The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Pharmacy Inventory Management Software Solutions and Cabinets Global Market Report 2024, the pharmacy inventory management software solutions and cabinets market is expected to show significant growth in the forecast period.

The pharmacy inventory management software solutions and cabinets market has experienced rapid growth in recent years, reaching $5.26 billion in 2023 and projected to reach $5.81 billion in 2024, boasting a compound annual growth rate (CAGR) of 10.4%. This expansion is attributed to various factors such as the implementation of electronic health records (EHR), complexities in pharmaceutical supply chains, regulatory compliance requirements, the rise in pharmacies, and a focus on cost efficiency in healthcare.

Key Statistics:

• Market size: $5.26 billion (2023) to $5.81 billion (2024)
• CAGR: 10.4%

Future Prospects: A Strong Growth Trajectory

Expectations are high for the pharmacy inventory management software solutions and cabinets market, with a forecasted growth to $8.41 billion by 2028, boasting a CAGR of 9.7%. This anticipated surge is linked to the increasing demand for real-time data and analytics, a heightened focus on patient safety, adoption of cloud-based inventory management solutions, expansion of specialty pharmacies, and a surge in the demand for automation in the healthcare industry.

Key Trends in the Forecast Period:

• 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

Fueling Growth: Long-Term Care Pharmacy Market

Long-Term Care (LTC) Pharmacies on the Rise

The growth of the pharmacy inventory management software solutions and cabinets market is intricately linked with the expanding long-term care (LTC) pharmacy market. The rising number of LTC pharmacies, which cater to elderly patients with complex medical conditions, is a significant contributor to market expansion.

Key Factors Driving Growth:

• Increase in the number of LTC pharmacies
• Medicaid and Medicare representing over 60% of total LTC services expenditure
• 1,282 designated LTC pharmacies as of October 2023

Major Market Players:

• 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
• Cardinal Health Inc.

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Technological Leap: Transforming the Landscape

Technological Advancements Take Center Stage

The pharmacy inventory management software solutions and cabinets market is experiencing a significant shift with the adoption of cutting-edge technologies. Major companies in the sector are incorporating innovative solutions to strengthen their market presence. For example, Palex Medical launched the Omnicell Medimat robot for dispensing medicines, simplifying the transition from manual to automated processes.

Noteworthy Acquisition: Omnicell Inc. and ReCept Holdings Inc.

In December 2021, Omnicell Inc. made a strategic move by acquiring ReCept Holdings Inc. for $100 million. This acquisition expands Omnicell Inc.’s services portfolio to address the growing specialty pharmacy market, showcasing the company’s commitment to meeting the evolving needs of the industry.

Market Segmentation

The pharmacy inventory management software solutions and cabinets market is segmented based on products and end-use.

Product Segmentation:

1. Decentralized Dispensing Systems
2. Centralized Dispensing Systems

End-Use Segmentation:

1. Independent Pharmacies
2. Hospital Pharmacies
3. Long-Term Care Centers

Regional Insights

In 2023, North America led the pharmacy inventory management software solutions and cabinets market. However, Asia-Pacific is anticipated to emerge as the fastest-growing region during the forecast period, indicating a shift in the market dynamics.

In conclusion, the pharmacy inventory management software solutions and cabinets market is on a trajectory of sustained growth, fueled by factors such as the rise in long-term care pharmacies, technological advancements, and strategic acquisitions. As the industry embraces innovation and adapts to evolving healthcare needs, the future appears promising for both market players and end-users.

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