Press release
Global Automated Drug Kiosk Market Set to Skyrocket, Projected to Reach Over US$ 26.1 Billion by 2031
The Global Automated Drug Kiosk market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 13.8% from 2023 to 2031. In 2022, the industry was valued at US$ 8.3 billion, and it is expected to exceed US$ 26.1 billion by the end of 2031, according to a comprehensive report on the industry's outlook.๐ฅ๐ฒ๐พ๐๐ฒ๐๐ ๐ณ๐ผ๐ฟ ๐ฎ ๐๐ฎ๐บ๐ฝ๐น๐ฒ ๐ผ๐ณ ๐๐ต๐ถ๐ ๐ฟ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ฎ๐ (๐จ๐๐ฒ ๐๐ผ๐ฟ๐ฝ๐ผ๐ฟ๐ฎ๐๐ฒ ๐ ๐ฎ๐ถ๐น ๐๐ฑ ๐ณ๐ผ๐ฟ ๐ค๐๐ถ๐ฐ๐ธ ๐ฅ๐ฒ๐๐ฝ๐ผ๐ป๐๐ฒ) -
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Key Drivers of Growth
One of the primary drivers of this remarkable growth is the increasing adoption of automated drug kiosks by pharmacists. In an effort to enhance efficiency and convenience for patients, numerous healthcare institutions and providers are turning to automated drug kiosks. For instance, Changi General Hospital (CGH) launched the Pharmacy Smart Interface System (PharmaSIS) in June 2023, allowing patients to purchase pharmacy-only medicines through a vending machine after teleconsultation. The efficiency of such systems in patient management and revenue generation at minimal costs is driving their adoption.
Cost-Effective Initiatives by Employers
Another key driver is the rise in cost-effective initiatives by employers. Rising healthcare costs, including prescription drugs and medical procedures, have prompted employers to seek innovative solutions. Startups like Qmed Asia introduced telehealth kiosks for corporate employers, offering remote online health consultations and diagnoses by licensed General Practitioners (GPs). These kiosks, equipped with cloud-connected medical IoT devices, aim to reduce overhead costs and improve healthcare accessibility and quality for employees.
๐๐๐ ๐๐ต๐ถ๐ ๐ฃ๐ฟ๐ฒ๐บ๐ถ๐๐บ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ | ๐๐บ๐บ๐ฒ๐ฑ๐ถ๐ฎ๐๐ฒ ๐๐ฒ๐น๐ถ๐๐ฒ๐ฟ๐ ๐๐๐ฎ๐ถ๐น๐ฎ๐ฏ๐น๐ฒ ๐ฎ๐ -
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Regulatory Approval for Prescription Medicines
Approval by regulatory bodies to allow the sale of prescription medicines through drug kiosks has been instrumental in driving market growth. Companies are expanding their reach into remote areas with limited pharmacy access. For example, ScriptCenter installed its automated drug kiosk system at the 366th Medical Group on Mountain Home Air Force Base in Idaho, offering access to prescription drugs 24/7.
Regional Outlook
North America dominated the global automated drug kiosk market in 2022, accounting for 57% of the market share. The presence of key players and a high adoption rate are driving this dominance. In Asia Pacific, the market is projected to grow due to significant technological advancements. Companies like Docty are installing health kiosks across India to improve healthcare access in rural and impoverished urban communities.
Key Players
The global automated drug kiosk market is consolidated, with both technology-driven startups and established companies participating. Key players in the market include MedAvail Technologies, Inc., Smart RX Systems, MedifriendRx, American RX Group, Stericycle, Inc., Omnicell, Inc., ScriptPro LLC, Becton, Dickinson and Company, Bell and Howell LLC., and PickPoint. These companies are actively engaged in strategies such as mergers & acquisitions, partnerships, and new product launches to expand their industry presence.
๐ ๐ผ๐ฟ๐ฒ ๐ง๐ฟ๐ฒ๐ป๐ฑ๐ถ๐ป๐ด ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐๐ ๐ฏ๐ ๐ง๐ฟ๐ฎ๐ป๐๐ฝ๐ฎ๐ฟ๐ฒ๐ป๐ฐ๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต -
Nasal Dressings Market
https://www.globenewswire.com/en/news-release/2023/06/29/2696897/0/en/Nasal-Dressings-Market-Size-to-Hit-USD-2-7-Bn-in-2031-expanding-at-a-CAGR-of-9-01-TMR-Report.html
Geriatric Care Services Market
https://www.globenewswire.com/news-release/2023/06/29/2697104/0/en/Geriatric-Care-Services-Market-to-Grow-at-a-7-3-CAGR-from-2023-to-2028-reaching-US-0-7-billion-TMR-Report.html
๐๐๐ฏ๐ ๐๐ง๐ฒ ๐๐ฎ๐๐ซ๐ฒ? ๐๐ฌ๐ค ๐๐ฎ๐ซ ๐๐ฑ๐ฉ๐๐ซ๐ญ๐ฌ:
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๐๐ฏ๐ผ๐๐ ๐จ๐ ๐ง๐ฟ๐ฎ๐ป๐๐ฝ๐ฎ๐ฟ๐ฒ๐ป๐ฐ๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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๐๐ผ๐ป๐๐ฎ๐ฐ๐ ๐จ๐
Nikhil Sawlani
Transparency Market Research Inc.
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