Concerns Over Medication Errors by Healthcare Professionals to Drive the Growth of the Medical Dispenser Market
According to the Institute of Medicine over 5000 deaths take place every year worldwide due to human errors in the medicine dispensation process, which arise from negligence or lack of skilled resources for the task. The growing number of patients and their individual needs of treatment make the dispensation of medicines a complex and detail oriented process. As a result of this, dispensing errors are considered as one of the leading causes of medicine related deaths globally.
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Growing concerns over the correct distribution of medication has ensured that preventive technologies such as medication dispensers are gaining ever increasing prominence in the healthcare industry. They enable error-free dispensing of medicines and ensure patient safety consistently.
The market is finding increasing application with an ever-growing geriatric population as medical dispensers enable reminders and dispense precise amounts of medications at pre-programmed times, thereby reducing the chance of an under dose or overdose that might arise from forgetfulness.
Key Companies Focus on Technological Innovations in the Medical Dispenser Market
Major players in the medical dispenser market are focusing on technological innovation to improve on consumer experience and build on market share.
- Innovation Associates has introduced advanced robotics systems, and functionality of scalability in their PharmASSIST ROBOTx dispensing system. The system allows easy expansion of dispensers ranging anywhere between 70 and 140, an intuitive user interface, and preprogrammed access protocols that eliminates cross contamination and improved accuracy through automated calibration. The system also allows reports for every individual dispenser and is also built with intelligent data mining function to create best practices and increase profitability.
- Omnicell ® XT Automated Dispensing Cabinets have provided additional perks to healthcare providers such as in built printers for medication labels, temperature monitor, remote medication management software, superior encryption for data protection and expansive integration with healthcare record systems for faster and customized treatments for every patient.
- Philips has released an automated medication dispensing service. This product is made for home use and is targeted towards senior patients. It allows flexibility in dispensing medicines, controlled access for safety, alerts for timely doses, easy to use interface and a rechargeable battery for improved portability.
Medical Tourism and Government Support to Support the Growing Asia Pacific Medical Dispenser Market
North America is anticipated to continue as the leading market share holder of the medical dispenser market through the forecast period, owing to its easy access to new technology and concerns over improper manual dispensation techniques. However, the Asia Pacific region is expected to start displaying numerous lucrative opportunities for growth to global market players, with a relatively higher rate of growth owing to growing support of the government for healthcare initiatives and the rising popularity of numerous countries in the region for medical tourism.
Growing life expectancy across the Asia region has gone up from little more than 64 years to higher than 68 years. Governments have worked to ensure increased access to healthcare sector. Towards this aim, the governments of India and China alone have deployed over a million health volunteers for rural areas.
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For instance, the Indian government has pledged to double the health care budget of the country to 2.5% of the GDP, which provides market players numerous opportunities to grow within the country. In addition, the rising prevalence of diseases which are tobacco or substance related, or communicable and non-communicable ailments including TB, malaria and more are also anticipated to contribute strongly to the growth of medical dispenser market.
Segmentation of the Global Medical Dispenser Market
Medical dispensers can be divided on the basis of the type of product and the type of end user. On the terms of the product type, the medical dispensers can be segregated into pharmacy-based automated dispensing systems, ward based automated dispensing systems, and automotive unit dose dispensers. On the other hand, medical dispenser can be divided on the basis of end users into nursing facilities, hospital pharmacies, mobile surgical centers.
The report was created through the use of in-depth scrutiny of essential factors such as:
- Demand and Supply
- Market Drivers: Crucial factors that majorly influence the market
- Trends and Challenges: Popular trends and obstacles faced by market players
- Market Value: Size of the global market
- Market Segmentation: Categorization for improved understanding of each key area
- Technology: Changes brought about in the market through the introduction of new technologies
- Competitive Analysis: Market strategies used by major players
To add to this, the following regional markets have also been thoroughly analyzed in the report.
- Asia Pacific excluding Japan medical dispenser market (China, India, New Zealand, ASEAN, Australia)
- Japan medical dispenser market
- North America medical dispenser market (United States, Canada)
- South America medical dispenser market (Mexico, Brazil, Rest of South America)
- Africa and Middle East medical dispenser market (S.Africa, N. Africa, GCC Countries, Rest of MEA)
- Eastern Europe medical dispenser market (Poland, Russia)
- Western Europe medical dispenser market (U.K., Germany, France, Italy, Spain)
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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