High Volume Dispensing Systems Market Trends

Growth Drivers

• Increased adoption of pharmacy automation systems and software: Pharmacies can maintain minimum human interaction and real-time stock and inventory management with automated systems. While tracking stock is an essential aspect of pharmacy work, it may be a time-consuming and tiresome task. These days, pharmacies can assign this work to robotic systems and concentrate more on patient care by using automated inventory management systems. Also, there’s a growing shift towards AI and robotics for drug discovery, computer programs, and automated workflow systems, driving the market growth.
  
  AI can be applied in retail pharmacy settings through partnerships in telemedicine, inventory management, and chatbots that simulate interactions between patients and pharmacists similarly in hospital pharmacies it is used for barcode scanning, automated drug tracking and dispensing, and injectable medicine preparation. The surging need for pharmaceutical drugs due to growing non-communicable diseases has led to an increase in the prevalence of pharmacy automation technology. The WHO stated that noncommunicable diseases (NCDs) account for 41 million annual deaths worldwide, or 74% of all fatalities.
• Growing integration of advanced technologies: The use of sophisticated technology such as barcode scanning and Radio Frequency Identification (RFID) in these dispensing devices improves the accuracy and safety of drug distribution. By enabling thorough tracking and verification at each dispensing stage, these technologies greatly limit the possibility of errors, ensuring patients receive the correct prescriptions and dosages, hence boosting the sector's expansion.
• Surging government funding: Government often provides grants for R&D to foster innovation in dispensing technologies, encouraging companies to develop more efficient and advanced systems. Funding for infrastructure projects can drive demand for high volume dispensing systems.For instance, the Government of India launched the Pharmaceutical Technology Upgradation Assistance Scheme (PTUAS) to provide interest subvention to eligible Small and Medium scale pharma units with GMP-compliant manufacturing facilities. The aim is to upgrade their manufacturing and infrastructure technology. The government had allocated USD 1.71 billion for 2018-2020 to benefit SMEs.

Challenges

• Need for customization: The demand for customization to meet certain industrial requirements is one of the major challenges that may limit the widespread adoption of high volume dispensing systems Dispensing requirements vary per business, and creating specialized solutions might take a lot of time and resources. Furthermore, the elevated financial investment required to implement these technologies could discourage small and medium-sized businesses from adopting them, especially in regions with low financial resources or the absence of government backing for industrial automation.
• Need for regular maintenance: The adoption of high volume dispensing is hampered by the increased need for routine maintenance and service to maintain precise and dependable performance. These procedures are expensive and time-consuming, and they often result in downtime and decreased production.