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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.