Pharmacy Inventory Management Software Solutions And Cabinets Global Market Report 2023

New York, April 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmacy Inventory Management Software Solutions and Cabinets Global Market Report 2023" -
, Health Business Systems Inc., Logic ERP Solutions Pvt Ltd., Liberty Software Inc., JVM Co. Ltd., McKesson Corporation, Omnicell Inc., Oracle, Supplylogix LLC, and Talyst LLC.
The global pharmacy inventory management software solutions and cabinets market grew from $4.66 billion in 2022 to $5.15 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pharmacy inventory management software solutions and cabinets market is expected to grow to $7.28 billion in 2027 at a CAGR of 9.0%.
The pharmacy inventory management software solutions and cabinets market includes revenues earned by entities by enhancing gross profits and net profits by reducing the cost of procured pharmaceutical products.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Pharmacy inventory management software solutions and cabinets refer to the practise of successfully managing a pharmacy's inventory, whereby a method or system aids the manager or owner in lowering expenses, enhancing operational effectiveness, and minimising overstocking and lost opportunity. Pharmacy inventory management software with a powerfully integrated inventory management and ordering system optimizes business efficiency and dramatically improves pharmacy profits.
North America was the largest region in the pharmacy inventory management software solutions and cabinets market in 2022.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 and Africa.
The main types of pharmacy inventory management software solutions and cabinets market are decentralized dispensing systems and centralized dispensing systems.Independent pharmacies are used to provide prescription drugs and medications to the customers.
It refers to an independent pharmacy owned and operated by a sole proprietor or a small group of business owners. The various end users include independent pharmacies, hospital pharmacies, and long-term care centers.
The rising number of long-term care (LTC) pharmacies are expected to propel the growth of the pharmacy inventory management software solutions and cabinets market going forward.Long-term care pharmacies manage the medication and clinical needs of elderly patients with complex medical conditions.
The increasing demand for long-term care has led to an increasing number of long-term care pharmacies.For instance, according to a report by Computertalk, a US-based pharmacist publication company, in 2020, about 14 million Americans needed long-term care, and on the contrary, there were only 3 million beds in facilities.
As a result, the increasing number of long-term care (LTC) pharmacies are driving the pharmacy inventory management software solutions and cabinets market.
Technological advancements have emerged as a key trend gaining popularity in the pharmacy inventory management software solutions and cabinets market.Major companies operating in the pharmacy inventory management software solutions and cabinets sector are adopting new technological solutions to reinforce their position.
For instance, in October 2021, Palex Medical, a Spain-based company that specialized in providing healthcare equipment and advanced hospital solutions, launched a new generation Omnicell Medimat robot for dispensing medicines to outpatients. Medimat solution makes the transition from manual to automated processes easy, flawless, and rewarding.
In December 2021, Omnicell Inc., a US-based healthcare technology company, acquired ReCept Holdings Inc., for $100 million. With this acquisition, Omnicell Inc., expands its advanced services portfolio to address the growing and complex specialty pharmacy market, while ReCept would maximize its benefits by gaining a broader infrastructure to deliver value to the pharmacy partners. ReCept Holdings Inc., is a US-based specialty healthcare service provider.
The countries covered in the pharmacy inventory management software solutions and cabinets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pharmacy inventory management software solutions and cabinets market research report is one of a series of new reports that provides pharmacy inventory management software solutions and cabinets market statistics, including pharmacy inventory management software solutions and cabinets industry global market size, regional shares, competitors with a pharmacy inventory management software solutions and cabinets market share, detailed pharmacy inventory management software solutions and cabinets market segments, market trends and opportunities, and any further data you may need to thrive in the pharmacy inventory management software solutions and cabinets industry. This pharmacy inventory management software solutions and cabinets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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