The U.S. dominates the North America medical dispenser market with remarkable attractiveness index
North America is the largest regional market in the global medication dispenser market, which is estimated to represent more than US$ 650 Mn, or around 64% share of the total market in 2017. By the end of 2025, the North America medication dispenser market is projected to reach more than US$ 1,100 Mn, expanding at a CAGR of 7.2% over the forecast period. The North America medication dispenser market dominated the global medication dispenser market in terms of revenue in 2017 and the trend is projected to grow throughout the forecast period. North America is also the most attractive regional market, with an attractiveness index of 3.3 over the period of forecast. The North America medication dispenser market represents an absolute $ opportunity of more than US$ 35 Mn in 2018 over 2017 and incremental opportunity of more than US$ 500 Mn between 2017 and 2025. Within North America, the U.S. medication dispenser market is expected to gain 60 BPS in market share owing to increasing number of new installations as compared to Canada, which is likely to lose 60 BPS in its market share during the forecast period.
Rising geriatric population and increasing speed and accuracy of medication services likely to boost the North America medication dispenser market
According to an article published in the Health Affairs journal, adults over the age of 65 are expected to comprise more than 15% of the U.S. population by 2050. With the rise in ageing population, one of the challenges faced by the elderly people is multiple medication management with varying dosing schedules. This particular factor is fueling the need and eventually growth in demand in the North America medication dispenser market. Medicine dispensers alert patients and guide them in taking the right amount of medication at the right time. These dispensers also help nurses during the treatment of hospitalized patients at the appropriate time and also reduce the chances of error.
The accuracy of this system is another reason that fuels growing adoption in North America. A research study published in the Canadian Journal of Hospital Pharmacy shows that after the implementation of Automated Drug Dispensing, the proportion of nurses’ time spent on medication related activities decreased considerably. All these benefits associated with medication dispensers including faster service are expected to drive the North America medication dispensers market.
Consequently, several leading hospital and pharmacy chains are opting for medication dispensing systems and solutions to streamline and automate their routine task of dispensing medications and providing quality care to customers. Healthcare institutions in the U.S., such as Barnes Jewish Healthcare, Children’s Healthcare of Atlanta, Restore Health and San Francisco General Hospital have contracted Aesynt to automate the process of compounding and dispensing intravenous medications.
Pharmacy based ADS and hospital pharmacies are two significant sub-segments representing the product type and end use segments respectively in the North America medication dispenser market
The pharmacy based ADS sub-segment by product type has captured the North America medication dispenser market with more than 7% CAGR. The segment is estimated to represent close to US$ 390 Mn in 2017 and is anticipated to reach a market valuation slightly in excess of US$ 700 Mn by the end of 2025. With a remarkable CAGR of more than 8%, the hospital pharmacies end-user segment is anticipated to reach a market valuation of over US$ 340 Mn in 2017 and is expected to represent close to US$ 700 Mn by the end of 2025.
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