High Volume Dispensing Systems Market Detailed Study Analysis with Forecast by 2028April 9, 2021
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.
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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.
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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.
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