The Automated Drug Kiosk Market to stand in a good stead from 2018 to 2028
Automated drug kiosks are are automated medication dispensing units, which use a computer-controlled storage unit for dispensing medications. Automated drug kiosks performs operations other than compounding or administration, and which collects, and maintains all transaction information. Automated drug kiosks are loaded with pre-packaged medications and are overseen by the pharmacists. Prescription e-script are forwarded to the machine which dispenses the medications after the patient enters information. The machine is equipped with a phone and video monitor and has access to a pharmacist and a physician.
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Automated drug kiosk Market: Drivers and Restraints
The attractive economics of automated drug kiosks such as greater efficiency in dispensing the medication, frees up the pharmacist’s time, safety and security owing to adoption of smart technology such as barcode reader, biometrics, facial recognition, medication image capture, and others is driving a faster adoption of these systems. Automated functionality of automated drug kiosks such as automated vile capping, automated labelling, automated remote insurance processing, prescription verification, insurance verification, coupled with backend data collection makes these machines highly efficient and at the same time medication errors and reimbursement frauds are reduced.
The automated drug kiosks also have a smaller wait times resulting in overall pharmacy satisfaction. Automated climate control assures greater shelf life of medications. The growing healthcare expenditure is another driver of the automated drug kiosks market. The possibility of remote operations, point of administration such as worksites, and reduction of physician visits is expected to drive a large automated drug kiosks market.
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However the constraints such as high installation cost, lack of awareness, nascent stage of technology and lack of regulations in developing world is hampering the automated drug kiosk market.
However the expanding list of over the counter medications is expected to negate the restraints facing the automated drug kiosks market. Potential for new revenue stream owing to direct call to action to doctors by the automated drug kiosk, the potential for advertising is expected to further charge the automated drug kiosk market. The growing incidence of lifestyle-related illnesses which account for 27% of illnesses among employees, concerns over the loss of productivity due to employee illness and others is further expected to result in rapid adoption of the automated drug kiosk market. It has been documented that reducing just one health risk can increases on-the-job productivity of a single employee by 9% and absenteeism by 3%. Thus a large potential of the automated drug kiosk market is well evident.
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Automated Drug Kiosk Market: Segmentation
To gain a comprehensive and a better understanding of the future market equity, the automated drug kiosk report is segmented based on type, end users and regions.
Based on type, the global Automated drug kiosk market is segmented into:
- Wellness products
- Prescription medication and online management
- Over the counter medication
Based on end users, the global Automated drug kiosk market is segmented into:
- Hospitals and clinics
- Ambulatory Care
Automated Drug Kiosk Market: Overview
Based on regions, the global automated drug kiosk market is classified into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East & Africa, and Asia Pacific market excluding Japan. North America led by U.S. is expected to dominate the global automated drug kiosk market owing to large purchasing power, concerns over the growing healthcare cost and rapid adoption of new technology.
The Europe automated drug kiosk markets is expected to be led by the Germany, France, Italy, Spain, Portugal and the UK. The Latin America and the Middle East and Africa automated drug kiosk market is constrained due to the low healthcare expenditure and poor economic conditions. The Middle East and Africa automated drug kiosk market is projected to be dominated by the gulf economies of UAE, Saudi Arabia, and Kuwait owing to their large wealth relative to the African nations.
The Asia Pacific market is expected to expand at a furious pace owing to growing research and development expenditure and the large economic growth. The growing economy of China, and India is expected to drive a large market adoption.
Some of the major players in the global Automated drug kiosk market are Smart RX Systems, MC HealthGrid Pvt Ltd., Asteres Inc., Distributed Delivery Networks Corp., and others.
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