Pharmacy Inventory Management Software Solutions And Cabinets Market To Reach $10.47 Billion By 2030

Pharmacy Inventory Management Software Solutions And Cabinets Market Growth & Trends

The global pharmacy inventory management software solutions and cabinets market size is expected to reach USD 10.47 billion by 2030, registering a CAGR of 7.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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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Pharmacy Inventory Management Software Solutions And Cabinets Market Report Highlights

• The cabinets/systems segment dominated the market in 2023 with a 77.3% share 2023, pertaining to the increased use of automated dispensing cabinets (ADCs) that help streamline medication dispensing by automating the process.

• By mode of operation, the decentralized segment secured the dominant market share in 2023 owing to the growing demand for point-of-use dispensing of medications.

• The independent pharmacies segment dominated the market with 40.7% of the market share in 2023, owing to the rise in the pharmacy industry and the implementation of automation software to reduce operational costs and improve overall functioning.

• North America the pharmacy inventory management software solutions and cabinets market dominated with a share of 53.4% in 2023.

Pharmacy Inventory Management Software Solutions And Cabinets Market Segmentation

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

Pharmacy Inventory Management Software Solutions And Cabinets Type Outlook (Revenue, USD Million, 2018 - 2030)

• Cabinets/Systems

• Software Solutions

Pharmacy Inventory Management Software Solutions And Cabinets Mode Of Operations (Revenue, USD Million, 2018 - 2030)

• Centralized

• Decentralized

Pharmacy Inventory Management Software Solutions And Cabinets End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Independent Pharmacies

• Hospital Pharmacies

• LTC

Pharmacy Inventory Management Software Solutions And Cabinets Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Pharmacy Inventory Management Software Solutions And Cabinets Market

• ARxIUM

• BD

• Clanwilliam IRL

• Datascan

• DCS INFOWAY

• Epicor Software Corporation

• GlobeMed Ltd.

• Health Business Systems Inc.

• JVM Co., Ltd.

• LIBERTY SOFTWARE

• Logic ERP Solutions Pvt Ltd.

• McKesson Corporation

• Omnicell Inc.

• Oracle

• Supplylogix LLC

• Swisslog Healthcare