Pharmacy Inventory Management Software Solutions and Cabinets Market Worth $7.16 Billion By 2025

The global pharmacy inventory management software solutions and cabinets market size is expected to reach USD 7.16 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting an 8.6% CAGR during the forecast period. The increasing number of dispensed prescriptions, growing adoption of pharmacy automation systems, and rising incidence of medication errors are some of the key drivers for this market. Technological advancements in automated dispensing cabinets design are also expected to positively impact market growth in the coming years.

Rising number of retail, mail order, and long-term care (LTC) pharmacies propel the demand for inventory management software and systems in order to dispense a high volume of medications. Rising pressure by governments to minimize medication costs is further expected to drive demand for these software and cabinets, as they aid in the reduction of excess inventory costs. Increasing demand for efficient workflow in hospitals and pharmacies is also contributing to market growth.

Demand for automated dispensing cabinets is increasing in retail pharmacies owing to increasing workload on pharmacists, coupled with the surging need for effective patient counseling. In addition, rising government initiatives towards improvement in healthcare infrastructure and growing healthcare expenditure in developing countries are positively influencing the market growth.

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Further key findings from the report suggest:

• Pharmacy inventory management systems/cabinets in retail pharmacies emerged as the leading segment in terms of revenue in 2017 owing to the rising number of retail pharmacies and the growing number of prescriptions

• By mode of operation, decentralized systems/cabinets accounted for the largest revenue share in 2017 owing to the rising incidence of medication errors and increasing number of dispensed prescriptions

• In terms of geography, North America dominated the global market in 2017 in terms of revenue and Asia Pacific is expected to register the highest growth rate over the forecast period

• Omnicell, Inc.; BD; Talyst, LLC; and ARxIUM are the major players operating in the market. This market is dominated by the presence of both multinational companies and small players.

Grand View Research has segmented the global pharmacy inventory management software solutions and cabinets market on the basis of end use, mode of operation, and region:

Pharmacy Inventory Management Software Solutions and Cabinets End-use Outlook (Revenue, USD Million, 2014 - 2025)

• Independent pharmacies

• Software Solutions

• Cabinets

• Hospital pharmacies

• Software Solutions

• Cabinets

• Long-term care centers

• Software Solutions

• Cabinets

Pharmacy Inventory Management Software Solutions and Cabinets Mode of Operation Outlook (Revenue, USD Million, 2014 - 2025)

• Centralized systems

• Software Solutions

• Cabinets

• Decentralized systems

• Software Solutions

• Cabinets

Pharmacy Inventory Management Software Solutions and Cabinets Regional Outlook (Revenue, USD Million, 2014 - 2025)

• North America

• The U.S.

• Canada

• Europe

• The U.K

• Germany

• Asia-Pacific

• China

• Japan

• Latin America

• Brazil

• Mexico

• Middle East Africa

• South Africa