Global High Volume Dispensing Systems Market by End Use (Retail Pharmacies, Hospital Pharmacies), by Product (Software, Systems/Cabinets) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2017, the global high volume dispensing system market was worth USD 1,636 millions. The market is expected to grow at 8.2% during the forecast period. Cabinets for dispensing large quantities of medication inventory can be described as high volume dispensing systems.

Technological advances, rising incidence of medication errors and growing adoption pharmacy automation systems for high volume dispensing are some of the key trends driving market growth. According to the World Health Organization, 2017 saw at least one person die from medical errors and caused injuries for approximately 1.3 million Americans.

The market is poised for a boost with an increasing number of prescriptions and rising cases of non-communicable disease. According to the Centers for Disease Control and Prevention (CDC), approximately 117 million people had one or more chronic conditions in 2012. The market will be further pushed by the rising demand for accurate and faster prescription processing.

The recent technological advances in the design of automated cabinets that can process large volumes of prescriptions faster are expected to increase demand for these systems in retail pharmacie chains. Innovation Associates, a key market participant, began offering high volume dispensing solutions. Their quick start system allows for the processing of approximately 500-6,000 Rxs per eight-hour shift. This system is suitable for independent, mail-order, federal healthcare pharmacies, retail chains, hospitals, and other institutions. A large/custom-designed system is also available, which can process approximately 6,000 to 100,000 Rxs per eight-hour shift.

The demand for software and systems that can efficiently handle large quantities of medication inventory is increasing with the increase in mail-order and retail pharmacies. This leads to a rise in demand for high-volume dispensing systems. These cabinets and software are also in high demand due to rising pressures on the healthcare sector to reduce medication prices.

The market is expected to gain significant traction by increasing government funding for the installation these cabinets in hospitals. Right to Care, an organization that is not for profit, initiated a scale-up program for pharmacy automation in 2016 in partnership with the Helen Joseph Hospital government. The market's primary growth stimulant is also the rising demand to reduce inventory discrepancies at hospitals and pharmacies.

Product Insights

The cabinets segment was the most profitable in terms of revenue in 2017, accounting for nearly half the market. The rising demand for efficient pharmacy workflows and growing concerns about safe medication dispensing is expected to be positive for high-volume cabinets sales. The growing number of prescriptions has led to a large medication inventory. This will in turn contribute to the segment's growth.

High volume dispensing systems are seeing technological advancements that improve patient safety and prescription processing. Modern developments in cabinet design include the use HTML3_ RFID HTML3_ HTML4_ and barcode technologies. These technologies are also used to implement innovative software solutions. The Omnicell XT Series Automated dispensing system is an example of a design that promotes patient safety and maximizes workflow efficiency.

The forecast period will see a 10.0% CAGR for high volume dispensing software. The key factor expected to drive the segment's growth is the increasing demand for pharmacy software solutions to improve workflow. The overall market is also being stimulated by the increasing adoption of large-volume dispensing software systems and solutions in various medical applications, particularly in the case of controlled substances.

End-Use Information

The market's top segment was the retail pharmacy segment in 2017. This is due to an increasing number of prescriptions and retail pharmacies. This, in turn, generates significant quantities of medication inventory. This is in addition to the growing demand for specialty medications, which means cabinets and software are needed that can safely and efficiently dispense medication. In the United States, approximately USD 325.8 trillion was spent on medication in 2012. 26.7% of that amount was spent on specialty medications.

Cabinets have been proven to be effective in reducing labor costs and preventing overstocking or understocking of medication. The market is also growing due to favorable government and private initiatives to implement these systems at pharmacies. The demand for high volume dispensing systems is increasing due to rising costs and the risk of medication errors.

These systems will be implemented in more hospitals pharmacies at a notable 7.4% growth rate over the forecast period. These systems are in high demand because of increasing inventory discrepancies, medication errors, and a growing emphasis on reducing workload.

Regional Insights

North America was the largest revenue contributor to the market in 2017, due to the large number of market participants that increase the availability of these systems. This market is thriving due to rapid technological advances and early adoption of these cabinets and software by hospitals as well as pharmacies. The region will also benefit from increased investments by both public and private entities in the sector pharmacy automation.

The demand for cabinets and software is increasing due to growing concerns about inadequate inventory management. The region's rising incidence of chronic diseases is driving the demand for medication refills. This is expected to boost the market.

Asia Pacific will see the highest CAGR, 10.1%, over the forecast period. The key factors driving the growth of the region's market include a rising number of prescriptions and a shortage of qualified pharmacists. The rising healthcare costs, increasing incidence of dispensing mistakes, and growing disease burden have all contributed to an increase in medication inventories. This is driving the need for high-volume dispensing systems in the forecast period.

Market Share in High Volume Dispensing System Market Insights

ScriptPro, LLC, Innovation Associates, McKesson Corporation, Omnicell, Inc., and McKesson Corporation are just a few of the major players in this market. Market growth is being supported by the global presence of market players like Omnicell, Inc. and McKesson Corporation. The market is also seeing a rise in partnerships and agreements to acquire new technologies. While the market is currently dominated by multinationals, many smaller players are investing in these systems. These systems are not widely available in developing countries due to their high cost installation and maintenance.

Market Report Scope for High Volume Dispensing Systems

The Report Covers Certain Segments

This report predicts revenue growth at the global, regional, and country levels. It also analyzes industry trends in each sub-segment from 2014 to 2025. Grand View Research, Inc. analyzed the global high volume dispensing system market report based on product, region, and end-use.

• Product Outlook (Revenue USD Million, 2014-2025)

  • Systems/Cabinets

  • Software Solutions

• End-use Outlook (Revenue USD Million, 2014-2025)

  • Retail Pharmacies

  • Hospital Pharmacies

• Regional Outlook (Revenue USD Million, 2014-2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

  • Asia-Pacific

    • China

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East Africa

    • South Africa

These are the most frequently asked questions about this report

b. Global high volume dispensing system market was valued at USD 1.9 Billion in 2019, and is forecast to grow to USD 2.1 Billion by 2020.

b. Global high volume dispensing system market is expected grow at 8.2% compound annual growth rate from 2018 to 2025, to reach USD 3.07 Billion by 2025.

b. With a market share of 78.2%, the system segment dominated high volume dispensing machines in 2019, This can be attributed to the increasing demand for an efficient pharmacy workflow and technological advances.

b. Omnicell, Inc., McKesson Corporation, Innovation Associates, TCGRx, and ScriptPro, LLC are some of the key players in high volume dispensing system market.

b. Technological advancements, rising incidence of medication errors, growing adoption of high volume dispensing software and pharmacy automation systems are key factors driving market growth.

Up Market Research published a new report titled “High Volume Dispensing Systems Market research report which is segmented by End Use (Retail Pharmacies, Hospital Pharmacies), by Product (Software, Systems/Cabinets), By Players/Companies LLC, Inc; McKesson Corporation; Innovation Associates; TCGRx; and ScriptPro, Omnicell”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global High Volume Dispensing Systems Market Report Segments:

The market is segmented by End Use (Retail Pharmacies, Hospital Pharmacies), by Product (Software, Systems/Cabinets).

High Volume Dispensing Systems Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the High Volume Dispensing Systems Market

Overview of the regional outlook of the High Volume Dispensing Systems Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The High Volume Dispensing Systems Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of High Volume Dispensing Systems Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Retail Pharmacies

                2. Hospital Pharmacies

                1. Software

                2. Systems/Cabinets

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the High Volume Dispensing Systems 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 2028.

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Reasons to Purchase the High Volume Dispensing Systems Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.