Overview and Scope
Pharmacy inventory management software solutions and cabinets refer to the practice of successfully managing a pharmacy’s inventory, whereby a method or system aids the manager or owner in lowering expenses, enhancing operational effectiveness, and minimizing overstocking and lost opportunity. Pharmacy inventory management software with a powerfully integrated inventory management and ordering system optimizes business efficiency and dramatically improves pharmacy profits.
Sizing and Forecast
The pharmacy inventory management software solutions and cabinets market size has grown rapidly in recent years. It will grow from $5.26 billion in 2023 to $5.81 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to implementation of electronic health records (ehr), increased complexity of pharmaceutical supply chains, regulatory compliance requirements, growing number of pharmacies, emphasis on cost efficiency in healthcare.
The pharmacy inventory management software solutions and cabinets market size is expected to see strong growth in the next few years. It will grow to $8.41 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to demand for real-time data and analytics, increasing focus on patient safety, adoption of cloud-based inventory management solutions, expansion of specialty pharmacies, rise in demand for automation in the healthcare industry. Major trends in the forecast period include rfid technology in inventory tracking, automation and robotics in pharmacy operations, mobile pharmacy management applications, sustainability initiatives in inventory management, collaborative and centralized inventory models.
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The pharmacy inventory management software solutions and cabinets market covered in this report is segmented –
1) By Product: Decentralized Dispensing Systems, Centralized Dispensing Systems
2) By End-Use: Independent Pharmacies, Hospital Pharmacies, Long-Term Care Centers
North America was the largest region in the pharmacy inventory management software solutions and cabinets market in 2023. Asia-Pacific is expected to be the fastest growing region during the forecast period. The regions covered in the pharmacy inventory management software solutions and cabinets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising number of long-term care (LTC) pharmacies are expected to propel the growth of the pharmacy inventory management software solutions and cabinets market going forward. Long-term care pharmacies manage the medication and clinical needs of elderly patients with complex medical conditions. The increasing demand for long-term care has led to an increase in the number of long-term care pharmacies. For instance, in October 2023, according to Milliman, Inc., a US-based insurance company, there will be 1,282 pharmacies designated as long-term care (LTC) pharmacies that offer their services to long-term care facilities. Moreover, Medicaid and Medicare collectively represent more than 60% of total expenditure on long-term care (LTC) services. As a result, the increasing number of long-term care (LTC) pharmacies is driving the pharmacy inventory management software solutions and cabinets market.
Key Industry Players
Major companies operating in the pharmacy inventory management software solutions and cabinets market report are 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., JVM Co. Ltd., 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., Invenco Pty Ltd., Kirby Lester LLC, Medacist Solutions Group LLC, MedSupply Software, MedWeb, Parata Systems LLC, Pharmacy OneSource Inc., AbacusRx Inc., Cardinal Health Inc.
The pharmacy inventory management software solutions and cabinets market report table of contents includes:
1. Executive Summary
2. Pharmacy Inventory Management Software Solutions and Cabinets Market Characteristics
3. Pharmacy Inventory Management Software Solutions and Cabinets Market Trends And Strategies
4. Pharmacy Inventory Management Software Solutions and Cabinets Market – Macro Economic Scenario
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31. Global Pharmacy Inventory Management Software Solutions and Cabinets Market Competitive Benchmarking
32. Global Pharmacy Inventory Management Software Solutions and Cabinets Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Pharmacy Inventory Management Software Solutions and Cabinets Market
34. Pharmacy Inventory Management Software Solutions and Cabinets Market Future Outlook and Potential Analysis
