Pharmacy Inventory Management Software Solutions and Cabinets Market Hitting New Highs By 2028 | by Omnicell Inc, Oracle, Supplylogix LLC

New Jersey, United States - Analysis of Pharmacy Inventory Management Software Solutions and Cabinets Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

In the forecast period of 2021 to 2028, the market for cabinets and software for Pharmacy Inventory Management Software Solutions and Cabinets is anticipated to increase at a CAGR of 8.6%. The Pharmacy Inventory Management Software Solutions and Cabinets software solutions and cabinets market report from IBI Research offers analysis and insights into the numerous elements that are supposed to be present throughout the course of the forecast period along with their effects on the market's expansion. The industry for Pharmacy Inventory Management Software Solutions and Cabinets software and cabinets is expanding as more pharmacies embrace inventory management software and cabinets.

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One of the main factors for Pharmacy Inventory Management Software Solutions and Cabinets software and cabinets is the mounting pressure on healthcare practitioners to save healthcare expenditures. For instance, Intermountain Healthcare, a non-profit healthcare system in the U.S., found that managing the inventory of medications consumes between 60% and 70% of the budget allotted to the Pharmacy Inventory Management Software Solutions and Cabinets department. These technologies successfully help to lower the cost of excess inventory, which in turn increases demand for it. Due to the rising demand for medication delivery at the point of use, decentralised systems generated the greatest revenue share in 2017. Faster prescription processing and rising Pharmacy Inventory Management Software Solutions and Cabinets cost savings are two key aspects boosting demand for these systems. Demand may be further increased by the growing practise of employing decentralised software to dispense pharmaceuticals in long-term care facilities.

The rise in the number of prescriptions filled and the rising acceptance of pharmacy automation systems are two key factors anticipated to propel the growth of the market for Pharmacy Inventory Management Software Solutions and Cabinets software solutions and cabinets during the forecast period. The market for Pharmacy Inventory Management Software Solutions and Cabinets software and cabinets is expanding as a result of a number of causes, along with the rise in drug errors and technological advancements in automated dispensing cabinet design. In order to reduce the possibility of medication errors and to manage the inventory of controlled substances, these systems have been chosen over centralised ones. To improve hospital operations and speed up the processing of prescriptions for inpatient drug delivery, nurses can use decentralised cabinets. These enable pharmacists to spend less time on non-essential tasks and more time providing quality patient care.

Segmentation

The market for Pharmacy Inventory Management Software Solutions and Cabinets software systems and cabinets saw the highest revenue share from retail or independent pharmacies in 2017. 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 counselling and the growing workload placed on pharmacists both contribute to the uptake of these solutions.

It is also anticipated that increasing utilisation of large volume drug dispensing will support market expansion. Demand for automated dispensing cabinets rises along with the number of government laws governing the storage and distribution of controlled substances. Additionally, the rising prevalence of non-communicable diseases and the volume of prescriptions tend to drive demand.

The long-term care industry is expected to experience the greatest CAGR of 11.0% for Pharmacy Inventory Management Software Solutions and Cabinets software. Over the projection period, demand is anticipated to increase due to rising pharmacy investments in long-term care and a rise in the number of long-term care institutions. In 2016, roughly 44.0% of independent community pharmacists provided services to long-term care homes, according to the 2017 NCPA Digest.

Regional analysis

In 2017, North America's revenue share was the highest. Because there are so many market participants in the area, these systems and solutions are more readily available, which should allow the area to maintain its lead during the projected period. Other elements that are anticipated to influence the adoption of these systems in this region include growing innovations in healthcare IT infrastructure and technological advancements in cabinets.

Over the projection period, Asia Pacific is anticipated to grow at the highest CAGR of 11.3%. The expansion of retail pharmacies, the rise in prescriptions, and the ongoing development of the healthcare infrastructure are some of the major drivers of market expansion in the area. The current increase in illness load and rising healthcare costs are anticipated to increase demand for Pharmacy Inventory Management Software Solutions and Cabinets.

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Key Players

Omnicell Inc, Oracle, Supplylogix LLC, ARxIUM, Talyst LLC, Health Business Systems Inc, Liberty Software Inc, DATASCAN (DCS Pharmacy, Inc.), BD, McKesson Corporation, Epicor Software Corporation, Clanwilliam Health, Logic ERP Solutions Pvt Ltd, GlobeMed Ltd, JVM CO., LTD

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