Global Pharmacy Inventory Management Software Solutions And Cabinets Market Is Expected To Register A Substantial CAGR Of 9.1% In The Forecast Period Of 2019-2026

Global pharmacy inventory management software solutions and cabinets market is expected to register a substantial CAGR of 9.1% in the forecast period of 2019-2026. This rise in the market can be attributed to the rise in demand for solutions of automation inventory processes; increase in number of long-term care pharmacies and to minimize the cost in healthcare is a major factor driving the market

Global Pharmacy Inventory Management Software Solutions and Cabinets Market By Mode of Operation Outlook (Centralized systems, Decentralized systems), End User Outlook (Independent pharmacies, Hospital pharmacies, Long-term care centers), Geography (North America, Europe, Asia- Pacific, South America, Middle East and Africa) – Industry Trends & Forecast to 2026.

Market Analysis: Global Pharmacy Inventory Management Software Solutions and Cabinets Market

Global pharmacy inventory management software solutions and cabinets market is expected to register a substantial CAGR of 9.1% in the forecast period of 2019-2026. This rise in the market can be attributed to the rise in demand for solutions of automation inventory processes; increase in number of long-term care pharmacies and to minimize the cost in healthcare is a major factor driving the market

Market Definition: Global Pharmacy Inventory Management Software Solutions and Cabinets Market

A global pharmacy inventory management software solution is a business which provides software for managing the inventory, sales, orders and deliveries of the medicines in the healthcare industry. The advantage of the software is that it helps in keeping the track of the various stock which optimize the business efficiency. The inventory management software solutions also reduces the operational cost of inventory and adds to profit of an organization.

 

Market Drivers

  • Rise in demand for solutions of automation inventory processes such as counting, warehousing and restocking among others is driving the growth of the market
  • Rise in number of long-term care pharmacies is contributing towards the growth of the market
  • To minimize the cost in healthcare is a major factor which has driven the market
  • Increase in the adoption of automation in the pharmacies to manage their stocks is also boosting the growth of the market

Market Restraints

  • Requires rigorous practice and training while managing software which is restraining the growth of the market
  • Wrong entries in the software of stocks can change the inventory which hampers the market growth

Segmentation: Global Pharmacy Inventory Management Software Solutions and Cabinets Market

By Mode of Operation

  • Centralized systems
    • Software Solutions
    • Cabinets
  • Decentralized systems
    • Software Solutions
    • Cabinets

By End User

  • Independent pharmacies
    • Software Solutions
    • Cabinets
  • Hospital pharmacies
    • Software Solutions
    • Cabinets
  • Long-term care centers
    • Software Solutions
    • Cabinets

Key Developments in the Market:

  • In November 2018, ARxIUM has announced a launch of new mobile application for the inventory management in health system and hospital pharmacies. The company provides a platform for software which automates and manages pharmacies of all type. The software can be installed in mobile to improve inventory accuracy in health system and hospital pharmacies. The motive behind the software is to manage inventory throughout the pharmacy footprints rather than being confined only to workstations
  • In June 2018, Prodigy Health, which is a drug distributor announced the purchase of IntelliGuard’s Intelligent Inventory Solutions’ powering real time  RFID solution for optimizing innovative technology solutions and managing the specialty pharmaceuticals in the hospital supply chain

Competitive Analysis:

Global pharmacy inventory management software solutions and cabinets market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of pharmacy inventory management software solutions and cabinets market for Global, Europe, North America, Asia Pacific, South America and Middle East & Africa.

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Key Market Competitors:

Few of the major market competitors currently working in the global pharmacy inventory management software solutions and cabinets market are Omnicell Inc, Liberty Software Inc, DATASCAN (DCS Pharmacy, Inc.), Oracle, Supplylogix LLC, ARxIUM, Talyst LLC, Health Business Systems Inc, BD, McKesson Corporation, Epicor Software Corporation, Logic ERP Solutions Pvt Ltd, Clanwilliam Health, GlobeMed Ltd and JVM CO.,LTD among others

 

About Data Bridge Market Research 12188 Articles
Hi, I am Ravi Kumar, a Blogger, Freelancer, SEO Consultant, an Internet Marketer, I am a research analyst who loves to evaluate data relating to Manufacturing industry, Management of companies and enterprises, Finance and insurance, Wholesale trade, Management, scientific, and technical consulting services

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