According to a new report, published by KBV research, The Global Pharmacy Inventory Management Software Solutions And Cabinets Market size is expected to reach $10.5 billion by 2031, rising at a market growth of 7.7% CAGR during the forecast period.
The Software Solutions segment is anticipating a CAGR of 8.8% during (2024 - 2031). Pharmacies increasingly adopt software solutions to streamline inventory management processes, enhance real-time stock tracking, and integrate with other healthcare systems such as electronic health records (EHR). The growing emphasis on digitalization, the need for predictive analytics in inventory management, and the rising adoption of e-prescriptions drive the demand for software solutions. The increasing recognition of software's value in optimizing inventory turnover, reducing wastage, and improving overall operational efficiency contributed to its growth.
The Decentralized segment is leading the Global Pharmacy Inventory Management Software Solutions And Cabinets Market by Mode of Operations in 2023; thereby, achieving a market value of $5.5 billion by 2031. Centralized inventory management systems consolidate inventory control within a single pharmacy location, which helps streamline operations, reduce overhead costs, and maintain strict control over medication storage and dispensing. This approach is commonly used in smaller hospitals, outpatient clinics, and retail pharmacies, where the scale of operations does not require multiple inventory points.
The LTC market is registering a CAGR of 8.1% during (2024 - 2031). Long-term care (LTC) facilities, which include nursing homes, assisted living centers, and rehabilitation facilities, have specific needs regarding medication management. These facilities typically cater to elderly patients and those with chronic conditions, requiring a consistent supply of medications and close monitoring to ensure patient safety. Inventory management software solutions and cabinets are instrumental in LTC settings, as they provide accurate tracking of medication usage, ensure compliance with prescription orders, and minimize the risk of medication errors.
Full Report: https://www.kbvresearch.com/pharmacy-inventory-management-software-solutions-and-cabinets-market/
The North America region dominated the Global Pharmacy Inventory Management Software Solutions And Cabinets Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $4.2 billion by 2031. The Europe region is experiencing a CAGR of 7% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit CAGR of 8.3% during (2024 - 2031).
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