InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Automated drug kiosk Market – (By Product Type (System, Services), By Drug Type (Prescription Medication Dispensing Kiosks, Over-the-Counter (OTC), Others (wellness products)), By End-User (Retail Pharmacies, Hospitals & Clinics, Others (workplaces, ambulatory care, etc.))), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Automated drug kiosk Market is valued at US$ 9.4 Bn in 2023, and it is expected to reach US$ 24.6 Bn by 2031, with a CAGR of 12.9% during the forecast period of 2024-2031.
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Automated drug kiosks offer convenience and efficiency in dispensing medications, reducing wait times and enhancing accessibility for consumers. The market growth is propelled by technological advancements in healthcare services, rising demand for self-service options, and increasing emphasis on minimizing medication errors. The automated drug kiosk market is witnessing significant growth due to the adoption of technologies in healthcare systems globally. These kiosks provide a streamlined approach to medication dispensing, ensuring accuracy and convenience for patients. Moreover, the integration of electronic health records (EHR) with automated kiosks enhances patient safety and medication management. The growing geriatric population and the need for efficient medication management solutions also drive the market.
The surge in the adoption of technology-driven drug dispensing stands out as a pivotal catalyst propelling the automated drug kiosk market forward. In regions of developing countries where the availability of pharmacies is insufficient, particularly in isolated areas, this scarcity is expected to drive the expansion of the market in the coming years. Moreover, enhancements in healthcare infrastructure, along with strategic partnerships forged with insurance companies, are poised to contribute significantly to the augmentation of market size throughout the forecast period.
List of Prominent Players in the Automated drug kiosk Market:
- MedAvail Technoogies Inc
- MedfriendRx
- Stericycle Inc
- ScriptPro LLC
- Howell LLC
- Smart RX Systems
- PickPoint.
- MC HealthGrid Pvt Ltd.
- Asteres Inc.
- Distributed Delivery Networks Corp.
- TES America LLC
- Amerisource Bergen Corporation
- Accu Chart Plus Healthcare Systems, Inc.
- Omnicell, Inc.
- Other Market Players
Market Dynamics:
Drivers-
The uptake of automated drug kiosks is propelled by various factors, including the imperative to minimize medication errors, boost patient adherence, and optimize operational efficiency within healthcare environments. Moreover, the escalating prevalence of chronic illnesses and the mounting strain on healthcare infrastructure contribute significantly to market advancement. Furthermore, the incorporation of artificial intelligence (AI) technology and machine learning algorithms into automated kiosks is poised to transform medication management procedures, thereby fostering market growth.
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Challenges:
The automated drug kiosk market faces challenges related to regulatory compliance, data security concerns, and the initial high costs of installation and maintenance. Moreover, resistance to technology adoption among healthcare providers and limited accessibility in rural areas pose hurdles to market growth. Automated drug kiosks are subject to stringent regulations governing the dispensing and distribution of pharmaceuticals. Ensuring compliance with regulatory standards, such as licensing requirements, patient verification protocols, and medication safety regulations, can pose challenges for kiosk operators, hindering market growth.
Regional Trends:
The North American automated drug kiosks market is expected to register a major market share owing to the rising presence of advanced healthcare infrastructure, favourable government initiatives, and investments in healthcare technology. Asia Pacific follows suit, driven by stringent regulations promoting patient safety and the adoption of innovative healthcare solutions.
Recent Developments:
- In March 2021, ravkoo™ and medifriendRx formed a collaboration to place prescription-dispensing kiosks in medical offices in Florida. ravkoo™ is a digital SaaS platform for prescriptions. This action allowed healthcare providers and medical professionals to both draft and dispense patient prescriptions within their own offices. ravkoo™ stored particular pharmaceuticals in prescription dispensing kiosks that were suitable for the medical speciality of each individual physician.
- In June 2022, Asteres reported a total of 4 million prescription pickups in 33 states across the United States and Europe. Asteres created ScriptCenter kiosks and lockers to provide a secure and safe method for retrieving prescriptions and healthcare goods. Asteres has provided services to various sectors, including retail, military sites, VA institutions, employer groups, and hospitals such as Mayo Clinic, Baylor Scott & White, Johns Hopkins, Cleveland Clinic, and Vanderbilt.
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Segmentation of Automated Drug Kiosk Market-
By Product Type-
- System
- Services
By Drug Type
- Prescription Medication Dispensing Kiosks
- Over-the-Counter (OTC)
- Others (wellness products)
By End-User-
- Retail Pharmacies
- Hospitals & Clinics
- Others (workplaces, ambulatory care, etc.)
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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