Medical Vending Machines Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global medical vending machines market was anticipated to grow with a CAGR of nearly 7.1% during the forecast period. The growing need of the 24/7 availability of medical necessities is boosting the product sales. The growth can also be attributed to the machines ability to deliver medicines quickly making it extremely convenient option for patients. In addition, flexibility, in terms of location with the option to operate without any manual intervention makes them ideal for use in hospitals and pharmacies. Medical vending machines are highly effective as they help save labor costs, which is also bolstering their demand.

Technological innovations, such as controlled access modules, secure drug storage, offsite control of all medications and big data integration, making the product easier and more convenient to use will also have a positive impact on the demand. With such advancements, medical vending machines can also now deliver disease specific requirements. In September 2019, Capsa Healthcare launched NexsysADC 4T Countertop Dispensing Unit, which is a countertop version of the automated dispensing cabinet.

However, lack of healthcare infrastructure in developing economies coupled with various risks associated with misuse and hacking of medical vending machine may act as a major challenge for the industry.

Key Market Trends

Pharmacies Segment is Expected to Witness a Healthy CAGR

• Pharmacies by end user segment is expected to witness a healthy growth through the forecast period. The staffing issues where pharmacists need to attend every customer for prescription as well OTC drugs can be overcome by installation of medical vending machines. In addition, medical vending machines assist pharmacies in reducing the risk of diversions along with increased medication safety.
• Moreover, mounting adoption of automatic medicine vending machines in pharmacies to increase medication availability through decentralized medication management acts as a major growing factor for the segment growth.

North America Dominates the Market and is Expected to Continue the Same during the Forecast Period

North America is leading owing to the presence of major market players. Furthermore, factors such as increasing healthcare infrastructure and technological advancements in medical vending machines are expected to drive the regional growth. Educational and community institutions in the region are making campaigns and educating individuals about various diseases and its management will boost the growth further.

Asia Pacific is projected to be a lucrative region for medical vending machines market. Increasing healthcare funding and government initiatives to promote the disease awareness are the major factors aiding regional growth. Furthermore, adoption of new technology in developing economies is also anticipated to boost the growth in near future.

Competitive Landscape

Key players operating in the market are Becton, Dickinson and Company, Capsa Healthcare, CVS Health, InstyMeds, Magex, Omnicell, Parata Systems, Pharmashop24 srl, ScriptPro LLC, Xenco Medical among others. These players are engaged in developing advanced solutions by integrating modern technologies, such as mobile payments to simplify the payment process, sensors to detect the motion of pills thereby enhancing the buying experience of customers.

Medical vending machine manufacturers are also involved in developing disease-specific solutions that can satisfy the requirement of customers with advanced features and functions. For instance, in March 2019, Xenco Medical launched surgical vending machine for spine surgery instruments and implants that ensured safe and effective dispense of spine surgery implant.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support