Technological advancements, government initiatives for the integration of automated dispensing machines in healthcare facilities, and growing geriatric population, incidents of medication errors, number of patent approvals for such machines and prevalence of chronic diseases are the key market growth drivers.
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In 2018, North America is dominating the sector by contributing 40.8% revenue. Its revenue contribution by 2024 is projected to be $919.5 million. Growing geriatric population, improving healthcare infrastructure, and existence of established players are the reasons behind this. During the forecast period, the growth of the automated dispensing machines market is slated to be the fastest in Asia-Pacific (APAC), where it will advance with CAGR of 9.3%. This will be because the market players will increasingly focus on this region and the healthcare infrastructure will also improve considerably here.
The demand for and sales of such machines have increased in APAC owing to government initiatives. For instance, the installation of automated dispensing machines in the rural areas of India is supported by Central Medical Services Society, so the masses can have access to free-of-cost general drugs. Further, developing countries are increasingly installing such machines at their healthcare facilities. The growth in the gross domestic product of countries, such as Malaysia, Vietnam, India, and Sri Lanka, will allow for the adoption of technologically advanced equipment, thereby, taking the automated dispensing machines market ahead.
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