(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Nov 25, 2021, 08:51 /Comserve / -- Automatic Pill Dispenser Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Automatic Pill Dispenser Market studied is expected to grow with a CAGR of 8.12%, over the forecast period.
With the sudden outbreak of Covid-19, there are unprecedented effects of it not only on the economy but also on the system of working of healthcare. There is a tremendous change in the working procedures of healthcare. Healthcare is one of the high contact industry and strict guidelines are to be followed to safeguard patients, doctors, pharmacists, and other healthcare workers from the deadly virus. To avoid human interaction and safeguard people, automated pill dispensers prove to be a boon in the situation. Also, these help in timely dispensing of medication in the right dose at right time, and also helps the patients in isolation with memory loss to timely administer their dose. Thus, COVID-19 has positively impacted the automatic pill dispenser market.
The studied market growth is predominantly contributed by the factors such as the growing burden of diseases and the increasing elderly population across the globe. Due to the changing lifestyle pattern, diseases are increasing largely among the population. According to the World Health Organization (WHO), Global Health Estimates 2021, the top ten global causes of Disability-Adjusted Life Years (DALYs) in 2019 were neonatal conditions, Ischaemic heart disease, Stroke, Lower respiratory infections, Diarrhoeal diseases, Road injury, Chronic obstructive pulmonary disease, Diabetes mellitus, Tuberculosis, and Congenital anomalies. Also, there is seen the greatest increase in death in females around threefold due to dementia and Alzheimer's over the past two decades, with around 80% more deaths and 70% more DALYs in females than males due to these neurological diseases. With the increasing cases of Alzheimer's and dementia, there are increased chances of missing doses of medication or wrong administration of it, hence increases the need for an automatic pill dispenser. Thus, the increasing burden of diseases all over the globe and the need for care drives the automatic pill dispenser market.
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The elderly population is increasing across the world and is largely affected by some kind of chronic disease. With the increasing age, forgetfulness becomes very common in geriatric people, so it becomes a challenge to keep on track of the medications. Moreover, the United Nations, Department of Economic and Social Affairs (UN DESA), World Population Ageing Highlights, 2020 stated that in 2020 there were 728 million people in the world aged 65 or over and which is projected to be 1.5 billion by 2050. Moreover, it is also estimated that all countries are in midst of a longevity revolution and life expectancy over 65 years is expected to increase by 19 years. Also, according to the World Health Organization (WHO), in 2018, dementia, a chronic obstructive pulmonary disorder, depression, diabetes, back and neck pain, and cardiac diseases were most common in older aged people. Thus, concerning the above-mentioned facts, the automatic pill dispenser market is expected to show lucrative growth over the forecast period.
Moreover, the other factors associated with the growth of the automatic pill dispenser market like technological adoptions in healthcare also participates in growth. However, the cost associated with automatic pill dispensers may hamper the growth of the market.
Key Market Trends
Decentralized Automatic Pill Dispenser Segment is Expected to Hold Significant Market Share Over the Forecast Period
The automatic pill dispenser cabinets in the hospitals and hospital-pharmacy help in optimizing medication management with patient care, pharmacy performance to provide improved and focused care. The cabinets manage the user's access to the medication and also stored information according to the individual's permission and track the transaction made. Also, the cabinets occupy smaller floor space, thus making larger space available in hospitals for other purposes.
The decentralized automatic pill dispenser can be used inwards in hospitals, in pharmacies to reduce the time in dispensing or inpatient care or home care centers for unit-dose dispensing. According to the Automated Pill Dispenser Article, Theseniorlist, July 2021, about 7000 to 9000 people die every year in the United States, due to medication error which includes wrong medication, improper dosage and missing the round of it. In August 2020, Capsa Healthcare announced the acquisition of RoboPharma, a pharmacy automation leader based in the Netherlands to expand its reach in the European and Asian markets. With the rise in patient awareness for health conditions and the adoption of technologically intelligent solutions for improved patient care, the decentralized automatic pill dispenser is expected to show significant growth over the forecast period.
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North America Holds Major Share in Market and Expected to Grow in the Forecast Period
North American region dominates the automatic pill dispenser market and is expected to hold the major share in the forecast period also. With the wide acceptance of technologically advanced solutions to make patient care hassle-free, a large pool of customers, and a rapidly growing geriatric population, the North American market is dominated by various regional and global players.
Moreover, according to the Statistics Canada, Canadian Health Survey on Seniors 2020 report, in 2019, people over 65 years of age in Canada were affected 47% by arthritis, 44% by blood pressure, and 24% by back problems. This implies that the geriatric population in Canada is on multiple medications and requires specific attention for healthcare. Also, Centres for Disease Control and Prevention (CDC), Prevalence of Multiple Chronic Conditions Among US Adults, September 2020 reports that in 2018, in the United States, 23.9 % of the population over 65 years of age was affected by 1 chronic disease and 63.7% of the population aged over 65 was affected by more than two chronic diseases. Moreover, Capsa Healthcare in December 2020 announced a significant development in its NexsysADC product line, the addition of new auxiliary cabinets of up to 10 tiers that will help to expand storage and supplies of medication doses significantly. Thus, the increasing pool of patients and prevalence of chronic and infectious diseases in North America, makes it a preferable market by industry players and is expected to propel over the forecast period.
Competitive Landscape
The Automatic Pill Dispenser Market is a moderately competitive market with several players across the globe. In terms of market share, major players currently dominate the market. With the increasing burden of chronic and lifestyle diseases, growth in the elderly population, and rising government initiatives, many new players are expected to be part of the automatic pill dispenser market over the forecast period. Some of the major players of the market are Becton, Dickinson and Company, Capsa Healthcare, Cerner Corporation, Mckesson Corporation, and Koninklijke Philips N.V.
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