Automated Drug Kiosk Market Size is valued at USD 9.4 Bn in 2023 and is predicted to reach USD 24.6 Bn by the year 2031 at a 12.9% CAGR during the forecast period for 2024-2031.
Automated drug kiosks are a novel method of updating the pharmacy experience, providing advantages in terms of accessibility, efficiency, and patient contentment. With the progression of technology, it is probable that these kiosks will become more prevalent, leading to a greater alteration of the pharmaceutical dispensing environment. The development of the global automated drug kiosk market is projected to be propelled by the compelling economics of these systems. They offer heightened efficiency in medication dispensing, significantly saving pharmacists' time and thus fostering demand for automated drug kiosks in the foreseeable future. Also, these systems are Equipped with features such as facial recognition, medication image capture, biometrics, and barcode readers. These systems offer automated functionalities like insurance verification, prescription validation, remote insurance processing, labelling, vial capping, and backend data collection.
Additionally, the incorporation of these features enhances efficiency while substantially reducing reimbursement fraud and medication errors. These advantages are anticipated to impact the global automated drug kiosk market favourably. Moreover, the proliferation of automated drug kiosks may need more support from traditional brick-and-mortar pharmacies, which view these kiosks as potential competitors. Established pharmacies may lobby against the expansion of automated drug kiosks, leading to regulatory challenges and market entry barriers for kiosk operators.
Competitive Landscape
Some Major Key Players In The Automated Drug Kiosk Market:
- MedAvail Technoogies Inc
- MedfriendRx
- Stericycle Inc
- ScriptPro LLC
- Howell LLC
- Smart RX Systems
- MC HealthGrid Pvt Ltd.
- Asteres Inc.
- Distributed Delivery Networks Corp.
- TES America LLC
- Amerisource Bergen Corporation
- Accu Chart Plus Healthcare Systems, Inc.
- Omnicell, Inc.
- Other Prominent Players
Market Segmentation:
The Automated drug kiosk market is segmented on the basis of product and application. Based on product, the automated drug kiosk market is segmented as Systems and Services. By drug type, the market is segmented into prescription medication dispensing kiosks, Over-the-counter (OTC), and other applications; the market is segmented into hospitals, retail pharmacies, and others.
In Terms Of Product Segment, The Services Category Stands Out As A Significant Contributor To The Automated Drug Kiosk Market.
It is anticipated that the service sector will command a substantial portion of the global Automated Drug Kiosk market in 2022. Service providers play a significant role by offering consulting services aimed at assisting healthcare facilities in evaluating their medication dispensing requirements and tailoring automated drug kiosk solutions accordingly. This involves conducting site assessments, identifying workflow needs, and suggesting the most suitable kiosk configurations. Through close collaboration with clients, service providers customize solutions to align with operational objectives and improve efficiency. By delivering consulting and customization services, service providers distinguish themselves in the market and capture a larger portion of the revenue.
The Hospital Segment Is Witnessing Growth At A Rapid Rate.
The hospital's care segment is projected to grow at a rapid rate in the global Automated drug kiosk market. Hospitals are often busy environments where healthcare professionals need to prioritize patient care. Automated drug kiosks help streamline the medication dispensing process, allowing hospital staff to focus on other critical tasks while patients can independently collect their medications. Automated drug kiosks provide a convenient way for patients to access medications without having to wait in long lines at the hospital pharmacy. This is especially beneficial for patients who are discharged and need to quickly obtain their prescribed medications before leaving the hospital.
In The Region, The North American Automated Drug Kiosk Market Holds A Significant Revenue Share.
The North American automated drug kiosk market is expected to record a large market revenue share in terms of revenue in the near future. The increasing cost of healthcare in North America has led to a growing emphasis on cost containment and efficiency improvement measures. Automated drug kiosks offer a cost-effective solution for medication dispensing, reducing the need for manual labour and streamlining the workflow process. In addition, the Asia Pacific regional market is estimated to expand at a rapid rate in the global Automated drug kiosk market. Emerging economies in Asia-Pacific, including China and India, present significant opportunities for automated drug kiosk manufacturers. These countries are witnessing the rapid development of healthcare systems and the rising adoption of digital health technologies, creating a favourable market environment for automated drug kiosk deployment.
Recent Developments:
- In March 2021, ravkoo™ and medifriendRx formed a collaboration to place prescription-dispensing kiosks in medical offices in Florida. ravkoo™ is a digital SaaS platform for prescriptions. This action allowed healthcare providers and medical professionals to both draft and dispense patient prescriptions within their own offices. ravkoo™ stored particular pharmaceuticals in prescription dispensing kiosks that were suitable for the medical speciality of each individual physician.
- In June 2022, Asteres reported a total of 4 million prescription pickups in 33 states across the United States and Europe. Asteres created ScriptCenter kiosks and lockers to provide a secure and safe method for retrieving prescriptions and healthcare goods. Asteres has provided services to various sectors, including retail, military sites, VA institutions, employer groups, and hospitals such as Mayo Clinic, Baylor Scott & White, Johns Hopkins, Cleveland Clinic, and Vanderbilt.
Automated Drug Kiosk Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 9.4 Bn |
|
Revenue Forecast In 2031 |
USD 24.6 Bn |
|
Growth Rate CAGR |
CAGR of 12.9% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product Type, Drug Type And End-User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
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Competitive Landscape |
MedAvail Technoogies Inc., MedfriendRx, Stericycle Inc., ScriptPro LLC, Howell LL, Smart RX Systems, PickPoint, MC HealthGrid Pvt Ltd., Asteres Inc., Distributed Delivery Networks Corp., TES America LLC, Amerisource Bergen Corporation, Accu Chart Plus Healthcare Systems, Inc., Omnicell, Inc. and other market players |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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