Posted On: 2021-07-16
Hospital sector acquired the largest revenue share in Saudi Arabia Automated Medication Management System Market for 2020 - 6Wresearch.
The increase in the construction of private hospitals which employed automated medication management systems and adopted the automation process in their healthcare services along with increased incidences of medication errors were the primary reasons for increased demand of such units during 2017-2020. Further, the growing demand for quality healthcare services by the urbanized population of the country, increased government expenditure on healthcare sector and increase in number of medication and dispensing errors are the major factors which would drive the Saudi Arabia automated medication management system market in the upcoming years. Additionally, the adoption of advanced technologies such as artificial intelligence and robotic process automation by the hospitals, establishment of regulatory framework for local and foreign medical device manufacturers to register themselves on a single registration platform-GHAD 2021, would further aid the growth of automated medication management systems market. However, a downward trajectory in the market revenues were witnessed during the year 2020 due to the Coronavirus outbreak all across the globe. The sudden halt to the economic activities ranging from production of automated medication management systems to their imports in Saudi Arabia had resulted in a decline of market revenues across the Saudi healthcare sector.
According to 6Wresearch, Saudi Arabia Automated Medication Management System Market size is projected to grow at a CAGR of 8.5% during 2021-2027. The increased rate of public spending on the healthcare services by the Saudi government through initiatives under the flagship program of Saudi Arabia- Saudi Vision 2030, the government has increased its spending and has formed public-private partnerships. Furthermore, the growing healthcare infrastructure and ongoing construction of King Fahad Medical City, King Khalid Medical City, King Faisal Medical City would increase the employment of automated medication management systems and would elevate the growth of the market in the forecast period.
According to Kajal Saraswat, Research Associate, Research and Consulting, 6Wresearch “By sectors, the Hospital segment garnered the majority of market revenue share during the year 2020 and is expected to dominate the market over the coming years as well owing to the adoption of automation, artificial intelligence, robotic process automation technology in computerized physician order entry systems, and` automated drug dispensing systems. Additionally, the government has also extended credit support to 22 medical hospitals across the country by passing a royal decree. These hospitals would increase the process of digitalization and role of automation in their healthcare services to achieve the Saudi Vision 2030 healthcare goals and National Transformation Program, thus, increasing the demand for automated medication management systems in the near future” Kajal concluded
According to Aviral Khare, Research Associate, Research and Consulting, 6Wresearch “The Northern region dominated the market of automated medication management systems in 2020 and the same trend is anticipated to continue in the coming years on the account of adoption of robotic dispensing system and robotic process automation in multi-specialty hospitals such as The King Fahad Medical Hospital, Saudi German Hospital and King Faisal Specialist Hospital Research Center. Furthermore, the upcoming healthcare projects in Saudi Arabia which includes medical complex project in Jeddah with 1000 beds and other hospitals construction and refurbishment projects in the Eastern Province has secured it as the second most developed region in terms of healthcare services associated with automated medication management systems.”
Some of the major companies in the Saudi Arabia automated medication management systems market include General Electric, Becton Dickinson and Company and Cerner Corporation.
“Saudi Arabia automated medication management system market (2021-2027)” provides an in-depth analysis with 30 figures covered in 84 pages. The Saudi Arabia automated medication management system market report comprehensively covers the market by system types, verticals and regions. The Saudi Arabia automated medication management market outlook report provides an unbiased and detailed analysis of the Saudi Arabia automated medication management system market trends, opportunities, high growth areas, and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.