Automated Drug Kiosk Market Booms Pharmacies of the Future: Automated Drug Kiosks Drive Market Growth

Automated drug kiosk Market worth $24.6 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

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.

Automated pharmacy kiosks are efficient and convenient when it comes to distributing drugs. They also cut down on wait times and improve customer accessibility. Technological developments in healthcare services, the growing need for self-service choices, and the growing focus on reducing pharmaceutical errors are driving the market's rise.

The demand for automated medicine kiosks is expanding significantly due to technology being incorporated into healthcare systems worldwide. These kiosks ensure accuracy and patient convenience by offering a simplified medication administration method.

Furthermore, better drug management and patient safety are achieved when automated kiosks are integrated with electronic health records (EHR). The market is also driven by the need for effective medication management solutions and the ageing population.

One key factor driving the automated drug kiosk market ahead is the increasing use of technology-driven drug dispensing.

This shortage is anticipated to fuel market growth in the upcoming years in emerging nations with limited pharmacy supply, especially in remote areas.

Furthermore, improvements in the healthcare system and business alliances with insurance providers are anticipated to have a substantial impact on the market growth throughout the projection period.

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List of Prominent Players in the Automated drug kiosk Market:

• Distributed Delivery Networks Corp.
• TES America LLC
• Amerisource Bergen Corporation
• Accu Chart Plus Healthcare Systems, Inc.
• Omnicell, Inc.
• MedAvail Technoogies Inc
• MedfriendRx
• Stericycle Inc
• ScriptPro LLC
• Howell LLC
• Smart RX Systems
• PickPoint.
• MC HealthGrid Pvt Ltd.
• Asteres 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.

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.

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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.

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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This release was published on openPR.