Growing Long-Term Care Pharmacy Market Fuels Expansion Of Pharmacy Inventory Management Software Solutions And Cabinets: Powering Innovation and Expansion in the Pharmacy Inventory Management Software Solutions and Cabinets Market by 2025

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What Is the Expected CAGR for the Pharmacy Inventory Management Software Solutions and Cabinets Market Through 2025?_x000D_
The market for pharmacy inventory management software solutions and cabinets has seen a rapid escalation in size over the past few years. The market, which is predicted to be worth $5.84 billion in 2024, is projected to increase to $6.43 billion in 2025, boasting a compound annual growth rate (CAGR) of 10.0%. Factors such as the adoption of electronic health records (EHR), greater intricacy in pharmaceutical supply chains, compliance with regulatory requirements, the rise in the number of pharmacies, and an increased focus on cost effectiveness in healthcare are credited for the growth experienced during this historic period._x000D_
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What's the Projected Size of the Global Pharmacy Inventory Management Software Solutions and Cabinets Market by 2029?_x000D_
In the coming years, the market size for pharmacy inventory management software solutions and cabinets is projected to experience significant growth. It's expected to inflate to a value of $9.33 billion in 2029 with a compound annual growth rate (CAGR) of 9.8%. The expansion during the forecasted period can be credited to the need for real-time data and analysis, growing concern for patient safety, the implementation of cloud-based inventory control methods, the proliferation of specialty pharmacies, and a spike in demand for automation within the healthcare sector. Key trends expected during this period include the use of RFID technology for inventory monitoring, automation and robotics in pharmacy tasks, mobile applications for pharmacy management, sustainability endeavors in inventory control, and cooperative and centralized inventory models._x000D_
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Top Growth Drivers in the Pharmacy Inventory Management Software Solutions and Cabinets Industry: What's Accelerating the Market?_x000D_
The pharmacy inventory management software solutions and cabinets market's growth is likely to be propelled by the escalating number of long-term care (LTC) pharmacies. These LTC pharmacies are responsible for managing the medication and distinct medical needs of elderly individuals with sophisticated medical issues. The surging demand for LTC has resulted in a rise in the count of these pharmacies. For Instance, Milliman, Inc., a firm based in the US providing insurance, predicts approximately 1,282 pharmacies servicing LTC facilities would be recognized as LTC pharmacies by October 2023. Besides, over 60% of the overall expenditure on LTC services is constituted together by Medicaid and Medicare. Consequently, the burgeoning number of LTC pharmacies is fueling the expansion of the pharmacy inventory management software solutions and cabinets market._x000D_
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What Trends Will Shape the Pharmacy Inventory Management Software Solutions and Cabinets Market Through 2029 and Beyond?_x000D_
Major firms in the arena of pharmacy inventory management software solutions and cabinets market, are innovating and offering new products like cloud-based platforms. These enhance operational functionality, give better real-time data access, and refine transactions, stock, and logistics procedures in health care institutions. Cloud-based platforms work on remotely placed servers that are accessible online as opposed to locally or in-house hosted servers. A case in point would be United Parcel Service (UPS) Inc., a US-based freight and supply chain management organization, which announced the UPS Supply Chain Symphony for UPS Healthcare in March 2024. This focuses on pharmacy operations. The UPS Supply Chain Symphony is a cloud-based tool that augments healthcare supply chain operations by integrating varied logistical aspects into one unified system. This platform enables users to efficiently manage and view their warehouse and transport data, thereby offering valuable insights that can streamline supply chain functions. It also allows users to track delivery details from start to finish, along with generating instant reports about UPS deliveries, warehouse conditions, and stock volumes._x000D_
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What Are the Main Segments in the Pharmacy Inventory Management Software Solutions and Cabinets Market?_x000D_
The pharmacy inventory management software solutions and cabinets market covered in this report is segmented -_x000D_
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1) By Product: Decentralized Dispensing Systems, Centralized Dispensing Systems_x000D_
2) By End-Use: Independent Pharmacies, Hospital Pharmacies, Long-Term Care Centers_x000D_
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Subsegments:_x000D_
1) By Decentralized Dispensing Systems: Automated Dispensing Cabinets (ADCs), Point-Of-Care Dispensing Systems, Medication Cart Solutions_x000D_
2) By Centralized Dispensing Systems: Central Pharmacy Dispensing Systems, Robotic Dispensing Systems, Pharmacy Workflow Management Systems_x000D_
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Which Top Companies are Driving Growth in the Pharmacy Inventory Management Software Solutions and Cabinets Market?_x000D_
Major companies operating in the pharmacy inventory management software solutions and cabinets market include ARxIUM, Becton Dickinson and Company, Clanwilliam IRL, DATASCAN-DCS Pharmacy Inc., Epicor Software Corporation, GlobeMed Ltd., Health Business Systems Inc., Logic ERP Solutions Pvt Ltd., Liberty Software Inc., McKesson Corporation, Omnicell Inc., Oracle Corporation, Supplylogix LLC, Talyst LLC, Swisslog Holding AG, Capsa Healthcare, ScriptPro LLC, Accu-Chart Plus Healthcare Systems Inc., Cerner Corporation, GE Healthcare Technolgies Inc., Kirby Lester LLC, Medacist Solutions Group LLC, Parata Systems LLC, AbacusRx Inc., Cardinal Health Inc._x000D_
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Which Regions Will Dominate the Pharmacy Inventory Management Software Solutions and Cabinets Market Through 2029?_x000D_
North America was the largest region in the pharmacy inventory management software solutions and cabinets market in 2024. 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, Africa_x000D_
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