The global medical vending machine market is expected to expand at a rate of almost 7.1% over the forecast period. Product sales are increasing due to the growing demand for 24/7 access to medical necessities. Patients find it very convenient to have their medicines delivered quickly by the machines. They are ideal for use in hospitals or pharmacies due to their flexibility in location and ability to operate without manual intervention. They are also highly efficient because they reduce labor costs. This is boosting their demand.
The demand will be boosted by technological innovations such as secure drug storage, controlled access modules, and offsite control. Medical vending machines are now able to deliver specific diseases-specific requirements. Capsa Healthcare introduced NexsysADC 4T Countertop dispensing unit in September 2019. This countertop version is an automated dispensing cabinet. The industry may face significant challenges due to the lack of infrastructure for healthcare in developing countries and the risks of misuse or hacking of medical vending machines.
Scope of the Report
The medical vending machines can be used to dispense prescription drugs, medical devices, and other medical products through an interface. You can place the medical vending machine at any location that is suitable for the machine. The market for medical vending machines is segmented according to product type, end-users, and geography.
Key Market Trends
The Pharmacies Segment will see a healthy CAGR.
- The forecast period will see steady growth in pharmacies by end-user segment. Installing medical vending machines can solve pharmacists’ staffing problems when they need to see every patient for OTC and prescription drugs. Medical vending machines can also be used to reduce the chance of medication theft and increase medication safety.
- The segment’s growth is also driven by the increasing use of automated medicine vending machines in pharmacies, which increase medication availability and decentralized medication management.
North America dominates the market and will continue to do so during the Forecast Period.
North America leads because of the presence of significant market players. The region’s growth will be driven by factors like expanding healthcare infrastructure and technological advances in medical vending machine technology. The region’s community and educational institutions are promoting various diseases and their management to increase the growth. The Asia Pacific is expected to be a major market for medical vending machine markets. Regional growth is aided by increased healthcare funding and government initiatives to increase disease awareness. The growth of developing economies will also be boosted by the adoption of new technology.
Becton Dickinson and Company are key players in this market. These companies are involved in the development of innovative solutions that integrate modern technologies such as mobile payments to make it easier to pay, sensors to detect pills’ motion, and Xenco Medical to enhance the customer experience.
Manufacturers of medical vending machines are also involved in developing disease-specific solutions to meet customers’ needs. Xenco Medical, for example, launched a surgical vending machine that allows the safe and efficient dispensing of spine surgery implants in March 2019.