As per P&S Intelligence, the automated dispensing machines market will grow during the forecast period at a CAGR of 7.8%, ultimately generating $2.3 billion in revenue by 2024. Technological advancements, government initiatives for the integration of automated dispensing machines in healthcare facilities, and growing geriatric population, incidents of medication errors, number of patent approvals for such machines and prevalence of chronic diseases are the key market growth drivers.
Decentralized and centralized are the two categories of products available in the automated dispensing machines market, of which the decentralized category is predicted to grow faster through the forecast period. Increasing hospitalization cases are raising the demand for hospitals, which is, in turn, leading to higher sales of decentralized dispensing machines.
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The demand for and sales of such machines have increased in APAC owing to government initiatives. For instance, the installation of automated dispensing machines in the rural areas of India is supported by Central Medical Services Society, so the masses can have access to free-of-cost general drugs. Further, developing countries are increasingly installing such machines at their healthcare facilities. The growth in the gross domestic product of countries, such as Malaysia, Vietnam, India, and Sri Lanka, will allow for the adoption of technologically advanced equipment, thereby, taking the automated dispensing machines market ahead.
This post was originally published on The Market Plan