Automatic Pill Dispensing Systems Market size is set to grow by USD 2.15 billion from 2024-2028, Growing aging population boost the market, Technavio

NEW YORK, July 26, 2024 /PRNewswire/ -- The global automatic pill dispensing systems market size is estimated to grow by USD 2.15 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.45% during the forecast period. Growing aging population is driving market growth, with a trend towards increasing adoption of automation in healthcare. However, high cost of pharmacy automation systems poses a challenge. Key market players include Accu Chart Plus Health Care Systems, ARxIUM Inc., Becton Dickinson and Co., Capsa Healthcare LLC, Hero Health Inc., Innovation Associates, JVM Co Ltd., Koninklijke Philips N.V., McKesson Corp., Medminder Systems Inc., MedReady Inc, MIDEA Group Co. Ltd., NewIcon Oy, Omnicell Inc., Oracle Corp., PharmAdva LLC, PharmRight Corp., PHARMRX PTY LTD, ScriptPro LLC, and YUYAMA Co. Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Market Driver

In the global healthcare sector, there is a growing trend towards automation to enhance efficiency and productivity. Automated pharmacy solutions, including automatic pill dispensing systems, are increasingly being adopted due to their cost-saving benefits and precise results. These systems automate time-consuming tasks, allowing healthcare professionals to focus on patient consultation and diagnosis. Automation also minimizes human error, contributing to data-driven insights for performance improvement. The latest automatic pill dispensers offer customizable configurations, taking up minimal space. For instance, the ScriptPro CRS robot line includes models such as the CRS, CRS 150, and CRS 225, which occupy only 7, 9.5, and 12.1 square feet, respectively. This space-saving design caters to the unique needs of hospitals and pharmacies with limited space. The adoption of these systems is expected to continue growing due to their significant contributions to healthcare productivity and accuracy. 

Automatic pill dispensing systems are gaining popularity in various healthcare settings, including nursing wards and units, due to their ability to improve patient safety and reduce medication errors. These systems are particularly beneficial for managing complex drug regimens for chronic conditions like diabetes and hypertension in the aging population. Technical improvements, such as smart devices and AI algorithms, enable remote monitoring capabilities and integration with telemedicine platforms. Healthcare systems are adopting automatic pill dispensers to address medication shortages and waste reduction. These systems are also useful in hospitals, clinics, home healthcare, and even retail pharmacies. They cater to various patient populations, including those with ischaemic heart disease, stroke, lower respiratory infections, diarrheal diseases, road injuries, diabetes mellitus, tuberculosis, congenital anomalies, and neonatal conditions. Automatic pill dispensers are essential telehealth devices that enhance patient care and pharmacy performance in the healthcare industries. 

Discover 360° analysis of this market. For complete information, schedule your consultation - Book Here!

Market Challenges

• Automatic pill dispensing systems are essential pharmacy automation products that offer benefits such as increased accuracy and efficiency in medication dispensing. However, the market growth for these systems faces a significant challenge due to their high cost. Vendors offer various pricing models to cater to different customer needs. Some sell their products at a high upfront cost, ranging from USD500 to USD1,000, while others provide lower upfront costs with additional monthly service fees of USD15 to USD25. A third pricing model involves no upfront cost but higher monthly service fees, allowing customers to rent the equipment for a low monthly price. Despite these options, the high installation cost of pharmacy automation systems remains a significant barrier to market growth. For instance, the cost of installing robotics in a pharmacy can range from USD60,000 to USD70,000, as seen in the installation of a robotic dispensing system worth USD485,880 at the Forth Valley Royal Hospital. Small hospitals and retail pharmacies, which may not have the financial resources for such capital investments, may prefer manual medication dispensing. Consequently, the high cost of pharmacy automation systems may restrict the market growth of the global automatic pill dispensing systems market during the forecast period.
• Automatic pill dispensing systems have gained significant attention in healthcare industries due to their potential to improve patient safety and medication intake, particularly in nursing wards and units. These systems help reduce medication errors, which are common in chronic and infectious diseases like diabetes, hypertension, ischaemic heart disease, stroke, lower respiratory infections, diarrhoeal diseases, tuberculosis, and congenital anomalies. The aging population and increasing prevalence of chronic conditions pose challenges for healthcare systems, making smart devices and home automation systems essential. Technical improvements, such as AI algorithms and remote monitoring capabilities, enable telemedicine platforms and telehealth devices to provide effective medication management. Medicine shortages and waste reduction are also addressed by these systems. Automatic pill dispensers benefit hospitals, clinics, retail pharmacies, home healthcare, and even neonatal conditions. Patient safety is a top priority, and these systems contribute to improved pharmacy performance.

For more insights on driver and challenges - Request a sample report!

Segment Overview 

This automatic pill dispensing systems market report extensively covers market segmentation by

1. Type 
• 1.1 Standalone pill dispenser
• 1.2 Portable pill dispenser
2. Application 
• 2.1 Hospital pharmacies
• 2.2 Retail pharmacies
• 2.3 Home healthcare
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Standalone pill dispenser- The standalone automatic pill dispensing systems held the largest market share in the global automatic pill dispensing systems market in 2023. These systems are widely used in hospitals, pharmacies, clinics, and similar healthcare facilities. They offer secure and organized storage of inventory, manage access for each client based on individual permissions, and track every transaction. Automating pill dispensing enables pharmacists and nurses to focus more on patient consultation and monitoring. The expansion of hospitals and inpatient facilities in developing countries, such as India, due to a large unmet medical need, is expected to significantly boost the standalone segment, fueling the global automatic pill dispensing systems market growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report

Learn and explore more about Technavio's in-depth research reports

The global Radiopharmaceuticals market is projected to grow significantly, driven by increasing cancer diagnoses and advancements in imaging technologies. This growth is fueled by rising demand for precise diagnostic and therapeutic solutions. Simultaneously, the Robotic Pharmacy Prescription Dispensing Systems market is expanding rapidly due to the need for enhanced accuracy and efficiency in pharmacies, along with technological innovations in automation and robotics.

Research Analysis

Automatic pill dispensing systems have become an essential component of modern healthcare systems, particularly in hospitals and clinics, where medication management is critical. These systems are designed to ensure accurate and timely administration of medication for various conditions, including neonatal conditions, ischaemic heart disease, stroke, lower respiratory infections, and diarrhoeal diseases. The increasing prevalence of chronic and infectious diseases, road injuries, and an aging geriatric population further emphasizes the importance of these systems. Technical improvements in automatic pill dispensers include the integration of smart devices, home automation systems, AI algorithms, and remote monitoring capabilities. These advancements enable seamless integration with telemedicine platforms, transforming them into telehealth devices. The healthcare industries are continually investing in these technological developments to enhance medication intake management, improve patient outcomes, and reduce healthcare costs.

Market Research Overview

The Automatic Pill Dispensing Systems market is witnessing significant growth due to the increasing prevalence of chronic and infectious diseases such as ischaemic heart disease, stroke, lower respiratory infections, diarrhoeal diseases, road injury, diabetes mellitus, tuberculosis, congenital anomalies, and others. Hospitals and clinics are integrating these systems to improve patient care, reduce medication errors, and enhance pharmacy performance. The nursing ward and nursing unit have been major adopters of automatic pill dispensers, especially for patients with complex medication regimens. Technological improvements in automatic pill dispensing systems include smart devices, home automation systems, AI algorithms, remote monitoring capabilities, telemedicine platforms, and more. These advancements aim to address medication shortages, waste reduction, patient safety, and the needs of the aging population. The healthcare industries, including hospital-pharmacy, retail pharmacy, and home healthcare, are investing in these systems to optimize medication intake and improve patient outcomes. Automatic pill dispensing systems are particularly beneficial for patients with conditions like diabetes, hypertension, and other chronic diseases, ensuring timely and accurate medication intake. The integration of these systems with telehealth devices and AI algorithms can lead to better healthcare system performance and improved patient care. The market is expected to grow further due to the increasing focus on patient safety and the technological developments in this space.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Standalone Pill Dispenser
• Portable Pill Dispenser
• Application
• Hospital Pharmacies
• Retail Pharmacies
• Home Healthcare
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED