Automated Dispensing Machine Usage Reducing Medication Errors
According to the National Center for Biotechnology Information (NCBI), nearly 7,000–9,000 human lives are lost every year in the U.S. due to medication errors. Similarly, the Canadian Patient Safety Institute (CPSI) states that nearly 10% of the patient safety incidents in the country are caused due to faulty medication. Such errors can be primarily attributed to the lack of proper healthcare medication administration and weak communication between patients and medical professionals. The increasing incidence of medication errors can be significantly reduced by the deployment of automated dispensing machines in abundance.
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Additionally, the rising geriatric population will aid the automated dispensing machines market to advance at a CAGR of 9.1% during the forecast period (2021–2030). The market revenue stood at $1,673.0 million in 2020 and it is projected to reach $3,941.9 million by 2030. The World Ageing Population 2020 report estimates that the population of people aged 65 years or above will grow from 727 million in 2020 to over 1.5 billion by 2050. As old people are highly prone to chronic diseases and require advanced care, their booming population is creating a huge demand for these machines.
The type segment of the automated dispensing machines market is bifurcated into centralized and decentralized. Under this segment, the decentralized category will demonstrate the faster growth throughout the forecast period. This can be majorly ascribed to the surging cases of hospitalization and the burgeoning number of hospitals. The increasing prevalence of chronic diseases such as cardiovascular diseases (CVDs), neurological disorders, and gastroenterological illnesses will drive the demand for decentralized automated dispensing systems, as patients suffering from such diseases need to be hospitalized regularly for proper treatment.
Whereas, the Asia-Pacific (APAC) automated dispensing machines market is expected to demonstrate the fastest growth during the forecast period. This can be owed to the enhancing healthcare infrastructure and surging focus of market players on setting up their production facilities in developing nations, such as India and China. Additionally, the growing geriatric population in the region will also support the market growth in APAC in the forthcoming years. According to the World Health Organization (WHO), the share of people aged 60 years and above in the total population of Southeast Asia will surge from 13.7% in 2030 to 20.3% by 2050.
- P&S Intelligence