Market Trends of High Volume Dispensing Systems Industry
This section covers the major market trends shaping the High Volume Dispensing Systems Market according to our research experts:
Systems and Cabinets Segment is Dominating the High volume dispensing systems Market.
The dominant market share of the systems and cabinet segment can be attributed to the increasing incidence of medication errors, and growing adoption of pharmacy automation systems and software for high volume dispensing. According to the World Health Organization (WHO), in 2017, medical errors cause at least one death every year and responsible for injuries in about 1.3 million people in the United States annually. Furthermore, increasing number of pharmacies globally is boosting the segment growth. According to the Office for National Statistics (UK); NHS Digital, the number of pharmacies had been above 11.6 thousand since 2013 and reached upto 11699 community pharmacies in England alone in 2017. The increasing need for the automation and increasing pharmacies is boosting the market growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of chronic diseases in the region, established healthcare infrastructure are some of the key factors accountable for its large share in the market. In this region the United States has the maximum share due to supportive healthcare policies, high number of patients, and a developed healthcare market. With an aging population and greater prevalence of chronic diseases, the need for safe, legal pharmaceutical drug stores is constantly rising. According to US Census Bureau, in 2018, U.S. pharmacy and drug store sales amounted to about USD 285.87 billion. The increasing investemnets in pharma industry and rising need for automation in the same is boosting the market in the segment.
