High Volume Dispensing Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
High Volume Dispensing Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Report Digest
Global High Volume Dispensing Systems Market: Snapshot
High volume dispensing systems are like cabinets that are used for provision and handling of huge volumes of medication and drugs inventory. The growing technological advances and the increasing adoption of automation in the medical and healthcare sector has helped in driving the growth of the global high volume dispensing systems market. In addition to this, introduction of new and innovative software and their adoption is also helping the high volume dispensing systems market to grow.
The high volume dispensing systems market is also on the rise due to the growing medication errors. As per the recent study by the World Health Organization (WHO) in the US, at least one death in about 1.3 million people was because of some kind of medication error.
Some of the key developments in the global high volume dispensing systems market are given below:
- In July 2019, Innovation Inc., a prominent name in the global high volume dispensing systems market announced that the company has been successful in acquiring a contract from the Defense Logistics Agency for the PhamaASSIST® pharmacy automation solutions. The deal is expected to be around US$450 million for the period of 10 years.
- In July 2019, Omnicell Inc., a leading manufacturer of high volume dispensing systems announced the company’s automation and intelligence solutions will be used by North Carolina-based Atrium Health. Atrium health will use these solutions for enhancing their medication management solution and pharmacy operations. These solutions will be used across infusion centers and hospitals in the Charlotte Metro Region.
Global High Volume Dispensing Systems Market: Overview
The global high volume dispensing systems market is anticipated to witness the rise of growing trends such as the increasing adoption of pharmacy automation software. The global high volume dispensing systems market could gain attention due to the rising incidence of medication errors and technological developments. In the U.S., nearly 1.3 million people have suffered injuries and at least one person loses life because of medical errors annually, as per the findings of the WHO.
Increasing cases of non-communicable diseases and rising number of prescriptions for their treatment are predicted to propel the growth of the global high volume dispensing systems market. Millions of people have suffered from at least one or more chronic diseases in a recent year, according to the CDC. The growth of the global high volume dispensing systems could see a rise as a result of the swelling demand for accurate and quicker prescription processing.
Global High Volume Dispensing Systems Market: Trends and Opportunities
The demand for high volume dispensing systems is expected to increase in retail pharmacy chains on the back of the need to process large volume prescriptions at a quicker rate. This could be supported by latest technological developments in the structural designing of automated cabinets. High requirement of efficient software for dispensing and managing large volumes of medication inventories could be another factor triggering demand in the global high volume dispensing systems market. This could be because of the increase in the number of mail and retail order pharmacies.
Strong usage of high volume dispensing systems to avoid excess inventory costs owing to the growing pressure of reducing medication prices is projected to provide a fillip to the global market.
Global High Volume Dispensing Systems Market: Market Potential
Implementation of the EU Falsified Medicines Directive (FMD) in the region including the U.K. by February 9, 2019 is expected to help the global high volume dispensing systems market stay at the center stage. According to the FMD law, two new features are required to be added to all prescription medicine packs in Europe for their safety: a barcode style unique identifier (UI) and an anti-tampering device (ATD). In order to avoid stock shortages, pharmacy chain Weldricks has already ordered new quality scanners for its 63 pharmacies, which will be trailed in September 2018. The trial will begin in a high volume dispensing and a low volume dispensing pharmacy.
Global High Volume Dispensing Systems Market: Regional Outlook
The global high volume dispensing systems market is forecast to find North America taking a leading position in terms of growth. The region could gain impetus while riding on the presence of several companies, which improves the availability of high volume dispensing systems. Asia Pacific is envisaged to log a higher CAGR in the global high volume dispensing systems market due to constant development of healthcare infrastructure. Other factors that could push the Asia Pacific high volume dispensing systems market are lack of qualified pharmacists and increasing number of prescriptions.
Global High Volume Dispensing Systems Market: Competitive Landscape
The global high volume dispensing systems market marks the presence of leading players such as Innovation Associates, McKesson Corporation, and Omnicell, Inc. The rising trend of partnerships and agreements for acquiring new technologies is prognosticated to augur well for the global high volume dispensing systems market. Several small companies operating in the global high volume dispensing systems market are making decent investments. However, the global high volume dispensing systems market may witness the domination of multinational firms.
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report