Medical vending machines are automated machines installed to dispense prescription drugs, OTC drugs, medical devices, and other medical products through payment by an interface. Medical vending machines dispense prescription drugs by saving time and store procurement data. Various technological developments and elimination of middlemen few of the factors that are supporting various installations of medical vending machines. Moreover they provide cashless payment options such as smartphones payment systems which is assisting in rising inclination towards use of medical vending machines.
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Rising demand for efficient inventory management and speedy medicine dispensing is assisting in the market growth. Yale-based Hospital of Saint Raphael was able to reduce its first dosage time by more than 90% by using BD’s Pyxis MedStation system. The UCapt system by Intelligent Dispensing Solutions is programmed to track pharmacy’s inventory and provide real-time information about dispensing records. A 30% reduction in inventory costs can be attained by using automated medicine vending machines. Thus this is projected to bolster the medical vending machines market growth over the forecast period.
There are limited mergers and acquisitions (M&As) in the medical vending machines market as players are focusing on their own product development, integration with new technologies and innovative cloud based platforms. These companies are focusing more on penetration in new markets by launching new products and innovative strategies. Different verticals are catered by the companies that includes healthcare, aerospace and defense, construction, IT, manufacturing, etc. Manufactures are investing more in R&D in order to improve their product capabilities to meet customer expectations.
The detailed research study provides qualitative and quantitative analysis of medical vending machines market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Key Findings of the Report:
- In terms of revenue, the global medical vending machines market is expected to reach US$ 18,712.93 Mn by 2027
- On the basis of product, the prescription drugs segment spearheaded the market in 2018 and is likely to retain its position over the forecast period. This is due to increasing practices of installing medical vending machines in university campuses across few countries around the world. In November 2014, InstyMeds drug dispensing machine was installed in the Arizona State University’s Health Services Building. This has facilitated students and university staffs with ASU Health Services prescriptions during medical emergencies.
- By type, the pedestal base stand segment will follow wall mounted segment in terms of revenue attributed to its increasing adoption in government hospitals, clinics, and retail pharmacies. In addition, growing market participants with less investments have a keen observation towards introducing pedestal base stand medical vending machines with greater volumes in order to deliver a large amount of products which would nurture the market growth.
- Based on end user, the retail pharmacies segment is expected to exhibit comparativey higher CAGR during the forecast period due to growing demand for OTC drugs from patients for general medical conditions and diseases.
- Europe is representing high use of technology to improve the livelihood of the citizens across the region. The presence of prominent healthcare providers and pharmaceutical manufacturers in the UK, Germany, and France is fostering the regional growth.
- Some of the players operating in the medical vending machines market are BD, Capsa Healthcare, CVS Health, InstyMeds, INTELLIGENT DISPENSING SOLUTIONS LLC, Omnicell, Inc., Pharmashop24 srl., ScriptPro LLC, and Xenco Medical.
Global Medical Vending Machines Market:
- By Product
- Prescription Drugs
- OTC Drugs
- Disposable Spinal Tools and Implants
- Condoms and Wipes
- Sanitary Napkins and Tampons
- Other Medical Supplies
- By Type
- Wall Mounted
- Pedestal Base Stand
- Others
- By End User
- Hospitals
- Clinics
- Retail Pharmacies
- Others
- By Geography
- North America
- United States
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
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