USD 66.87 billion
Report ID: SQMIG35D2029 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: 62 | Figures: 75
Global Pharmacy Inventory Management Software Solutions Market size was valued at USD 66.87 billion in 2021 and is poised to grow from USD 73.8 billion in 2022 to USD 144.6 billion by 2030, growing at a CAGR of 10.12% in the forecast period (2023-2030).
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.
Global Market Size
USD 66.87 billion
Decentralized Dispensing Systems
Decentralized Dispensing Systems
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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.
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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.
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Pharmacy Inventory Management Software Solutions Market Driver
Pharmacy Inventory Management Software Solutions Market Restraint
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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
Pharmacy Inventory Management Software Solutions Market Recent Development
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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.
|Market size value in 2021||USD 66.87 billion|
|Market size value in 2030||USD 73.8 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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