Pharmacy Inventory Management Software Solutions and Cabinets Global Market Report 2024

Pharmacy inventory management software solutions and cabinets are designed to help manage a pharmacy's inventory effectively, reducing costs, improving operational efficiency, and minimizing issues like overstocking and lost opportunities. The software typically integrates inventory management and ordering systems to enhance business efficiency and boost pharmacy profits.

The main types of pharmacy inventory management software solutions and cabinets include decentralized dispensing systems and centralized dispensing systems. Independent pharmacies, owned and operated by a sole proprietor or a small group of business owners, are among the end users of these solutions. The software is also utilized in hospital pharmacies and long-term care centers.

The pharmacy inventory management software solutions and cabinets market research report is one of a series of new reports that provides pharmacy inventory management software solutions and cabinets market statistics, including pharmacy inventory management software solutions and cabinets industry global market size, regional shares, competitors with a pharmacy inventory management software solutions and cabinets market share, detailed pharmacy inventory management software solutions and cabinets market segments, market trends and opportunities, and any further data you may need to thrive in the pharmacy inventory management software solutions and cabinets industry. This pharmacy inventory management software solutions and cabinets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 historic growth in pharmacy inventory management software solutions and cabinets can be attributed to several factors, including the implementation of electronic health records (EHR), the increased complexity of pharmaceutical supply chains, regulatory compliance requirements, a growing number of pharmacies, and an emphasis on cost efficiency in healthcare. These factors likely drove the adoption of advanced inventory management solutions to streamline operations and enhance efficiency within pharmacy settings.

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 forecasted growth in pharmacy inventory management software solutions and cabinets can be attributed to several trends and factors, including the demand for real-time data and analytics, increasing focus on patient safety, adoption of cloud-based inventory management solutions, expansion of specialty pharmacies, and a rise in demand for automation in the healthcare industry. Additionally, major trends in the forecast period include the incorporation of RFID technology in inventory tracking, automation and robotics in pharmacy operations, mobile pharmacy management applications, sustainability initiatives in inventory management, and the adoption of collaborative and centralized inventory models. These trends are indicative of the ongoing technological advancements and innovative approaches within the pharmacy and healthcare sectors.

The growth of the pharmacy inventory management software solutions and cabinets market is expected to be driven by the increasing number of long-term care (LTC) pharmacies. These pharmacies play a crucial role in managing the medication and clinical needs of elderly patients with complex medical conditions. The growing demand for long-term care has led to a rise in the establishment of long-term care pharmacies. As of October 2023, Milliman, Inc., a US-based insurance company, projects the presence of 1,282 designated long-term care (LTC) pharmacies offering services to long-term care facilities. Medicaid and Medicare collectively contribute over 60% to the total expenditure on long-term care (LTC) services. Consequently, the increasing prevalence of long-term care (LTC) pharmacies serves as a driving force for the pharmacy inventory management software solutions and cabinets market.

The growth of the pharmacy inventory management software solutions and cabinets market is further expected to be propelled by the increasing adoption of telehealth services. Telehealth involves the use of digital technology to facilitate remote communication in clinical medical treatment, health-related education, and public health. With telehealth services often including remote prescription orders and medication management, the accurate tracking and dispensing of medications become essential. Pharmacy inventory management software is crucial in optimizing stock levels and ensuring the timely delivery of prescribed medications to patients. As of August 2022, over 95,000 practitioners had utilized telehealth services, providing 118.2 million telehealth services to 18 million patients from March 2020 to July 2022. This surge in telehealth adoption is expected to drive the pharmacy inventory management software solutions and cabinets market.

A key trend in the pharmacy inventory management software solutions and cabinets market is the adoption of technological advancements. Major companies in this sector are embracing innovative technological solutions to strengthen their market position. For instance, in October 2021, Palex Medical, a Spain-based healthcare equipment provider, introduced the new generation Omnicell Medimat robot for dispensing medicines to outpatients. The Medimat solution facilitates a seamless transition from manual to automated processes.

Strategic partnerships are playing a significant role in shaping the pharmacy inventory management software solutions and cabinets market. Major companies are engaging in strategic collaborations to enhance their market presence, expand product offerings, and meet evolving healthcare sector needs. In October 2023, Tecsys Inc., a Canada-based supply chain management software company, partnered with Baptist Health, a US-based health system, to optimize pharmacy supply chain operations through the implementation of Tecsys' Elite software platform. This collaboration involves the establishment of a Consolidated Pharmacy Service Center (CPSC) and represents a substantial step in Baptist Health's efforts to improve operational efficiency and advance healthcare solutions in Kentucky.

In December 2021, Omnicell Inc., a US-based healthcare technology company, completed the acquisition of ReCept Holdings Inc. for $100 million. This strategic move allows Omnicell to expand its advanced services portfolio to address the complex specialty pharmacy market, while ReCept benefits from a broader infrastructure to deliver value to pharmacy partners. ReCept Holdings Inc. is a US-based specialty healthcare service provider.

Major companies operating in the 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.

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

The countries covered in the pharmacy inventory management software solutions and cabinets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The pharmacy inventory management software solutions and cabinets market includes revenues earned by entities by enhancing gross profits and net profits by reducing the cost of procured pharmaceutical products. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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