PUBLISHER: The Business Research Company | PRODUCT CODE: 1653219
PUBLISHER: The Business Research Company | PRODUCT CODE: 1653219
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 from The Business Research Company 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 $5.84 billion in 2024 to $6.43 billion in 2025 at a compound annual growth rate (CAGR) of 10.0%. 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 $9.33 billion in 2029 at a compound annual growth rate (CAGR) of 9.8%. 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.
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 rising adoption of telehealth services is projected to drive the growth of the pharmacy inventory management software solutions and cabinets market in the upcoming years. Telehealth encompasses the utilization of digital information and communication technology to facilitate remote communication in clinical medical care, patient and specialist health education, health management, and public health initiatives. These telehealth services, which frequently include remote prescription orders and medication management, depend on pharmacy inventory management software to accurately monitor and dispense medications, optimize stock levels, and ensure timely delivery of prescribed medications to patients. For example, in April 2023, FAIR Health Inc., a US-based non-profit organization, reported that national telehealth usage rose by 7.3%, increasing from 5.5% of medical claim lines in December 2022 to 5.9% in January 2023. Thus, the growing use of telehealth services is set to propel the pharmacy inventory management software solutions and cabinets market.
Major players in the pharmacy inventory management software solutions and cabinets market are innovating advanced products, such as cloud-based platforms, to boost operational efficiency, enhance real-time data visibility, and streamline procurement, inventory, and logistics processes within healthcare organizations. Cloud-based platforms are digital infrastructures that function on remote servers accessed through the Internet, rather than being hosted on local or on-premise servers. For example, in March 2024, United Parcel Service (UPS) Inc., a US-based shipping and supply chain management company, launched UPS Supply Chain Symphony for UPS Healthcare, including pharmacy operations. UPS Supply Chain Symphony is a cloud-based platform designed to improve healthcare supply chain management by consolidating various logistics components into a single system. This tool enables users to efficiently manage and visualize their warehouse and transportation data, offering insights that can optimize supply chain operations. Users can track shipment details from origin to destination, along with on-demand reports that outline UPS shipments, warehouse status, and inventory levels.
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 July 2022, BD (Becton, Dickinson and Company), a US-based medical device firm, acquired MedKeeper for an undisclosed amount. Through this acquisition, BD aims to strengthen its current portfolio of connected medication management solutions and broaden its reach into pharmacy technologies. MedKeeper is a US-based company that specializes in cloud-based pharmacy inventory management applications.
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 Technologies Inc., Kirby Lester LLC, Medacist Solutions Group LLC, Parata Systems LLC, AbacusRx Inc., Cardinal Health Inc.
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
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.
Pharmacy Inventory Management Software Solutions and Cabinets Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pharmacy inventory management software solutions and cabinets market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pharmacy inventory management software solutions and cabinets ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pharmacy inventory management software solutions and cabinets market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.