The global automated dispensing machines market reached a value of $1,673.0 million in 2020, and it is predicted to generate a revenue of $3,941.9 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 9.1% from 2021 to 2030 (forecast period). The major factors fueling the expansion of the market are the growing prevalence of medication errors, technological advancements, surging population of geriatric people, increasing occurrence rate of chronic diseases, soaring number of product approvals, and launch of government initiatives for integrating automated machines in healthcare facilities.
As per the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. Furthermore, the share of geriatric people in the global population is predicted to surge from 9.3% in 2020 to nearly 16.0% by 2050. As older people are highly vulnerable to various chronic illnesses, such as neurological diseases, gastroenterological diseases, and cardiovascular diseases (CVDs), their surging population is fueling the demand for treatment procedures and medicines, which is, in turn, propelling the requirement for automated dispensing machines.
The growing prevalence of medication errors is another major automated dispensing machines market growth driver. As per the National Center for Biotechnology Information (NCBI), in the U.S., around 7,000–9,000 lives are lost every year because of medication errors. Poor communication between patients and healthcare practitioners and the lack of proper medication administration training are the main factors responsible for the occurrence of medication errors. Thus, in order to mitigate the occurrence of deaths caused due to medication errors, many government organizations are encouraging pharmacies and hospitals to integrate advanced technologies for dispensing correct doses of drugs to manage and treat diseases more effectively.
The application segment of the automated dispensing machines market is divided into out-patient and in-patient categories. Between these, the in-patient category contributed higher revenue to the market in the years gone by, and this trend is predicted to continue in the coming years as well. The rising incidence of chronic diseases is fueling the requirement for automated dispensing machines in in-patient settings. The market is also categorized, depending on type, into centralized and decentralized.
Of these, the decentralized category is predicted to exhibit higher growth rate in the coming years. This will be because of the surging adoption of decentralized automated dispensing machines in hospitals, owing to the rising hospitalization rate in several hospitals. Geographically, the Asia-Pacific region is predicted to be the fastest-growing region in the automated dispensing machines market in the coming years. This is credited to the improving healthcare infrastructure and rising focus of industry players on penetrating emerging economies, such as India and China.
Hence, it can be said without any hesitation that the sales of automated dispensing machines will soar in the coming years, primarily because of the rising prevalence of chronic diseases, mushrooming geriatric population, and improving healthcare infrastructure across the globe.