What Has Been The Evolution of the Pharmacy Inventory Management Software Solutions and Cabinets Market in Recent Years?
The pharmacy inventory management software solutions and cabinets market has seen considerable growth due to a variety of factors.
• The market size for pharmacy inventory management software solutions and cabinets has swiftly expanded in the past few years. The sector is projected to rise from $5.84 billion in 2024 to $6.43 billion in 2025, witnessing a compound annual growth rate (CAGR) of 10.0%.
The impressive growth in the preceding period can be credited to factors like the adoption of electronic health records (EHR), increased intricacy of pharmaceutical supply chains, regulatory compliance necessities, rising count of pharmacies, and a focus on cost-effectiveness in healthcare.
What Is the Forecasted Market Size and Growth Rate for The Pharmacy Inventory Management Software Solutions and Cabinets Market?
The pharmacy inventory management software solutions and cabinets market is expected to maintain its strong growth trajectory in upcoming years.
• The expectation is that the robust growth in the market size of pharmacy inventory management software solutions and cabinets will continue in the years to come. The projected value of this market is $9.33 billion in 2029, with an annual compound growth rate (CAGR) of 9.8%.
Factors contributing to this forecasted growth are the need for real-time data and analytics, heightened focus on patient safety, the upsurge in cloud-based inventory management solution adoption, growth of specialized pharmacies and the increased demand for automation within healthcare. Key market trends for this forecast period are the utilization of RFID technology for inventory tracking, automation and robotics in pharmacy operations, mobile applications for pharmacy management, sustainability strategies in inventory management, and the adoption of collaborative and centralized inventory models.
What Factors Are Driving Growth In The Pharmacy Inventory Management Software Solutions and Cabinets Market?
The growth of the pharmacy inventory management software solutions and cabinets market is likely to be propelled by the increasing number of long-term care (LTC) pharmacies. These pharmacies oversee the medicinal and clinical requirements of elderly patients dealing with intricate health issues. The rise in demand for long-term care has subsequently led to a spike in LTC pharmacies. Milliman, Inc., an insurance company from the United States, forecasted in October 2023 that the count of pharmacies identified as LTC pharmacies, serving long-term care facilities, would reach 1,282. Additionally, Medicaid and Medicare account for over 60% of total expenses towards LTC services. This surge in LTC pharmacies is therefore propelling the pharmacy inventory management software solutions and cabinets market.
What Are The Main Segments Of The Global Pharmacy Inventory Management Software Solutions and Cabinets Market?
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
Subsegments:
1) By Decentralized Dispensing Systems: Automated Dispensing Cabinets (ADCs), Point-Of-Care Dispensing Systems, Medication Cart Solutions
2) By Centralized Dispensing Systems: Central Pharmacy Dispensing Systems, Robotic Dispensing Systems, Pharmacy Workflow Management Systems
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What Emerging Trends Are Influencing The Growth Of The Pharmacy Inventory Management Software Solutions and Cabinets Market?
Top companies in the pharmacy inventory management software solutions and cabinets market are elevating their game by introducing advanced technology, such as cloud-based platforms, aiming to boost operational efficiency, improve real-time data visibility, and make procurement, inventory, and logistics process more streamlined in healthcare organizations. Instead of local or on-site servers, cloud-based platforms are digital systems operating on remote servers accessible via the internet. As an example, in March 2024, United Parcel Service (UPS) Inc., a leading U.S. firm specializing in shipping, receiving, and supply chain management, launched its UPS Supply Chain Symphony tailored for UPS Healthcare, including pharmacy operations. This cloud-based platform is specifically engineered to upgrade healthcare supply chain management by amalgamating different logistics components into a single system. This tool enables users to manage and visualize their warehouse and transportation data effectively, offering insights for refining supply chain operations. It allows users to track shipment details from the starting point to the endpoint and also access on-demand reports detailing UPS shipments, warehouse conditions, and inventory levels.
Who Are the Key Players in the Pharmacy Inventory Management Software Solutions and Cabinets Market?
Major companies operating in 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 Is The Most Dominant Region In The Pharmacy Inventory Management Software Solutions and Cabinets Market?
North America was the largest region in the pharmacy inventory management software solutions and cabinets market in 2024. 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
