USD 2.46 billion
Report ID: SQSG35A2056 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 64 | Figures: 75
Automatic Pill Dispenser Market size was valued at USD 2.46 billion in 2021 and is poised to grow from USD 2.66 billion in 2022 to USD 5.4 billion by 2030, growing at a CAGR of 8.2% in the forecast period (2023-2030).
The prevalence of chronic diseases has also influenced automatic pill dispenser market trends. The use of automatic pill dispensers will increase as healthcare technology advances. Aside from that, the global disease burden is increasing, as is the global population. As the number of cases of Alzheimer's and dementia rises, so do the chances of missing a dose. As a result, the demand for an automatic pill dispenser is increasing. As a result of the advanced high-tech solution in the healthcare sector assisting people with medication management, the adoption of this technology is increasing.
For doctors, nurses, pharmacists, patients, and caregivers, automatic pill dispensers are widely used in medicine management, medication counting, and inventory control. Automatic pill dispensers are also used in the medical field to help patients, chronically ill patients, and elderly patients take their prescription medication or daily supplements on a set schedule. The automatic pill dispenser is affordable and produces accurate results. It is commonly used in the pharmacy to increase productivity. Furthermore, patients with a complicated prescription routine and memory loss issues can greatly benefit from the assistance of an Automatic Pill Dispenser. Because of the increasing number of complications in medication regimens, the automatic pill dispenser market is expected to grow.
US Automatic Pill Dispenser Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.46 billion
Decentralized Automated Dispensing Systems
Centralized Automated Dispensing Systems
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The global automatic pill dispenser market is segmented based on the type, application, and region. Based on the type, it is segmented into centralized automated dispensing systems, decentralized automated dispensing systems and others. Based on application, it is segmented into hospital pharmacy, retail pharmacies, home healthcare, and others. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Automatic Pill Dispenser Market Analysis by Type
The global automatic pill dispenser market is segmented based on type into centralized automated dispensing systems, decentralized automated dispensing systems and others. The centralised automatic pill dispenser market is expected to grow at a 9.4% CAGR through 2028, owing to several benefits such as improved staff productivity and reduced medication errors, among others. The dispensing method is controlled directly by the user in centralised automatic systems. A robotic centralised automatic dispenser organises a large number of drugs without the need for human intervention, improves pharmaceutical operations, and provides security, significantly reducing the likelihood of error or medicine theft. Furthermore, when compared to manual operations, these systems can fill over 1,000 prescriptions per hour, significantly reducing patient waiting time and leading to higher patient satisfaction. This can significantly reduce cross contamination and infection caused by improperly handled prescription drugs or germ exposure. As a result, the centralised automatic dispenser's capabilities, as well as constant innovation and development in this device, are expected to significantly fuel the automatic pill dispenser market growth during the forecast period.
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The global automatic pill dispenser market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America region is expected to account for the largest market. It is expected to continue to dominate the market in the forecast period due to the widespread adoption of advanced technology in the healthcare sector to make patients' lives easier. A large pool of customers, as well as the rapid growth of the geriatric population, are also boosting the market in this region. Due to population growth and increased healthcare facilities from government and private organisations, the European market has the second-highest automatic pill dispenser market share. Asia-Pacific is expected to have the highest CAGR rate due to rapid population growth and increasing disease cases, growing awareness, and government initiatives.
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Automatic Pill Dispenser Market Driver
Recent Technological Advancements Are Expected to Drive the Automatic Pill Dispenser Market
Automatic Pill Dispenser Market Restraints
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Accu-Chart Plus Healthcare Systems, Inc., ARxIUM Inc., Becton, Dickinson, and Company, Capsa Healthcare, Cerner Corporation, Hero Health, Inc., and InstyMeds Corporation are some of the major companies operating in the automatic pill dispenser market. For business expansion, these industry leaders are implementing strategic formulations such as new product development and commercialization, commercial expansion, and distribution agreements. Furthermore, these participants are heavily investing in product development, which is driving revenue generation. Recent mergers, acquisitions, and partnerships are propelling the market segment once more. For example, in December 2021, PharmAdva, the manufacturer of the MedaCube, a comprehensive medication management and real-time data solution, announced a collaboration with Mayo Clinic that has enhanced their advanced care at home programme, which provides hospital-level care at home. The MedaCube is a fully automated, bulk-loaded personal pill dispenser that safely stores, tracks, and dispenses medications to patients on a scheduled or as-needed basis.
Automatic Pill Dispenser Market Top Company Profiles
Automatic Pill Dispenser Market Recent Developments
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According to our global automatic pill dispenser market analysis, the automatic pill dispenser market is a moderately competitive market with a number of global players. Major players currently dominate the market in terms of market share. With the rising prevalence of chronic and lifestyle diseases, an ageing population, and increased government initiatives, many new players are expected to enter the automatic pill dispenser market during the forecast period. The increasing prevalence of the geriatric population in the region is also contributing to the region's market growth. For example, the United States Census Bureau reported in 2022 that the number of Americans 65 and older will more than double over the next 40 years, reaching 80 million by 2040. As a result, the growing geriatric population is associated with a high prevalence of chronic diseases, increasing the number of patients admitted to hospitals and increasing pressure on the traditional pharmaceutical system, thereby increasing the country's industry value.
|Market size value in 2021||USD 2.46 billion|
|Market size value in 2030||USD 2.66 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Automatic Pill Dispenser Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automatic Pill Dispenser Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG35A2056