Medication Dispenser Market - Forecasts from 2022 to 2027

The global medication dispenser market is projected to grow at a CAGR of 7.38% to reach US$11.507 billion by 2027 from US$6.991 billion in 2020.

Manual and automatic medication dispensers use increasing in hospitals and clinics as the number of diseases and the geriatric population grows, as does the demand for healthcare services. This complicates medication administration because patients arrive with diverse circumstances and require different treatments. Medication management is becoming highly significant because medications must be administered on time, or they will not impact the body. Furthermore, as cleanliness issues and concerns can lead to the contamination of the medicines and worsen the situation, a rising number of hospitals are opting for automatic medication dispensers that have alerts and deliver medications by pressing a button. Thus, these factors augment the market's growth over the forecast period.

Concerns about providing quality care and solutions to consumers and streamlining various processes.

There is a growing concern among hospitals, clinics, and pharmacies about automating the task of dispensing medicine for various diseases, streamlining processes to save time, and providing quality and timely care to the consumer. Furthermore, there are several advantages to using medication dispensers, as they can provide consumers with the appropriate amount of medication to take while avoiding overdose. As a result, these products are increasingly manufactured through online and offline sales channels, driving the market growth.

Product Offerings by Major Market Players in the Medication Dispenser Market

The participation of various firms, including both old and new, was seen in the market by providing and releasing multiple kinds of medication dispensers, including manual and automatic. The availability of these products is leading to a surge in the market's growth.

Following are some examples of product offerings:

In February 2020, Frederick Living launched a new product, the Passport Remote Medication Dispensing System in collaboration with their pharmacy provider. This product was created to make it easier for staff to provide direct patient care. This service or device ensures that treatment is delivered to patients on time and prepacked per each patient's given prescription or medical treatment needs.

In September 2019, Black+Decker announced that they had collaborated with the technological solutions company Pillo Health to launch a new product, which is a robot assistant named Pria. This robot has been created to help with adherence to treatment at home. The robotic device can schedule up to 28 medication doses and provide alerts and dispose of medication through voice commands and built-in cameras. In addition, premium features also include the usage of facial recognition technology and artificial intelligence to maintain the patient's security and get access to a caregiver to monitor the patient easily.

A majority of geriatric individuals prefer automatic medication dispensers over manual dispensers as the automatic dispensers have many advanced features such as alerts and are more secure and contamination-free.

Because there are many products on the market with additional features like as alerts and push buttons to dispense medicines, the geriatric population is exceedingly preferring automatic medication dispensers to manual medication dispensers. These attributes benefit the elderly population, as cognitive function declines with age, and loss of coordination and memory impairment occur, which may cause them to forget to take their medicine on time, leading to other problems.

Due to a well-positioned healthcare system and quicker and more efficient implementation of such products to enhance the requirement of healthcare facilities to the inhabitants, Over the forecast period, the North American region is believed to maintain a significant share. The Asia Pacific region is expected to increase its market share over the forecast period, owing to increased investments made to accelerate the development of the healthcare sector.

COVID-19 Impact

The impact of COVID-19 on the medication dispenser market remains critical, owing to government-implemented social distancing standards designed to limit COVID-19 spread. As an outcome, to avoid human contact, the health sector employs medication dispensers. Furthermore, it assists patients in taking the proper dose at the right time. However, the supply chain was significantly affected due to the travel bans and lockdown, as manufacturing was stalled. Moreover, due to the COVID-19 outbreak, most markets are experiencing a drop in demand, particularly the medication dispenser market.

Market Offerings

• PharmASSIST ROBOTx dispensing system, Innovation Associates has introduced advanced robotics systems and scalability functionality. The device allows for the easy advancement of dispensers ranging from 70 to 140, as well as a simple user interface and pre-programmed access procedures that eliminate cross-contamination and enhance accuracy through digital calibration. The system also allows for individual dispenser findings and is equipped with an intelligent data mining function to generate best practices and increase profitability.
• Omnicell XT Automated Dispensing Panels have given healthcare providers extra advantages such as built-in printers for medicine labels, thermal monitors, remote medication management software, superior encoding for data protection, and extensive integration with healthcare record systems for faster and more personalized treatments for each patient.

Segmentation:

By Type

• Manual
• Automatic

By End-Users

• Hospitals and Clinics
• Homecare

By Distribution Channel

• Online
• Offline

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• UK
• Germany
• France
• Spain
• Italy
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Australia