High Volume Dispensing Systems Market to Grow with a CAGR of 7.92% through 2028
Increasing adoption of pharmacy automation and the
ever-expanding healthcare industry is expected to drive the Global High Volume
Dispensing Systems Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “High Volume
Dispensing Systems Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global High Volume Dispensing
Systems Market stood at USD 2.38 billion in 2022 and is anticipated to grow
with a CAGR of 7.92% in the forecast period, 2024-2028. This can be attributed
to regulatory imperatives. Global healthcare regulatory bodies, such as the
U.S. Food and Drug Administration (FDA), are increasingly emphasizing the
importance of patient safety and medication accuracy. The FDA receives a
substantial number of reports related to medication errors each year,
highlighting the critical need for error reduction. Healthcare facilities are
thus under pressure to adhere to stringent regulatory requirements, which, in
turn, drives the demand for high volume dispensing systems that aid in
compliance and error prevention.
Moreover, the security of medication is a critical
concern. High volume dispensing systems are introducing features like
tamper-evident packaging and secure storage to prevent unauthorized access and
medication diversion. These enhancements are crucial for patient safety and
regulatory compliance.
The market is set to receive a significant boost due
to the increasing number of prescriptions and the growing prevalence of
non-communicable diseases. According to the most recent data from the Centers
for Disease Control and Prevention (CDC), six out of ten U.S. citizens are
affected by at least one chronic condition, and four out of ten have two
chronic conditions. Furthermore, the escalating need for quicker and more
accurate prescription processing is expected to further drive market growth.
Recent technological advancements in the structural
design of automated cabinets, aimed at processing large volumes of prescriptions
at a faster pace, are likely to enhance the demand for such systems in retail
pharmacy chains. In March 2022, Walgreens Boots Alliance introduced 22
micro-fulfillment centers in the U.S., which employ robots to fill customer
prescriptions. This reflects a shift in the roles of stores and pharmacists,
with each robot capable of filling 300 prescriptions per hour.
The proliferation of retail and mail-order pharmacies
has created a greater demand for efficient systems and software to manage and
dispense large quantities of medication inventory. As of June 2023, there were
44,900 businesses in the U.S. operating in the pharmacies and drug stores
sector. This surge in the number of businesses translates into an increased
demand for high-volume dispensing systems. Additionally, the mounting pressure
on the healthcare sector to control medication prices is further fueling the
strong demand for these software and cabinets, as they help prevent excess
inventory costs.
The substantial government funding allocated for the
installation of these cabinets in hospitals is expected to significantly propel
market growth in the coming years. For instance, in 2016, Right to Care, a
non-profit organization, initiated a pharmacy automation scale-up program in
collaboration with the South African government at Helen Joseph Hospital. In
addition, the increasing demand to reduce inventory discrepancies in pharmacies
and hospitals serves as one of the primary drivers for market expansion.
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The Global High Volume Dispensing Systems Market is
segmented into product, end use, regional distribution, and company.Based on its product, systems and cabinets asserted
their dominance in the market, securing a substantial market share in 2022. The
substantial surge in demand for efficient pharmacy operations, along with
mounting concerns about the safe distribution of medications, is poised to
positively impact the sales of high-capacity cabinets. Furthermore, the
expanding global pharmacy network, coupled with the increasing number of
prescriptions, is a driving force behind the substantial growth in medication
inventories, which, in turn, is expected to contribute to the segment's
expansion.
Among these developments, software
solutions are projected to exhibit the most rapid growth over the forecast
period. The rising demand for pharmacy software solutions to streamline
workflow stands out as a pivotal factor expected to drive segment growth during
this same period. NEXiA software (iA) represents one of the foremost suites of
advanced pharmacy software, contributing significantly to this upward
trajectory. Furthermore, the increasing adoption of these large-capacity
dispensing software solutions and systems across various medical applications,
particularly in the realm of controlled substances, is fostering overall market
growth.
Based on end use, retail pharmacies took center stage
in 2022 and are projected to experience the most rapid CAGR during the forecast
period. This can be attributed to the increasing number of retail pharmacies
and prescriptions, which, in turn, are resulting in substantial quantities of
medication inventory. Additionally, the surging demand for specialty medicines
is driving the requirement for cabinets and software that enable the safe and
efficient dispensing of medications. For instance, in 2021, the United States
spent approximately USD 603 billion on medications, with USD 301 billion
allocated to specialty drugs. These cabinets have proven their effectiveness in
reducing labor costs and preventing medication shortages or excess stock.
Moreover, the market is receiving a boost from the growing support of
government and both public and private entities, as they initiate favorable
programs to implement these systems in pharmacies. The increasing financial
burden and the risk of medication errors are further intensifying the demand
for high-capacity dispensing systems.
The adoption of these systems in hospital pharmacies
is anticipated to witness a substantial growth rate of 7.3% during the forecast
period. Rising discrepancies in inventory, an increasing number of medication
errors, and a growing emphasis on reducing workloads are driving the demand for
these systems in hospital settings.
Major companies operating in Global High Volume
Dispensing Systems Market are:
- McKesson Corporation
- Healthmark Group Ltd
- TCGRx
- R/X Automation Solutions Inc
- ScriptPro LLC
- Omnicell Inc
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“The global high volume dispensing systems market is
on the cusp of transformation, driven by the convergence of technology, patient
safety imperatives, and changing healthcare dynamics. As these trends continue
to shape the industry, healthcare facilities will benefit from increased
efficiency, reduced errors, enhanced patient care, and adaptability to changing
healthcare needs. High volume dispensing systems are poised to play a pivotal
role in the future of healthcare, contributing to a safer, more efficient, and
patient-centered healthcare landscape,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“High Volume Dispensing Systems Market By
Product (Systems/Cabinets, Software Solutions), By
End Use (Retail Pharmacies, Hospital Pharmacies, Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
High Volume Dispensing Systems Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
Global High Volume Dispensing Systems Market.
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