The medical dispenser market is estimated to garner a large revenue by growing at a significant CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the increasing geriatric population worldwide, and the rising need for improved efficiency in drug dispensation count and the elimination of human errors while distributing medicines. On an average, medication errors cause serious injuries to more than 1 billion people around the world every year. Growing technological advancements in the healthcare sector is also expected to fuel market growth in the near future. Additionally, ongoing R&D activities to develop efficient automatic medical dispensers is a crucial factor evaluated to provide ample opportunities for the expansion of market during the forecast period.
The market is segmented by end user into hospital, pharmacy, and retail drug store, out of which, the pharmacy segment is anticipated to witness the highest growth in the medical dispenser market. This can be accounted to the growing number of pharmacies and retail drug stores and the rising need for appropriate dispensing for proper disposal of expired medicines and to reduce inventory holding costs. Moreover, hospital segment is projected to occupy the largest market share over the forecast period owing to the high adoption of medical dispensers as a result of high risk of medication dispensing mistakes and the lack of qualified pharmacists in these facilities. On the basis of application, the out-patient segment is assessed to offer impetus to the market growth in the coming years accounting to the increasing patient pool of home based healthcare services.
On the basis of geographical analysis, the medical dispenser market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to occupy a noteworthy share on the back of the growing prevalence of chronic disorders among geriatric and pediatric populations. Increasing technological advancements and government awareness in terms of development of effective healthcare equipment is also anticipated to boost market growth in this region. In the United States, the Food and Drug Administration (FDA) has introduced guidelines to put barcodes on certain drugs to verify that appropriate drug in the right quantity is being circulated in the market. Furthermore, Asia Pacific is projected to emerge as the most futuristic market over the forecast period, which can be credited to the rise in occurrence of drug distribution errors in hospitals and growing government initiatives in the region to make effective healthcare accessible to all. CLICK TO DOWNLOAD SAMPLE REPORT
The medical dispenser market is further classified on the basis of region as follows:
Our in-depth analysis of the medical dispenser market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing geriatric population and rising concerns to correct medication errors to drive market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2029.
Costly installation of medical dispensers is estimated to hamper the market growth.
Asia Pacific region will provide more market growth opportunities on the back of increasing occurrence of wrong medication dispensation.
The major players in the market are Omnicell, Inc., Pearson Medical Technologies, LLC, Avery Weigh-Tronix LLC, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by end user, application, and by region.
The hospital segment is anticipated to hold largest market size and is estimated to grow at a modest CAGR over the forecast period and display significant growth opportunities.
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