Medical Vending Machines: Introduction
- A medical vending machine is an automated device used to dispense healthcare items such as antibiotics, inhalers, cough syrups, painkillers, etc.
- Major components of the machine include a scanner to gather input from user; a system that includes servo motors for dispensing medication; large storage space to store pills; sensors to detect the motion of pills; an inventory monitoring system to keep track of storage; an industrial standard vertical foam fill machine to pack medication separately; and a non-contact laser inkjet printer to print the description that includes the time at which the medicine must be taken
Key Drivers and Restraint of Global Medical Vending Machines Market
- A medical vending machine has the capability to scan barcodes, sort medicines, and dispense the required medicine packets efficiently and effectively, as no human intervention is required in the entire process. This is expected to boost the medical vending machines market.
- Increase in demand for 24X7 medical services is anticipated to propel the medical vending machines market across the globe
- Rise in demand for OTC and prescription drugs in remote areas with limited or no healthcare infrastructure is anticipated to further fuel the market
- A shortage of staff in hospitals and pharmacies, where the pharmacist has to attend each client for prescription as well as for OTC medications, can be overcome by the installation of medical vending machines. This, in turn, is estimated to boost the market during the forecast period.
- Technological advancements in medical vending machines, such as the utilization of liquid crystal display (LCD) touchscreens, machines incorporated with online or digital payment modes through applications, and incorporation of assisted audio-visual technology, are expected to fuel the adoption these machines
- Use of digital payment options has reduced coin fraud, which was a major disadvantage. This, in turn, is likely to fuel the global market in the next few years.
- Lack of healthcare infrastructure in developing countries and requirement of high investment for installation and maintenance are expected to restrain the global medical vending machines market during the forecast period
North America to Lead Global Medical Vending Machines Market
- In terms of region, the global medical vending machines market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America accounted for a prominent share of the global medical vending machines market in 2019 due to the presence of major players and increase in healthcare infrastructure & awareness
- Europe is likely to follow North America and account for significant share due to technological advancements in medical vending machines and increase in healthcare expenditure
- The medical vending machines market in Asia Pacific is projected to expand at a notable CAGR during the forecast period owing to a rise in healthcare spending by the population, increase in demand of 24-hour pharmacies, and requirement of OTC & prescription drugs in remote locations
- The medical vending machines market in Latin America and Middle East & Africa is likely to expand at a steady pace during the forecast period due to rapid expansion of economies and evolving infrastructure of healthcare in these regions
Key Players Operating in Global Medical Vending Machines Market
- InstyMeds Corporation
- Pharmashop24 Srl.
- Capsa Healthcare
- Omnicell, Inc.
- Parata Systems, LLC
- ScriptPro LLC
- Intelligent Dispensing Solutions
- Beta Automations
- W.W. Grainger, Inc
- Shenzhen Qiancheng Lijing Technology Co., Ltd.
Global Medical Vending Machines Market: Research Scope
Global Medical Vending Machines Market, by Product Type
- Benchtop Medical Vending Machine
- Floor Standing Medical Vending Machine
Global Medical Vending Machines Market, by Technology
- Traditional Medical Vending Machine
- Smart Medical Vending Machine
Global Medical Vending Machines Market, by End-user
- Long term care settings