The global High Volume Dispensing Systems market size is expected to be worth around US$ 5.07 billion by 2030, according to a new report by Vision Research Reports.
The global High Volume Dispensing Systems market size was valued at US$ 1,836 million in 2020 and is anticipated to grow at a CAGR of 10.2% during forecast period 2021 to 2030.
Increasing number of prescriptions, growing disease burden, and recent technological advancements are some of the key drivers for the market. Rising incidence of dispensing errors is boosting the need for high volume dispensing systems in order to enhance patient safety.
Increasing adoption of pharmacy automation systems in retail pharmacies for dispensing large volume medications is one of the key factors fueling the demand for high volume dispensing systems. Surging demand for faster prescription processing and increasing government funding for the installation of these systems in hospitals are also stoking the growth of the market. Moreover, the soaring need for reduction in inventory discrepancies is further bolstering the demand for these systems.
Rising number of retail and mail order pharmacies is resulting in high volume of medication inventory. This, in turn, is creating an upswing in the adoption rate of high volume dispensing systems. Growing concerns regarding patient safety and increasing investments in pharmacy automation systems are also propelling the market. In addition, increasing demand for reduction of pharmacist workload is further expected to augment the market over the forecast period.
the cabinets segment accounted for the largest share in the market in terms of revenue. Soaring demand for effective pharmacy workflow coupled with growing concerns regarding safe dispensing of medications is expected to augur well for the sales of high volume cabinets. Moreover, the increasing number of prescriptions is responsible for generating large medication inventory, which in turn is projected to contribute to the growth of the segment.
Technological advancements in cabinet designs for improving patient safety and prescription processing are supplementing the growth of the high volume dispensing systems market. Recent developments in cabinet designs include the use of, barcode, and imaging technologies along with the implementation of innovative software solutions. For instance, the Omnicell XT Series Automated Dispensing System is designed in a way that ensures maximum workflow efficiency and promotion of patient safety.
High volume dispensing software is poised to exhibit a higher CAGR of 10.0% during the forecast period. Increasing demand for pharmacy software solutions in order to streamline workflow is one of the key factors anticipated to trigger the growth of the segment over the same period. In addition, the growing adoption of these large volume dispensing software solutions and systems in various medical applications, especially in case of controlled substances, is stimulating the growth of the overall market.
In 2017, the retail pharmacies segment dominated the market owing to the rising number of retail pharmacies and prescriptions, which in turn, is generating significant volumes of medication inventory. Apart from this, burgeoning demand for specialty medicines spurs the need for these cabinets and software that allow safe and efficient dispensing of medications. For instance, in 2012, about USD 325.8 billion were spent on medication in the U.S., 26.7% of which was spent on specialty drugs.
These cabinets are proven effective in decreasing labor costs as well as in avoiding understocking or overstocking of medications. Furthermore, an increase in favorable initiatives by governments and public & private players to implement these systems in pharmacies is augmenting the market. Growing cost burden and risk of medication errors are further fueling the demand for high volume dispensing systems.
The implementation of these systems in hospital pharmacies is likely to increase at a noteworthy growth rate of 7.4% over the forecast period. Increasing inventory discrepancies, rising number of medication errors, and growing focus on reduction in workload are boosting the demand for these systems in hospitals.
North America was the leading revenue contributor in the market in 2017 owing to the presence of a large number of market players that increases the availability of these systems in the region. Early adoption of such cabinets and software by pharmacies as well as hospitals and rapid technological advancements are working in favor of the market in this region. Besides this, increasing investments by public and private bodies in the sector of pharmacy automation are estimated to help the region retain its position through 2025.
Growing concerns pertaining to inadequate inventory management are providing a remarkable push to the demand for these cabinets and software in the region. Rising incidence of chronic diseases in the region is driving the need for refilling medication and thus, increasing the overall inventory, which in turn is expected to bode well for the regional market.
Asia Pacific is estimated to post the highest CAGR of 10.1% over the forecast period. Rising number of prescriptions, shortage of qualified pharmacists, and continual efforts for improvement in healthcare infrastructure are among the key factors fostering the growth of the market in the region. In recent years, due to increasing healthcare expenditure, growing incidence of dispensing errors, and mounting disease burden, medication inventory is projected to rise. This, in turn, is stoking the demand for high volume dispensing systems over the forecast period.
Omnicell, Inc.; McKesson Corporation; Innovation Associates; TCGRx; ScriptPro, LLC
Middle East Africa
The High Volume Dispensing Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of High Volume Dispensing Systems market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global High Volume Dispensing Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the High Volume Dispensing Systems market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted High Volume Dispensing Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the High Volume Dispensing Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of High Volume Dispensing Systems by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global High Volume Dispensing Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major High Volume Dispensing Systems market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of High Volume Dispensing Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the High Volume Dispensing Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The High Volume Dispensing Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to High Volume Dispensing Systems market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of High Volume Dispensing Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new High Volume Dispensing Systems market. These factors have benefited the growth of the global market for High Volume Dispensing Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for High Volume Dispensing Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of High Volume Dispensing Systems are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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