The global high volume dispensing systems market size was worth USD 2.34 billion in 2021. It is estimated to reach USD 4.67 billion by 2030, growing at a CAGR of 7.97% during the forecast period (2022–2030). Dispensing systems are material dispensing equipment having applications in a wide range of sectors, such as chemicals, healthcare & pharmaceutical, industry & manufacturing, food & drinks, electronics, automotive, and construction, among others. Dispensing systems aid in offering higher quality of products while enhancing efficiency as well as decreasing mistakes.
The expansion of the global high volume dispensing systems market share would be driven by the growing prevalence of non-communicable illnesses and the rising number of prescriptions written for the treatment of these conditions. Centres for Disease Control and Prevention (CDC) reports that in the most recent year, millions of people suffered from one or more chronic illnesses. As the need for prescription processing that is both precise and rapid continues to expand, there is a possibility that the expansion of high-volume dispensing systems all over the world may pick up pace.
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The growing utilisation of pharmacy automation systems and software for high volume dispensing is one of the significant reasons that is contributing to the expansion of the market. Other significant trends driving market expansion include technological improvements and an increasing prevalence of drug mistakes.
The rising incidence of non-communicable illnesses and the accompanying rise in the number of prescriptions written are both factors that are likely to stimulate market growth. In 2012, around 117 million persons in the United States suffered from one or more chronic health disorders, as reported by the Centers for Disease Control and Prevention (CDC). In addition to this, the skyrocketing need for prescription processing that is both quicker and more accurate is predicted to further boost the market.
There have been recent technological advancements in the structural designing of automated cabinets. These advancements, which allow automated cabinets to process large volumes of prescriptions at a faster rate, are likely to boost the demand for these systems in retail pharmacy chains. For example, Innovation Associates, which is one of the most important market participants, has begun to deal in large volume dispensing solutions. Their rapid start system ensures that anywhere from 500 to 6,000 prescriptions may be processed in a single 8-hour shift. It is an excellent choice for retail chains, hospitals, independent pharmacies, mail-order pharmacies, and government healthcare pharmacies. In addition, the organisation has a sizable and tailor-made computer system that has the capability of handling anything from 6,000 to 100,000 prescriptions in a single eight-hour shift.
As the number of retail and mail-order pharmacies expands, so does the demand for effective methods and software that can manage and dispense huge quantities of pharmaceutical stock. This is especially true as the number of online pharmacies continues to grow. Due to this, there is an uptick in the requirement for large volume dispensing devices. In addition, the growing amount of pressure being put on the healthcare industry to lower the pricing of pharmaceuticals is further driving up demand for this software and these cabinets since they assist reduce the expenses associated with having surplus inventory.
An increase in the funds provided by the government for the installation of these cabinets in hospitals will assist the industry develop a significant foothold over the course of the coming years. For example, in 2016, the non-profit group Right to Care collaborated with the government of South Africa to launch a pharmacy automation scale-up programme at Helen Joseph Hospital. This initiative was made possible by Right to Care. In addition to this, one of the key growth boosters for the market is the increasing need for cutting down on the amount of inventory discrepancies that occur in pharmacies and hospitals.
The market's growth is negatively impacted by the high cost of both the systems themselves and the installation of the systems.
The global high volume dispensing systems market is segmented by product, end-user, and region.
Cabinets commanded the lion's share of the market's sales in 2017, making up the category that had the highest proportion overall. It is anticipated that the rising need for efficient pharmacy workflow, in conjunction with the expanding number of concerns surrounding the secure distribution of drugs, would bode well for the sales of large volume cabinets. In addition, the rise in the number of prescriptions has caused a significant increase in the quantity of medicine inventory, which in turn is anticipated to contribute to the expansion of the market segment.
The expansion of the market for high volume dispensing systems is being helped along by technological advances in cabinet designs. These innovations are aimed at enhancing patient safety as well as the processing of prescriptions. Recent innovations in cabinet designs have included the application of image, RFID, and barcode technology, as well as cutting-edge software solutions. These advancements have been made possible by these technologies. For example, the Omnicell XT Series Automated Dispensing System was developed in a way that provides optimum workflow efficiency and promotes patient safety. This was accomplished by designing the system in such a way that it was built from the ground up.
The CAGR for high volume dispensing software is projected to be greater than average during the length of the forecast, coming in at 10%. One of the major aspects that is projected to fuel the growth of the segment during the same period is the rising need for pharmacy software solutions in order to simplify workflow. This is one of the key factors that is anticipated to trigger the development of the segment. In addition, the increasing implementation of large volume dispensing software solutions and systems across a variety of medical applications, particularly in the administration of restricted medications, is contributing to the expansion of the entire market.
A growing number of retail pharmacies and prescriptions, which in turn is generating considerable amounts of medicine inventory, contributed to the retail pharmacies segment's dominance of the market in 2017. Aside from this, there is an ever-increasing need for specialised pharmaceuticals, which increases the requirement for cabinets and software that enable the secure and effective distribution of prescriptions. For example, in the year 2012, over USD 325.8 billion was spent on pharmaceutical in the United States, with 26.7% of that amount being spent on speciality medications.
These cabinets have been shown to be helpful in lowering labour costs and reducing understocking or overstocking of medication, both of which may be costly mistakes. In addition, the expansion of this industry is being driven by a rise in the number of favourable efforts being undertaken by governments as well as public and commercial actors to deploy these systems in pharmacies. The rising financial burden as well as the possibility of making mistakes with medication are further driving up the need for large volume distribution systems.
Over the course of the next time period, it is anticipated that the deployment of these systems in hospital pharmacies will likely expand at a significant growth rate of 7.4%. The need for these systems in hospitals is expanding as a result of the growing number of pharmaceutical mistakes, the rising number of inventory inconsistencies, and the growing emphasis on reducing the amount of labour that has to be done.
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The presence of number of market participants in North America, which boosts the availability of these systems in the area, contributed to North America's position as the region with the highest total revenue contribution to the market in 2017. The market in this area is benefiting from the early adoption of such cabinets and software by pharmacies as well as hospitals, in addition to the quick developments that have been made in technical capabilities. In addition to this, it is anticipated that growing expenditures in the field of pharmacy automation by both public and commercial agencies would assist the area in maintaining its position until the year 2025.
A notable increase in the demand for these cabinets and software in the region is being driven in large part by growing worries around insufficient inventory management. The growing incidence of chronic diseases in the region is one of the primary factors driving the need for medicine refills and, as a result, an increase in the total inventory. This, in turn, is anticipated to be beneficial for the market in the region.
Over the course of the projected period, it is anticipated that Asia Pacific will have the greatest CAGR, which will be 10.1%. There is an uptick in the total number of prescriptions filled, there is currently a lack of appropriately trained pharmacists, and there is ongoing work being done to enhance the region's healthcare infrastructure. These are among the primary factors that are driving the expansion of the market in this region. It is anticipated that the quantity of medication on hand will expand over the next several years due to rising costs associated with medical treatment, a higher rate of mistakes made while distribution, and a greater illness load. Because of this, demand for large volume dispensing systems is expected to continue to rise during the time covered by the projection.
List of key high volume dispensing systems market companies profiled