New York, Aug. 08, 2019 (GLOBE NEWSWIRE) -- High prevalence of emergency cases and hospitalization and the need for in-patient services along with rising awareness are the key factors contributing to the CAGR in the forecast period.
According to the current analysis of Reports and Data, The global Automated Dispensing Machine market was valued at USD 3.57 Billion in 2018 and is expected to reach USD 6.21 Billion by year 2026, at a CAGR of 7.1%. Automated Dispensing Machines are computer controlled storage units for medications. These are also called Automated Medication Dispensing Cabinets (ADC). The installation and operation of ADM significantly benefit patient care through timely and efficient dispensing of prescriptions for controlled substances. An Automated Dispensing Machine may reduce the cost of medications remaining from wastage due to discontinued drug therapy while simultaneously decreasing the amount of controlled substances that are susceptible to diversion.
This machine employs the use of storage units that operates somewhat like a vending machines for the medical products, but also has a sophisticated software on the back-end that handles the patient orders, medication dosing documentation, inventory management, and billing transactions. The ADM provides proper storage, inventory control and security for pharmaceuticals at the point of care, and can only be used by authorized users who are authenticated by passwords and often biometric measures such as fingerprint readers. A rise in the number of geriatric population and hospitalization cases has increased chaos in the hospitals. Therefore, hospitals tend to have a large number of medication mismanagements thus, arousing a need a digitization. These are the key factors driving the automated dispensing machines market.
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Further key findings from the report suggest
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Automated Dispensing Machines market on the basis of end use, application, and region:
Application (Revenue, USD Million; 2016–2026)
End Use (Revenue, USD Million; 2016–2026)
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Regional Outlook (Revenue in USD Million; 2016–2026)
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