New York, April 10, 2023 (GLOBE NEWSWIRE) -- As per a recent report by Reports Insights, the high volume dispensing systems market is ready for exponential expansion and is projected to hit around US$ 4.59 Billion by 2030. The market, which was worth US$ 2.47 Billion in 2022, is estimated to grow at a compound annual growth rate of 8.05% during the period 2023-2030. The report highlights factors such as government initiatives to improve healthcare infrastructure, increasing demand for automated dispensing systems, and rising demand for accurate and efficient medication dispensing systems. Reports Insights conducted a study on the high volume dispensing systems market, which offers an analysis of the competitive landscape, regional trends, market segmentation, and emerging technologies. The study aims to provide a comprehensive understanding of the market dynamics and factors driving its growth.
High Volume Dispensing Systems Market Size, Share & Trends Analysis, By Product Type (Systems and Cabinets, Software), Application (Dispensing, Material Handling, System Management, Inventory Management, Others), End Use (Hospital Inpatient Pharmacies, Outpatient Pharmacies, Long-Term Care Pharmacies, Government Pharmacies, Specialty Pharmacies) By Region and Segment, Forecast Period 2023 – 2030.
ReportsInsights Consulting Pvt. Ltd. has provided an all-inclusive research report on the high volume dispensing systems market, which analyzes various aspects such as market value, market size, value and supply chain, authoritative regulations, and trends. The report also scrutinizes significant divisions such as product type, application, end-use industry, and region, to identify new trends and potential prospects. This important data can help companies improve their competitiveness by concentrating on strategic collaborations, product innovations, and mergers and acquisitions, thereby strengthening their market position in comparison to other manufacturers.
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Automation in dispensing systems is increasingly becoming popular due to the need for more efficient and accurate dispensing processes. Automated dispensing systems reduce the risk of human error and improve productivity, which is expected to drive the demand for high volume dispensing systems.
Growing focus on expenditures in drug development relatively results in high demand for effective pharmaceutical inventory management in pharmacies across regions, boosting the market growth. For instance, according to a report published by IQVIA in October 2021, in terms of drug spending, South Korea had the highest percentage at 20%, while the UK had the lowest at 9%. Among the major developed countries, the range was mostly between 14% to 18%, except for Canada and the UK. Thus, such growing drug developments are anticipated to require efficient HVDS in pharmacies for improved patient care in the majority of countries.
The increased need for cost-effective solutions is another factor that is estimated to drive the growth of the high volume dispensing systems market. High volume dispensing systems help reduce labor costs, improve accuracy, and minimize material waste, which makes them a cost-effective solution for dispensing large volumes of fluids or granular materials.
High Volume Dispensing Systems Market Growth Drivers:
- Rising prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases drives the demand for HVDS for long-term medication management.
- Healthcare facilities are under pressure to reduce costs while maintaining high levels of patient care. Thus, increased demand for high volume dispensing systems to reduce medication waste and improve inventory management propels the market growth, especially in terms of cost savings for healthcare facilities.
- Growing government initiatives and expenditures around the world in healthcare infrastructure to improve access to quality healthcare for their citizens drives the demand for high volume dispensing systems as healthcare pharmacies upgrade their technology and equipment to meet the growing demand for pharmaceutical services.
Restraints
- High volume dispensing systems are expensive, and the cost varies depending on the size, complexity, and features of the equipment. This acts as a barrier to adoption for small and medium-sized businesses, which do not have the resources to invest in such equipment.
- Increased need for regular maintenance and servicing to ensure accurate and reliable performance restricts the adoption of high volume dispensing due to costly and time-consuming processes which also leads to downtime and reduced productivity.
Competitive Landscape
As per the research, the market is led by major market players such as Omnicell, Parata Systems, LLC, and Innovation Associates, followed by Talyst, LLC, Healthmark Services LTD, and ARxIUM. The high volume dispensing systems market is highly competitive, with players competing on factors such as product innovation, pricing, and distribution. As the demand for high volume dispensing systems continues to grow, the market is likely to become even more competitive in the coming years.
High Volume Dispensing Systems Market Scope & Snapshot:-
| Report Attributes | Report Details |
| Market Size By 2030 | USD 4.59 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 8.05% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Innovation Associates, Omnicell, Parata Systems, LLC (Becton, Dickinson, and Company), ScriptPro LLC, McKesson Corporation, Capsa Healthcare, Stockart, Talyst, LLC, Healthmark Services LTD, ARxIUM |
| By Product Type | Systems and Cabinets, Software |
| By Application | Dispensing, Material Handling, System Management, Inventory Management, Others |
| By End Use | Hospital Inpatient Pharmacies, Outpatient Pharmacies, Long-Term Care Pharmacies, Government Pharmacies, Specialty Pharmacies |
| Report Coverage | Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Total Revenue Forecast, Business Strategies, and more. |
| By Geography | North America [United States, Canada, Mexico] Asia-Pacific [China, Japan, India, Southeast Asia, Korea, Western Asia] South America [Brazil, Argentina, Columbia, Chile, Peru] Europe [Germany, UK, Turkey, Spain, France, Italy, Russia, Netherlands, Switzerland] Middle East & Africa [GCC, North Africa, South Africa] |
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The pharmaceutical and biotechnology industry is growing rapidly, and this is projected to boost the demand for high volume dispensing systems. For instance, according to the India Brand Equity Foundation (IBEF), Eyestem, a company focused on cell therapy based in Bengaluru secured USD 6.4 million in Series-A funding with the aim of developing products related to cell therapy. Such manufacturers require precise dispensing of liquids and granular materials in large volumes, and high volume dispensing systems are ideal for fulfilling these requirements.
Technological advancements in the field of high volume dispensing systems, such as improved accuracy and precision, are also expected to drive the growth of the market. For instance, new developments in robotics and automation technology are expected to further increase the efficiency and accuracy of high volume dispensing systems.
Key Market Takeaways
- North America is expected to offer favorable circumstances for the high volume dispensing systems market growth in terms of revenue due to the presence of an improved healthcare industry along with increased technology adoption within pharmacies in terms of medicine distribution.
- The global high volume dispensing systems market size is estimated to reach over USD 4.59 Billion by 2030 with an excellent CAGR of 8.05% during the forecast period (2023-2030).
- Based on product type, the systems and cabinets segment held a dominant position in 2022 and is projected to maintain the lead during the forecast period.
- In the context of application, the dispensing segment accounted for the highest shares contribution to the market growth in 2022.
- Based on the end use, the hospital inpatient pharmacies segment accounted for the largest market share contribution to the market circumstances in 2022.
- Further, Asia Pacific is also anticipated to register the fastest CAGR during the forecast period due to growing focus on research and development of new formulations in terms of drugs or pharmaceuticals.
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Recent Developments
In July 2022, Becton, Dickinson, and Company’s completed the strategic acquisition of Parata Systems for offering transformative solutions. The collaboration was aimed at providing a vast range of inventive pharmacy automation solutions that empower an expanding network of pharmacies to decrease expenses, increase patient safety, and improve the patient experience across retail, hospital, and long-term care settings. Through such strategic acquisition, Becton, Dickinson, and Company are now capable of delivering a comprehensive range of technologies to the pharmacy automation market, which is expected to see a yearly growth of around 10% and reach USD 1.5 billion in the U.S. alone over the next decade.
In October 2021, Parata launched a centralized platform for pharmacy management called “Stratus” that provides complete visibility of the pharmacy operations. Stratus consolidates real-time data from different automation technologies to deliver data-driven and actionable insights, enabling pharmacy professionals to make informed decisions based on the most up-to-date information available.
List of Major High Volume Dispensing Systems Market Players
- Innovation Associates
- Omnicell
- Parata Systems, LLC (Becton, Dickinson, and Company)
- ScriptPro LLC
- McKesson Corporation
- Capsa Healthcare
- Stockart
- Talyst, LLC
- Healthmark Services LTD
- ARxIUM
Global High Volume Dispensing Systems Market Segmentation:
- By Product Type
- Systems and Cabinets
- Software
- By Application
- Dispensing
- Material Handling
- System Management
- Inventory Management
- Others
- By End Use
- Hospital Inpatient Pharmacies
- Outpatient Pharmacies
- Long-Term Care Pharmacies
- Government Pharmacies
- Specialty Pharmacies
Key Questions Covered in the High Volume Dispensing Systems Market Report
- What is the estimated size of the market for high volume dispensing systems currently, and how has it evolved over the past few years?
- What are the latest developments and trends in the high volume dispensing systems market, and how are they shaping the industry landscape?
- What factors are driving the growth of the high volume dispensing systems market, and what challenges or constraints are holding it back?
- What potential opportunities exist in the high volume dispensing systems market, and what factors are expected to drive its growth in the coming years?
- How intense is the competition among players in the high volume dispensing systems industry, and what factors are likely to affect its competitiveness going forward?
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