Global Pharmacy Inventory Management Software Solutions Market

Pharmacy Inventory Management Software Solutions Market Size, Share, Growth Analysis, By Product(Decentralized Dispensing Systems, Centralized Dispensing Systems), By Application(Independent Pharmacies, Hospital Pharmacies, Long-Term Care Centers), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35D2029 | Region: Global | Published Date: July, 2001
Pages: 165 | Tables: 62 | Figures: 75

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.

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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).

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. '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.'

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.

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.

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.

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Global Pharmacy Inventory Management Software Solutions Market

Product ID: SQMIG35D2029

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