Automatic Pill Dispenser Market to Reach US$ 6.3 Bn by 2031, driven by the Increasing prevalence of diseases like cancer, diabetes, chronic diseases: Global Insight Services
New York, November 2022: According to a new research study by Global Insight Services (GIS), the global Automatic Pill Dispenser market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 6.3 Billion by 2031.
An automatic pill dispenser is a device that stores and dispenses medication in pre-set doses. It is typically used by people who take multiple medications or who have difficulty remembering to take their medication. The dispenser is programmed to dispense the correct amount of medication at the correct time. It can be used with or without supervision.
Automatic Pill Dispenser Market: Key Trends and Drivers
Recent technological advances in automatic pill dispensers are expected to drive the industry in the near future. The introduction of automatic pill dispensers connected with barcode scanning allows for precise medicine delivery while also preventing the loading of incorrect medication and providing additional safety precautions for high-risk pharmaceuticals. The bluetooth connectivity enables customers to connect these gadgets to any compatible device, including phones, to receive visual and audible notifications, so favourably pushing industrial expansion. These gadgets now come with a digital detachable timer, which is ideal for people with memory or cognitive problems who require frequent reminders to take medications. As a result of the introduction of unique devices that allow users to select the schedules to dispense numerous medications at the needed times, the industry demand is expanding dramatically.
Automatic Pill Dispenser Market: Restraints & Challenges
Stringent government rules and errors caused by automatic pill dispensers may have a detrimental impact on industry growth. A programming error in automatic pill dispensers may result in lower patient satisfaction and a growing distrust of healthcare facilities. Incorrect programming of clever pumps and IVs is a major worry for chronic disease patients and can have serious consequences for their overall health. The FDA monitors the approval and use of this device because of the significant risk associated with its use in chronically sick patients. These devices are designated as class I devices, which require reasonable assurance of the device’s safety and effectiveness.
The centralized automated dispenser segment is likely to hold a dominant Automatic Pill Dispenser Market share and grow at a substantial CAGR during the forecast period.
Based on product, the market is segmented as Centralized Automated Dispenser, and Decentralized Automated Dispenser. Among them centralized automated dispenser segment in the Automatic Pill Dispenser market is projected to witness significant growth rate through 2031. This is due to the several benefits comprising optimize medication storage, improves staff productivity, and reduce medication errors among others. Centralized automatic systems have a user in direct control of the dispensing method. A robotic centralized automatic dispenser organizes a large number of drugs without the need for any human intervention, enhances pharmaceutical operations, and provides security, thereby decreases chances of error or medicine theft considerably.
Furthermore, as compared to manual processes, these systems can fill over 1,000 prescriptions per hour, greatly reducing patient waiting time and contributing to improved patient satisfaction. This can considerably prevent cross contamination and infection caused by improperly handled prescription medicines or germ exposure. As a result, the centralised automatic dispenser’s capabilities, as well as continual innovation and improvement in this device, are expected to considerably fuel the automatic pill dispenser market expansion over the forecast period.
The hospital segment is anticipated to hold a majority of the Automatic Pill Dispenser Market size throughout the study period.
Based on end-user, the market is segmented as hospitals, pharmacies, senior care, and others. The hospital segment held substantial market share in 2021 and is anticipated to witness notable growth to reach highest market share and CAGR by 2031. An automatic pill dispenser in a hospital provides a medication management system that maintains drugs neatly organised and secure, driving the industry size. These systems can manage each user’s access to stored drugs based on individual permissions and automatically document and trace all transactions. The computerised automatic pill dispenser used in hospitals is an advanced system for full drug dispensing process management that eliminates human mistake, subtracts the drug from the central inventory in real-time, and updates clinical case records.
The Europe region is estimated to exhibit the highest growth rate during the Automatic Pill Dispenser Market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Europe is expected to witness the fastest growth in terms of revenue over the forecast period. Given the rising requirement for a variety of drugs, Europe could expect to see notable growth in the years to come. Heightened focus on the up-gradation of the medical system stemming from the rising consumer disposable incomes will benefit the regional market as well. The development of the automatic pill dispenser market in the region will also be aided by the surging uptake of technologically innovative medical gadgets. The rising cases of various ailments, like chronic illnesses such as osteoarthritis, and Alzheimer’s bolster the need for automated equipment in the healthcare sector..
The global automatic pill dispenser market report includes players such as Baxter International Inc., Becton, Dickinson and Company, Cerner Corporation, Capsa Healthcare, McKesson Corporation, Omnicell Inc., ScriptPro LLC, Swisslog Holdings AG, Talyst, Inc. and Yuyama Co., Ltd.among others. Recent Developments in the Automatic Pill Dispenser Market:
- In December 2021, Hero and AdhereHealth entered a strategic partnership. Hero’s platform includes a connected smart pill dispenser, which automatically sorts and dispenses medications according to a patient’s unique medication schedule. This partnership has led to simultaneously improving patient safety by focusing on medication management, further supporting caregivers, and helping people take more control of their health.
- In July 2021, Big Sky Labs has raised $1 million in seed funding to develop a device to dispense medications and provide other home health services such as wellness checks and health monitoring. The device, called PillPez, dispenses medications at specified times during the day from pre-loaded medication strips available from most pharmacies. If an individual does not take the drugs, PillPez provides an escalating set of reminders, including to caregivers or family.
- In March 2021, Accelmed Partners announced that it led a $40 million investment in MedMinder Systems Inc., to further expand the Companys geographic footprint, integrate new telemedicine technologies, and serve a larger U.S. customer base.”
- In December 2020, Capsa Healthcare announced a significant development in its NexsysADC product line, the addition of new auxiliary cabinets of up to 10 tiers that will help to expand storage and supplies of medication doses significantly.
Automatic Pill Dispenser Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Automatic Pill Dispenser Market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Automatic Pill Dispenser Market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Automatic Pill Dispenser Market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.
Global Automatic Pill Dispenser Market Segmentation
- Centralized Automatic Dispenser
- Decentralized Automatic Dispenser
- Senior Care
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
• Baxter International Inc.
• Becton, Dickinson and Company
• Cerner Corporation
• Capsa Healthcare
• McKesson Corporation
• Omnicell Inc.
• ScriptPro LLC
• Swisslog Holdings AG
• Talyst, Inc.
• Yuyama Co., Ltd.