Press release
Automated Drug Kiosk Market Set to Achieve Robust Growth with Advancements in AI Integration and Enhanced Patient Accessibility
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 are transforming medication dispensing by offering enhanced convenience and efficiency, thereby reducing wait times and improving accessibility for consumers. The market's growth is driven by advancements in healthcare technology, increasing demand for self-service options, and a greater focus on minimizing medication errors. The adoption of these technologies in healthcare systems globally has led to significant growth in the automated drug kiosk market. These kiosks streamline the medication dispensing process, ensuring both accuracy and convenience for patients. Additionally, the integration of electronic health records (EHR) with automated kiosks improves patient safety and medication management.
The rising geriatric population and the growing need for efficient medication management solutions further fuel market expansion. The growing adoption of technology-driven drug dispensing is a key catalyst for the market's momentum. In developing regions with limited access to pharmacies, especially in remote areas, this shortage is expected to drive market growth in the coming years. Furthermore, improvements in healthcare infrastructure, coupled with strategic partnerships with insurance providers, are anticipated to play a crucial role in expanding the market 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
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Market Dynamics:
Drivers:
The adoption of automated drug kiosks is driven by several factors, including the need to reduce medication errors, enhance patient adherence, and improve operational efficiency within healthcare settings. Additionally, the rising incidence of chronic diseases and the increasing pressure on healthcare systems are significant contributors to the market's growth. The integration of artificial intelligence (AI) and machine learning algorithms into automated kiosks is expected to revolutionize medication management processes, further accelerating market expansion.
Challenges:
The automated drug kiosk market faces several challenges, such as regulatory compliance, data security concerns, and the high initial costs associated with installation and ongoing maintenance. Additionally, resistance to technological adoption among healthcare professionals and limited access to kiosks in rural areas may hinder market growth. Automated drug kiosks must adhere to strict regulations regarding the dispensing and distribution of pharmaceuticals, including licensing requirements, patient verification processes, and medication safety standards. Meeting these regulatory requirements can pose challenges for kiosk operators, potentially slowing market development.
Regional Trends:
North America is projected to hold a significant share of the automated drug kiosk market due to the presence of advanced healthcare infrastructure, favorable government policies, and substantial investments in healthcare technology. The Asia Pacific region is also expected to experience notable growth, driven by stringent regulations aimed at enhancing patient safety and the growing adoption of innovative healthcare solutions.
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Recent Developments:
• In March 2021, ravkooTM and medifriendRx formed a collaboration to place prescription-dispensing kiosks in medical offices in Florida. ravkooTM 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. ravkooTM 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
Read Overview Report- https://www.insightaceanalytic.com/report/automated-drug-kiosk-market/2404
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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