Global pharmacy inventory management software solutions market size was valued at US$ 4.6 billion in 2021, and it is expected to reach a value of US$ 8.2 billion by 2028, at a CAGR of 8.6% over the forecast period (2022 - 2028).
The business efficiency and financial performance of the pharmacy will be optimized by robust inventory management and ordering system integrated with pharmacy management software. Additionally, pharmacy inventory management software helps with duties including evaluating doctor prescriptions and manufacturing medications, maintaining inventory and placing drug orders, managing billing and insurance, offering to counsel, spotting incompatibilities, and more.
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Global Pharmacy Inventory Management Software Solutions Market Segmental Analysis
The global pharmacy inventory management software solutions market segmentation is based on product, application, and region. Based on product the market is segmented into decentralized dispensing systems and centralized dispensing systems. Based on application the market is segmented into independent pharmacies, hospital pharmacies, and long-term care centers. Based on Region the global pharmacy inventory management software solutions market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Product
In 2021, decentralized dispensing systems held the biggest market share; throughout the forecast period, it is expected that this segment would expand at the highest CAGR. A decentralized medication distribution system is a technique in which hospital pharmacies have a substantial amount of medication in stock, prepared to be given to patients by nurses as soon as a doctor approves the treatment plan. In addition, the medication rooms have undergone certain alterations in this situation, when many hospitals used a decentralized distribution approach.
Analysis by Application
The market share held by Independent pharmacies in 2021 was the largest, and it is expected that this segment would expand at the highest CAGR over the forecast period. 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 counseling and the growing workload placed on pharmacists both contribute to the uptake of these solutions. It is also expected that increasing utilization of large volume drug dispensing will support market expansion.
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Global Pharmacy Inventory Management Software Solutions Market Competitive Landscape
Small businesses and international corporations both dominate this market. Large businesses are investing extensively in the development of efficient solutions, which will drive the market for pharmacy management systems ahead. Another important element in the expansion of the industry is how large corporations use cost-cutting techniques in pharmacies to increase revenues. It is expected that innovation in pharmacy management solutions will be beneficial to vendors of pharmacy management systems.
Top Players Company Profiles
- ARxIUM (US)
- BD (US)
- Clanwilliam Health (Ireland)
- Datascan (US)
- DCS Pharmacy, Inc. (US)
- Epicor Software Corporation (US)
- GlobeMed Ltd. (US)
- Health Business Systems Inc. (US)
- JVM Co., Ltd. (South Korea)
- Liberty Software Inc. (US)
- Logic ERP Solutions Pvt Ltd (India)
- McKesson Corporation (US)
- Omnicell Inc. (US)
- Oracle (US)
- Supplylogix LLC (US)
- Talyst LLC (US)
Recent Development
- In September 2021, the acquisition of FDS Amplicare, previously announced by Omnicell, Inc., a leading provider of medication management solutions and adherence tools for pharmacies and health systems, has been finalized.
- In July 2021, BD to advance new innovations in soft tissue repair and regeneration, Tepha, Inc., was purchased.
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