Press Release

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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High Volume Dispensing Systems Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (Systems/Cabinets, Software Solutions), By End Use (Retail Pharmacies, Hospital Pharmacies, Others), By Region, and By Competition

Healthcare | Jan, 2024

Technological advancements and the imperative need to reduce medication errors are factors driving the Global High Volume Dispensing Systems market in the forecast period 2024-2028.

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