The global medication dispenser market is projected to grow at a CAGR of 8.26% to reach US$10.217 billion by the end of the forecast period. The adoption of the medication dispensers including manual as well as automatic are increasing in the hospital and clinics as the number of diseases and the geriatric population is rising, the requirement of healthcare services is also increasing. This is making the medication management difficult as different patients come in with different conditions and require different treatments. Medication management is increasingly important as medications must be given on time, otherwise they would have no effect on the body. Moreover, an increasing number of hospitals are preferring to opt for automatic medication dispensers which have alerts and deliver medicines by the pressing a button as there are cleanliness problems and concerns which can lead to the contamination of the medication and cause further problems. Thus, these factors are augmenting the market growth over the forecast period
The concerns about proving a quality care and solutions to the consumers and streamline the various processes.
There are rising concerns among the hospitals clinics and pharmacies in order to automate the task of dispensing medicine related to different diseases, streamline the processes in order to save time, and provide quality and speedy care to the consumer. Moreover, there are several benefits associated with the use of mediation dispensers, as they are able to provide the consumers with the ideal amount of medication to take and avoid overdose. Consequently, these products are increasingly being made through online and offline sales channels and acting as a driving factor in the market growth.
Product Offerings by Major Market Players in the Medication Dispenser Market
The involvement of different companies including both old and new can be seen in the market by the offering and launch of different types of medication dispenser including manual and automatic. The availability of these products is leading to a surge in the market growth
Some of the examples of product offerings are as follows:
A majority of the geriatric individuals prefer automatic medication dispenser increasingly over manual dispensers as it the automatic dispensers have many advanced features such as alerts and are more secure and contamination free.
The geriatric population increasingly prefers automatic medication dispensers to manual medication dispensers owing to the fact the there are plenty of products available in the market that have enhanced features such as alerts and push buttons to dispense medicines. These features help aid the older population, as in their age the cognitive function gets significantly reduced and loss of coordination and memory impairment occur, this may lead them to forget to take their medications on time leading to other problems.
The North American region is estimated to hold a significant share over the forecast period, owing to well positioned healthcare infrastructure and the faster adoption of such products to improve the provision of healthcare facilities to the population. The Asia Pacific region is estimated to improve its market share over the forecast period, which is attributed to the rising investments being made to develop the healthcare sector faster.