The global pharmacy inventory management software solutions and cabinets market size is expected to reach USD 7.16 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting an 8.6% CAGR during the forecast period. Increasing number of dispensed prescriptions, growing adoption of pharmacy automation systems, and rising incidence of medication errors are some of the key drivers for this market. Technological advancements in automated dispensing cabinets design are also expected to positively impact market growth in the coming years.
Rising number of retail, mail order, and long-term care (LTC) pharmacies propel demand for inventory management software and systems in order to dispense high volume of medications. Rising pressure by governments to minimize medication costs is further expected to drive demand for these software and cabinets, as they aid in reduction of excess inventory costs. Increasing demand for efficient workflow in hospitals and pharmacies is also contributing toward market growth.
Demand for automated dispensing cabinets is increasing in retail pharmacies owing to increasing workload on pharmacists, coupled with surging need for effective patient counselling. In addition, rising government initiatives towards improvement in healthcare infrastructure and growing healthcare expenditure in developing countries are positively influencing market growth.
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Key Takeaways from the report:
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Grand View Research has segmented the global pharmacy inventory management software solutions and cabinets market on the basis of end use, mode of operation, and region:
Pharmacy Inventory Management Software Solutions and Cabinets End-use Outlook (Revenue, USD Million, 2014 – 2025)
Pharmacy Inventory Management Software Solutions and Cabinets Mode of Operation Outlook (Revenue, USD Million, 2014 – 2025)
Pharmacy Inventory Management Software Solutions and Cabinets Regional Outlook (Revenue, USD Million, 2014 – 2025)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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