USD 66.87 billion
Global Pharmacy Inventory Management Software Solutions Market Size, Share, Growth Analysis, By Product(Decentralized Dispensing Systems, Centralized Dispensing Systems), By Application(Independent Pharmacies, Hospital Pharmacies) - Industry Forecast 2024-2031
Report ID:
SQMIG35D2029 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
62 |
Figures:
75
Global Pharmacy Inventory Management Software Solutions Market Insights
Global Pharmacy Inventory Management Software Solutions Market size was valued at USD 66.87 billion in 2019 and is poised to grow from USD 73.8 billion in 2023 to USD 144.6 billion by 2031, growing at a CAGR of 10.12% in the forecast period (2024-2031).
The business efficiency and financial performance of the pharmacy will be optimized by robust inventory management and ordering system integrated with pharmacy management software. Additionally, pharmacy inventory management software helps with duties including evaluating doctor prescriptions and manufacturing medications, maintaining inventory and placing drug orders, managing billing and insurance, offering to counsel, spotting incompatibilities, and more.
Prescriptions being issued at a higher rate and pharmacy automation systems becoming more widely accepted are two important aspects that are expected to fuel the market's growth for inventory management software solutions in the coming years. The market for pharmacy inventory management software and cabinets is expanding as a result of a number of causes, including the rise in drug errors and technological advancements in automated dispensing cabinet design. The demand for these systems is being driven by an increase in drug errors, particularly dispensing problems in hospital and retail pharmacies.
US Pharmacy Inventory Management Software Solutions Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Decentralized Dispensing Systems
Fastest Growth
Decentralized Dispensing Systems
Growth Rate
10.12% CAGR
Global Pharmacy Inventory Management Software Solutions Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Pharmacy Inventory Management Software Solutions Market Size by Product 2021-2028 ($ Mn)
Global Pharmacy Inventory Management Software Solutions Market Size by Product 2021-2028 (%)
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Global Pharmacy Inventory Management Software Solutions Market Segmental Analysis
The global Pharmacy Inventory Management Software Solutions Market segmentation is based on product, application, and region. Based on product the Pharmacy Inventory Management Software Solutions Market is segmented into decentralized dispensing systems and centralized dispensing systems. Based on application the Pharmacy Inventory Management Software Solutions Market is segmented into independent pharmacies, hospital pharmacies, and long-term care centers. Based on Region the global pharmacy inventory management software solutions market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Pharmacy Inventory Management Software Solutions Market Analysis by Product
In 2021, decentralized dispensing systems held the biggest market share; throughout the forecast period, it is expected that this segment would expand at the highest CAGR. A decentralized medication distribution system is a technique in which hospital pharmacies have a substantial amount of medication in stock, prepared to be given to patients by nurses as soon as a doctor approves the treatment plan. In addition, the medication rooms have undergone certain alterations in this situation, when many hospitals used a decentralized distribution approach.
Pharmacy Inventory Management Software Solutions Market Analysis by Application
The market share held by Independent pharmacies in 2021 was the largest, and it is expected that this segment would expand at the highest CAGR over the forecast period. Among a few key factors that may fuel demand are the rise of retail pharmacies and the rising need to lower overall operating expenses. The demand for efficient patient counseling and the growing workload placed on pharmacists both contribute to the uptake of these solutions. It is also expected that increasing utilization of large volume drug dispensing will support market expansion.
Global Pharmacy Inventory Management Software Solutions Market By Product, 2021 (%), 2023 (%)
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Global Pharmacy Inventory Management Software Solutions Market Regional Insights
In 2021, due to the increased accessibility of these systems and solutions, North America dominates the market for pharmacy inventory management software solutions. Additionally, the market for pharmacy inventory management software solutions would increase in the region during the projection period due to the surge in healthcare IT infrastructure improvements and technological breakthroughs in cabinets.
Due to the rise of retail pharmacies, the market for pharmacy inventory management software solutions is expected to expand significantly in the Asia Pacific region. In the upcoming years, it is also projected that the region's market for pharmacy inventory management software solutions will expand due to the rise in prescriptions and ongoing improvements in the medical infrastructure.
Global Pharmacy Inventory Management Software Solutions Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Pharmacy Inventory Management Software Solutions Market Dynamics
Pharmacy Inventory Management Software Solutions Market Driver
- The growth of the pharmacy inventory management solution software market in the healthcare industry may be attributed to developments in healthcare IT as well as an increase in the number of pharmacies globally, both of which are expected to spur market expansion over the long term. As the number of prescriptions increases, the strain on pharmacists will rise. As a result, automated pharmacy administration solutions will be more frequently utilized, which will accelerate the expansion of the worldwide pharmacy management system market. In addition, business leaders are working with top IT companies to create solutions that would enhance pharmaceutical workflow management.
- The necessity for effective patient counseling and the growing workload of pharmacists are driving the rising demand for automated dispensing cabinets in retail pharmacies. Growth in the market is also being positively impacted by increased government attempts to upgrade the healthcare infrastructure and rising healthcare spending in developing nations.
Pharmacy Inventory Management Software Solutions Market Restraint
- One of the main issues with pharmaceutical inventory management systems is security. The pharmaceutical management system is a target for hackers since it uses a variety of technologies and keeps sensitive data. The ability of attackers to acquire all of the organization's crucial data has made global pharmaceutical management systems less competitive.
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Global Pharmacy Inventory Management Software Solutions Market Competitive Landscape
Small businesses and international corporations both dominate this market. Large businesses are investing extensively in the development of efficient solutions, which will drive the market for pharmacy management systems ahead. Another important element in the expansion of the industry is how large corporations use cost-cutting techniques in pharmacies to increase revenues. It is expected that innovation in pharmacy management solutions will be beneficial to vendors of pharmacy management systems.
Pharmacy Inventory Management Software Solutions Market Top Players Company Profiles
- Omnicell, Inc.
- McKesson Corporation
- Cerner Corporation
- BD (Becton, Dickinson and Company)
- Swisslog Holding AG
- ARxIUM Inc.
- Talyst, LLC
- ScriptPro LLC
- Aethon Inc.
- Baxter International Inc.
- GE Healthcare
- Allscripts Healthcare Solutions, Inc.
- Epicor Software Corporation
- Oracle Corporation
- Infor, Inc.
- SAP SE
- Cardinal Health, Inc.
- Johnson & Johnson Services, Inc.
- AmerisourceBergen Corporation
- Wolters Kluwer NV.
Pharmacy Inventory Management Software Solutions Market Recent Development
- In September 2021, the acquisition of FDS Amplicare, previously announced by Omnicell, Inc., a leading provider of medication management solutions and adherence tools for pharmacies and health systems, has been finalized.
- In July 2021, BD to advance new innovations in soft tissue repair and regeneration, Tepha, Inc., was purchased.
Global Pharmacy Inventory Management Software Solutions Key Market Trends
- In order to increase the operational effectiveness of pharmacies, there is an increasing demand for solutions to automate inventory procedures like counting, restocking, storage, and drug dispensing. The demand for pharmacy inventory management software has increased as a result of the growth of long-term care pharmacies and drug dispensing. Medication dispensing cabinets are increasingly being outfitted with barcode and RFID technologies. Particularly in public hospital pharmacies, this has increased automation, resulting in overall efficiencies. New market opportunities are being created by technological developments in point-of-use medication automation, particularly in long-term care facilities. It's encouraging for the market that pharmacy inventory management programs that support decentralized drug systems are becoming more and more popular.
Global Pharmacy Inventory Management Software Solutions Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, decentralized dispensing systems had the largest market share in 2021, and it is predicted that throughout the forecast period, this category would grow at the largest CAGR. Independent pharmacies had the most market share in 2021, and it is predicted that this market segment would grow at the fastest CAGR throughout the forecast period. North America will control the pharmacy inventory management software market in 2021 as a result of the improved accessibility of these systems and solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 66.87 billion |
| Market size value in 2031 | USD 144.6 billion |
| Growth Rate | 10.12% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Pharmacy Inventory Management Software Solutions Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Pharmacy Inventory Management Software Solutions Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Pharmacy Inventory Management Software Solutions Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pharmacy Inventory Management Software Solutions Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Pharmacy Inventory Management Software Solutions Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Pharmacy Inventory Management Software Solutions Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Pharmacy Inventory Management Software Solutions Market Report Snapshots
- Global Pharmacy Inventory Management Software Solutions Companies
- Global Pharmacy Inventory Management Software Solutions Market Size
- Global Pharmacy Inventory Management Software Solutions Market Analysis
- Global Pharmacy Inventory Management Software Solutions Geographic Analysis
- Global Pharmacy Inventory Management Software Solutions Market News
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