution systems as they provide enhanced accessibility, security, and inventory control of medications for both patients and caretakers.

• For instance, FDA receives more than 100,00 reports related to suspected medication errors each year.  These errors can be minimized or eliminated with the help of automated dispensing systems by precisely managing the distribution of drugs as per the requirements.  

Healthcare professionals are adopting smart inventory management solutions for the efficient organization of medication distribution systems.  Automated dispensing systems are recognized as safe medication distribution systems as they provide enhanced accessibility, security, and inventory control of medications for both patients and caretakers.

The features of automated dispensing systems are enhanced using Artificial Intelligence (AI) and Machine Learning (ML) to offer efficient drug distribution services to patients. For instance, a recent study was conducted to find the viability of AI-based automated dispensing machines in China.

An AI-powered pharmacy service was installed in the hospitals. Among the 16.35% of erroneous prescriptions, 51% were passed by pharmacists and 49% were accepted and modified by the physicians.

The market report finds that the COVID-19 pandemic has boosted the market due to the necessity of automated drug distribution systems in healthcare settings during the pandemic period. Healthcare workers were overburdened during the pandemic period due to the rising number of patients. Healthcare institutions relied on automation technologies to streamline the workflow, enhance operational efficiency, and optimization of resources to serve the patients.   

Automated Dispensing Systems Market Dynamics

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Major Drivers

The rising adoption of automation systems in the healthcare sector to improve patient care is expected to drive the market. Patient safety and pharmacy inventory management are critical aspects of healthcare management systems.

Automated dispensing systems help healthcare professionals prevent harmful effects on patients by reducing medication errors caused by the consumption of inappropriate or expired drugs. These systems dispense the drugs after thorough verification of various parameters and compliances.

Existing Restraints

Stringent enactment and enforcement of laws and associated complexities are likely to hinder the market. The compliance procedures regarding manufacturing, implementation, and management of automated dispensing systems involve the verification of certain standards and procedures to ensure safety and precision in the medication distribution management systems. 

Emerging Opportunities

Technological advancements in pharmacy automation systems are expected to create significant opportunities for the market.

Major manufacturers in the automating dispensing machines domain are integrating barcodes, advanced software systems, RFID cabinets, and robotic arms to facilitate secure and efficient medication dispensation in healthcare setups. In the future, automated dispensing systems are likely to be operated by artificial intelligence (AI) systems to offer personalized services to patients.

Accenture plc, an Irish-American professional services company, suggests that AI applications are likely to cut annual U.S. healthcare costs by USD 150 billion in 2026. A recent analysis by McKinsey, a consultation company suggests that AI-powered systems automate 50 to 75% of manual tasks in the healthcare infrastructure setup allowing healthcare professionals to focus on essential tasks. 

Scope of Automated Dispensing Systems Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Automated Dispensing Systems Market Segment Insights

Product Segment Analysis

Based on product, the global automated dispensing systems market is segmented into automation medication compounding systems, automated tabletop counters, automated medication dispensing & storage systems, and automated packaging & labeling systems.

The automated packaging & labeling systems segment is expected to expand at a significant growth rate during the projection period. This is owing to the rising adoption of automation technologies in the biotech and pharmaceutical sector to enhance operational efficiency and cost-effectivity in the packaging and labeling operations of pharmaceutical products.

The packaging and labeling of pharmaceutical product are an integral aspect of the drug distribution system as wrong packaging and labeling is likely to cause harm to patients.

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Operation Segment Analysis

On the basis of operation, the global market is segregated into automated, centralized, and decentralized. The centralized segment is projected to register a considerable CAGR during the forecast period owing to improved control of drug distribution systems provided to users by centralized automated dispensing systems.

Centralized automated dispensing systems operate from a single location enabling the users to streamline workflow, eliminate redundancy, and improve inventory cost management.

End-user Segment Analysis 

Based on end-user, the global automated dispensing systems market is segmented into clinics, hospitals, pharmacy stores, laboratories, and others. The hospitals segment is expected to register a robust growth rate during the forecast period owing to the high patient admission rate and subsequent need for efficient drug management systems. Automated dispensing systems help hospitals in improving patient care and patient safety by minimizing medication errors.

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Regional Analysis

In terms of region, the global automated dispensing systems market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period due to supportive government policies and fund allocations for improving drug management systems in the healthcare infrastructure.

The policymakers in the region are promoting safe automated systems for pharmacy distribution purposes. The market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the rising geriatric population in the region and the adoption of automation technologies to provide efficient and well-organized healthcare services to patients. The automated dispensing systems help to reduce medication dispensing errors and save nursing time.

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