According to the National Center for Biotechnology Information (NCBI), nearly 7,000–9,000 human lives are lost every year in the U.S. due to medication errors. Similarly, the Canadian Patient Safety Institute (CPSI) states that nearly 10% of the patient safety incidents in the country are caused due to faulty medication. Such errors can be primarily attributed to the lack of proper healthcare medication administration and weak communication between patients and medical professionals. The increasing incidence of medication errors can be significantly reduced by the deployment of automated dispensing machines in abundance.
The market revenue stood at $1,673.0 million in 2020 and it is projected to reach $3,941.9 million by 2030. The World Ageing Population 2020 report estimates that the population of people aged 65 years or above will grow from 727 million in 2020 to over 1.5 billion by 2050. As old people are highly prone to chronic diseases and require advanced care, their booming population is creating a huge demand for these machines.
In recent years, automated dispensing machine manufacturers have been focusing on product launches to attract more customers. For instance, in April 2021, Omnicell Inc. launched Medimat, a new robotic dispensing system, for the Middle Eastern pharmaceutical sector. Likewise, in January 2020, TouchPoint Medical Inc. introduced the next-generation medDispense series that delivers multiple dispensing options and security across one software platform. This new product line supports single-line-item control, bulk item storage, and single-dose dispensing, while using one software platform medLogicTM.
According to P&S Intelligence, North America adopted the highest number of automated dispensing machines in the past, and it is expected to retain its industry leadership in the coming years as well. This can be primarily credited to the booming aging population and improving healthcare infrastructure in the region. According to the United States Census Bureau, by 2050, the population of people aged 65 years and above will account for approximately 21.4% of the total population of North America. Besides, the presence of prominent automated dispensing machine manufacturers is also encouraging the usage of such machines in the region.
Whereas, the Asia-Pacific (APAC) automated dispensing machines market is expected to demonstrate the fastest growth during the forecast period. This can be owed to the enhancing healthcare infrastructure and surging focus of market players on setting up their production facilities in developing nations, such as India and China. Additionally, the growing geriatric population in the region will also support the market growth in APAC in the forthcoming years. According to the World Health Organization (WHO), the share of people aged 60 years and above in the total population of Southeast Asia will surge from 13.7% in 2030 to 20.3% by 2050.
Access Detailed on- Automated Dispensing Machines Market Revenue Estimation Report- https://www.psmarketresearch.com/market-analysis/automated-dispensing-machines-market
