Medicine cabinets are the cabinets or cupboards used for storing medicines and other essential medical items. They are mostly used in households, hospitals, clinics, pharmacies, schools, and other dispensaries. The medicine cabinet is type of furniture that consists of shelves, door, and drawers that can be used to store several medical essentials. They are used to protect the pills and capsules from heat, air, light, and moisture which can cause damage to them. Usually, the medicines are directed to be kept in a cool and dry place therefore the medicine cabinets are used widely to provide the required hygienic conditions and safe environment. Medicine cabinets are widely used as inventory in hospitals, pharmacies, and dispensaries for the sequential setting of the medicines and easy availability according to the requirement. Medicine cabinets are manufactured from wood, plastic, metal, stainless steel, glass, and aluminum and are available in various designs and shapes.
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COVID-19 Scenario Analysis:
- The COVID-19 pandemic has caused a decline in the production of medicine cabinets due to the shutdown of manufacturing units and shortage of manpower. The procurement of raw material has been a challenge for the medicine cabinet manufacturing industries.
- The lockdown scenario has caused the shutdown of distribution channels such as specialty stores which have led to a decline in sales and revenue of the medicine cabinets market.
- The spread of coronavirus has led to a change in consumer buying behavior and the post-COVID scenario is anticipated to be profitable for the medicine cabinet market as the customers are inclined towards stocking up of essential medications.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Medicine cabinets have been used since an era in the households and health facilities to facilitate the storage of medical necessities. The advancement in technology and automation has led to several changes in the design and additional features in the basic medicine cabinets. The increase in requirement for basic medications in the household, rise in number of diseases, the proper storage requirement for medications, sequential arrangement of pills and capsules, delivering right medications to the customers, several variants in medications, improved designs of the cabinets, advanced technology incorporated in the cabinets, enhancement in the appearance of medicine cabinets, incorporation of the mirror in the household medicine cabinets, expanded storage space and shelves, advanced multi-use cabinet, and surge in disposable income are the key drivers that boost the growth of the global medicine cabinets market. However, increase in competition in the market, high-priced cabinets, and the availability of substitute products hinder the market growth. Contrarily, investment in new design development, incorporation of technology in basic medicine cabinets, and increase of household medicine cabinets present a new pathway to the medicine cabinets market.
The global medicine cabinet market trends are as follows:
Enhanced features of medicine cabinets
The new designs and features in the medicine cabinets have created a new trend for use in households as the alluring furniture which contains the basic medications, toiletries, and hygiene products. The incorporation of a mirror door in the bathroom medicine cabinets makes it dual-functional as a mirror and storage space. The availability of various designs and widths of medicine cabinets has created a new trend in the market. Recently, the variants such as surface mount cabinets, recessed cabinets, corner cabinets, tri-view cabinets, single door, multi-door, sliding door, lockable medicine cabinets, and others have created a new pathway for the medicine cabinet market. The additional feature such as build-in dim lights, Bluetooth audio, shaver sockets, LED lights, anti-fog technology are widely preferred by the customers.
The advanced technological features in the automated dispensing cabinet, which is used as a computerized medicine cabinet for the health care facilities, have created a new opportunity for the health care medicine cabinet market. They are used for tracking the multiple medicine distribution and ensure patient's safety in hospitals.
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Key Benefits of the Report:
- This study presents the analytical depiction of the global medicine cabinets industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global medicine cabinet market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global medicine cabinet market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers suppliers in the market.
- The report provides detailed global medicine cabinets market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Medicine Cabinets Market Research Report:
- What are the leading market players active in the medicine cabinets market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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