What is the Projected Market Size and Growth Rate of Pharmacy Inventory Management Software Solutions and Cabinets Market?
The pharmacy inventory management software solutions and cabinets market size has surged over recent years, moving from $5.84 billion in 2024 to reach $6.43 billion in 2025 at a compound annual growth rate (CAGR) of 10.0%. Factors such as the implementation of electronic health records (EHR), increasingly complex pharmaceutical supply chains, regulatory compliance requirements, and a growing number of pharmacies, have all played crucial roles in historical growth.
The forecasted period also presents significant growth potential, with the market expanding to $9.33 billion in 2029 at a CAGR of 9.8%. The anticipated growth is down to the rising demand for real-time data analytics, a heightened focus on patient safety, and application of cloud-based inventory management solutions, expansion of specialty pharmacies, the rise in demand for automation in the healthcare industry.
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What are the Key Drivers for Pharmacy Inventory Management Software Solutions and Cabinets Market Growth?
One of the key drivers for the growth of the pharmacy inventory management software solutions and cabinets market is the rising number of long-term care (LTC) pharmacies. These facilities manage the medication and clinical needs of elderly patients with complex medical conditions. The growing demand for long-term care has boosted the number of long-term care pharmacies. Data from Milliman, Inc., shows that by October 2023, there will be 1,282 pharmacies designated as LTC pharmacies offering their services to long-term care facilities. Medicaid and Medicare collectively represent more than 60% of total expenditure on LTC services. As such, the increasing number of LTC pharmacies is driving the pharmacy inventory management software solutions and cabinets market.
What are the Major Segments in the Pharmacy Inventory Management Software Solutions and Cabinets Market?
The market report segments the pharmacy inventory management software solutions and cabinets market into:
1) By Product: Decentralized Dispensing Systems, Centralized Dispensing Systems
2) By End-Use: Independent Pharmacies, Hospital Pharmacies, Long-Term Care Centers
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Which are the Major Players in the Pharmacy Inventory Management Software Solutions and Cabinets Market?
Key companies dominating the pharmacy inventory management software solutions and cabinets market include ARxIUM, Becton Dickinson and Company, Clanwilliam IRL, DATASCAN-DCS Pharmacy Inc., Epicor Software Corporation, GlobeMed Ltd., Health Business Systems Inc., Logic ERP Solutions Pvt Ltd., Liberty Software Inc., McKesson Corporation, Omnicell Inc., Oracle Corporation, Supplylogix LLC, Talyst LLC, Swisslog Holding AG, Capsa Healthcare, ScriptPro LLC, Accu-Chart Plus Healthcare Systems Inc., Cerner Corporation, GE Healthcare Technolgies Inc., Kirby Lester LLC, Medacist Solutions Group LLC, Parata Systems LLC, AbacusRx Inc., Cardinal Health Inc.
What are the Emerging Trends in the Pharmacy Inventory Management Software Solutions and Cabinets Market?
Major market operators are leveraging advancements, such as cloud-based platforms, to boost operational efficiency, streamline procurement, inventory, and logistics, and offer real-time data visibility in healthcare organizations.
For instance, in March 2024, United Parcel Service (UPS) Inc., launched UPS Supply Chain Symphony for UPS Healthcare including pharmacy operations. This cloud-based platform integrates various logistics elements into one system, improving healthcare supply chain management.
Which Region is the Fastest Growing in the Pharmacy Inventory Management Software Solutions and Cabinets Market?
North America held the largest region in the pharmacy inventory management software solutions and cabinets market in 2024. However, Asia-Pacific is expected to report the fastest growth during the forecast period.
What Does The Pharmacy Inventory Management Software Solutions and Cabinets Market Report 2025 Offer?
Pharmacy inventory management software solutions and cabinets refer to systems or methods which enhance operational efficiency and significantly improve pharmacy profits. The pharmacy inventory management software solutions and cabinets market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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