Market Overview:
The global smart medicine racks market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for smart storage solutions, rising number of hospitals and clinics, and growing awareness about the benefits of using smart medicine racks. Based on type, the global smart medicine racks market can be segmented into 6-layer racks, 8-layer racks, and others. The 8-layer rack segment is expected to grow at a higher CAGR than other segments during the forecast period owing to its ability to store more medicines in a compact space. Based on application, the global market can be divided into hospitals, clinics, and others (including research institutes and pharmaceutical companies). Hospitals are expected to account for a major share of this market due to rising demand for better storage solutions that can help improve patient care outcomes.
Product Definition:
A smart medicine rack is a storage system that utilizes technology to keep track of the inventory within it. This can include things like how much medication is in each drawer, when it was last accessed, and who accessed it. The importance of this technology lies in the potential for reducing human error. With accurate tracking of medications, healthcare professionals can be alerted to any discrepancies or potential dangers.
6 Layers:
6 layers is a term used in the field of smart medicine to define the minimal number of people required to sign off on an experiment. The minimum number can vary depending upon who's counting and how they count. For example, in FDA-approved human trials, at least three individuals are required to witness any given treatment being administered before it can be considered for approval as a medical device.
8 Layers:
8 layers is a term used in the field of Smart Medicine Racks. It represents the minimal number of ingredients that should be present in an ideal medicinal product. The 8-layer model was created to ensure that every ingredient has been tested for its therapeutic value and safety by using appropriate testing standards such as Good Manufacturing Practices (GMP) & Good Distribution Practices (GDP).
The 8-layer model also helps to standardize products, which ensures quality.
Application Insights:
Based on application, the market has been segmented into hospital, clinic and others. The hospital segment dominated the global smart medicine racks market in 2017 owing to increasing demand for advanced healthcare services along with rising prevalence of chronic diseases and growing aging population. Moreover, an increase in investments by governments for developing state-of-the-art hospitals is expected to boost product demand over the forecast period.
The Clinic segment is anticipated to witness significant growth over the forecast period due to a rise in patient visits due to various reasons such as change of residence or job transfer etc., which leads them require medical checkups at regular intervals. Furthermore, increasing awareness about preventive healthcare coupled with technological advancements will further propel industry growth during the study period.
Others include optical stores.
Regional Analysis:
North America dominated the global market in 2017. This can be attributed to increasing adoption of advanced technologies, high healthcare expenditure, and rising awareness about modern medical equipment. Moreover, presence of well-established healthcare facilities and favorable reimbursement policies are also expected to drive the regional demand for smart medicine racks over the forecast period.
Asia Pacific is anticipated to witness lucrative growth during the forecast period owing to rapid economic development coupled with improving healthcare infrastructure in emerging countries such as China and India. In addition, rising patient awareness levels regarding benefits of using smart medicine racks is further expected to fuel industry expansion over next eight years (2018 - 2030).
Growth Factors:
- Increasing demand for minimally invasive surgeries: The global market for minimally invasive surgeries is expected to grow at a CAGR of 7.8% from 2016 to 2021. This is primarily due to the increasing preference for less-invasive procedures over traditional open surgery, which leads to shorter hospital stays, faster recoveries, and reduced pain and scarring. Smart medicine racks can play an important role in facilitating these types of surgeries by providing quick and easy access to the necessary tools and supplies.
- Growing demand for home healthcare: According to a study by MarketsandMarkets, the global home healthcare market is expected to grow at a CAGR of 9% from 2016-2021. This growth can be attributed to several factors such as the increasing prevalence of chronic diseases, rising geriatric population, growing awareness about home healthcare services, and government initiatives supporting home healthcare services. Smart medicine racks can help meet this growing demand by providing caregivers with quick and easy access to medical supplies and equipment needed for patient care.
Scope Of The Report
Report Attributes
Report Details
Report Title
Smart Medicine Racks Market Research Report
By Type
6 Layers, 8 Layers, Others
By Application
Hospital, Clinic, Others
By Companies
Suzhou Iron Technology Co Ltd, RSSZY, Rybomed, Raytarget Technologies Company Limited, Shenzhen Kokoon Medical Co., Ltd., Shine Medical Technology Co, Nanjing Beite Zhineng, Hao Yun(Zhangjiagang) Intelligent Equipment Co
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
212
Number of Tables & Figures
149
Customization Available
Yes, the report can be customized as per your need.
Global Smart Medicine Racks Market Report Segments:
The global Smart Medicine Racks market is segmented on the basis of:
Types
6 Layers, 8 Layers, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Hospital, Clinic, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Suzhou Iron Technology Co Ltd
- RSSZY
- Rybomed
- Raytarget Technologies Company Limited
- Shenzhen Kokoon Medical Co., Ltd.
- Shine Medical Technology Co
- Nanjing Beite Zhineng
- Hao Yun(Zhangjiagang) Intelligent Equipment Co
Highlights of The Smart Medicine Racks Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- 6 Layers
- 8 Layers
- Others
- By Application:
- Hospital
- Clinic
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Smart Medicine Racks Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Smart Medicine Racks are a type of medical equipment that helps doctors and nurses to store and organize medical supplies.
Some of the key players operating in the smart medicine racks market are Suzhou Iron Technology Co Ltd, RSSZY, Rybomed, Raytarget Technologies Company Limited, Shenzhen Kokoon Medical Co., Ltd., Shine Medical Technology Co, Nanjing Beite Zhineng, Hao Yun(Zhangjiagang) Intelligent Equipment Co.
The smart medicine racks market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Smart Medicine Racks Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Smart Medicine Racks Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Smart Medicine Racks Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Smart Medicine Racks Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Smart Medicine Racks Market Size & Forecast, 2020-2028
4.5.1 Smart Medicine Racks Market Size and Y-o-Y Growth
4.5.2 Smart Medicine Racks Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 6 Layers
5.2.2 8 Layers
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Hospital
6.2.2 Clinic
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Smart Medicine Racks Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Smart Medicine Racks Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 6 Layers
9.6.2 8 Layers
9.6.3 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Hospital
9.10.2 Clinic
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 6 Layers
10.6.2 8 Layers
10.6.3 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Hospital
10.10.2 Clinic
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 6 Layers
11.6.2 8 Layers
11.6.3 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Hospital
11.10.2 Clinic
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 6 Layers
12.6.2 8 Layers
12.6.3 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Hospital
12.10.2 Clinic
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 6 Layers
13.6.2 8 Layers
13.6.3 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Hospital
13.10.2 Clinic
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Smart Medicine Racks Market: Competitive Dashboard
14.2 Global Smart Medicine Racks Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Suzhou Iron Technology Co Ltd
14.3.2 RSSZY
14.3.3 Rybomed
14.3.4 Raytarget Technologies Company Limited
14.3.5 Shenzhen Kokoon Medical Co., Ltd.
14.3.6 Shine Medical Technology Co
14.3.7 Nanjing Beite Zhineng
14.3.8 Hao Yun(Zhangjiagang) Intelligent Equipment Co
