$6.48+ Billion Worldwide Pharmacy Inventory Management Software Solutions and Cabinets Industry to 2031 - Rising Number of Long-Term Care (LTC) Pharmacies Drive Growth - ResearchAndMarkets.com

05 Jan 2023
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DUBLIN--(BUSINESS WIRE)--The "Pharmacy Inventory Management Software Solutions and Cabinets Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
'Pharmacy Inventory Management Software Solutions and Cabinets Global Market Report 2022'
This report provides strategists, marketers and senior management with the critical information they need to assess the global pharmacy inventory management software solutions and cabinets market.
The global pharmacy inventory management software solutions and cabinets market is expected to grow from $4.19 billion in 2021 to $4.64 billion in 2022 at a compound annual growth rate (CAGR) of 10.7%. The pharmacy inventory management software solutions and cabinets market is expected to reach $6.48 billion in 2026 at a CAGR of 8.7%.
Companies Mentioned
ARxIUM
Logic ERP Solutions Pvt. Ltd.
Oracle
Supplylogix LLC
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The pharmacy inventory management software solutions and cabinets market consists of sales of pharmacy inventory management software solutions by entities (organizations, sole proprietors, partnerships) that are used in inventory management to reduce costs and improve operational efficiency. It involves tracking inventory, reordering products, and maintaining the ideal supply of all items. Pharmacy inventory management software with a powerfully integrated inventory management and ordering system optimizes business efficiency and dramatically improves pharmacy profits.
The main types of pharmacy inventory management software solutions and cabinets market are decentralized dispensing systems and centralized dispensing systems. Independent pharmacies are used to provide prescription drugs and medications to the customers. It refers to an independent pharmacy owned and operated by a sole proprietor or a small group of business owners. The various end users include independent pharmacies, hospital pharmacies, and long-term care centers.
North America was the largest region in the pharmacy inventory management software solutions and cabinets market in 2021. 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 and Africa.
The rising number of long-term care (LTC) pharmacies are expected to propel the growth of the pharmacy inventory management software solutions and cabinets market going forward. Long-term care pharmacies manage the medication and clinical needs of elderly patients with complex medical conditions. The increasing demand for long-term care has led to an increasing number of long-term care pharmacies.
For instance, according to a report by Computertalk, a US-based pharmacist publication company, in 2020, about 14 million Americans needed long-term care, and on the contrary, there were only 3 million beds in facilities. As a result, the increasing number of long-term care (LTC) pharmacies are driving the pharmacy inventory management software solutions and cabinets market.
Technological advancements have emerged as a key trend gaining popularity in the pharmacy inventory management software solutions and cabinets market. Major companies operating in the pharmacy inventory management software solutions and cabinets sector are adopting new technological solutions to reinforce their position.
For instance, in October 2021, Palex Medical, a Spain-based company that specialized in providing healthcare equipment and advanced hospital solutions, launched a new generation Omnicell Medimat robot for dispensing medicines to outpatients. Medimat solution makes the transition from manual to automated processes easy, flawless, and rewarding.
In December 2021, Omnicell Inc. a US-based healthcare technology company, acquired ReCept Holdings Inc., for $100 million. With this acquisition, Omnicell Inc. expands its advanced services portfolio to address the growing and complex specialty pharmacy market, while ReCept would maximize its benefits by gaining a broader infrastructure to deliver value to the pharmacy partners. ReCept Holdings Inc. is a US-based specialty healthcare service provider.
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.
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