The global pharmacy inventory management software solutions and cabinets market size was estimated to be USD 6.64 billion in 2023 and is expected to reach USD 15.50 billion by 2034 with a CAGR of 8.01% during the forecast period 2024-2034. The market will grow as a result of factors such as the increasing prevalence of chronic diseases, stringent regulatory requirements, growing global healthcare infrastructure, rising demand for efficient pharmacy operations, and technological advancements and automation.
QuVa Pharma's acquisition of LogicStream Health represents a revolutionary breakthrough in pharmacy inventory management solutions, giving healthcare institutions cutting-edge technologies to address urgent issues including medicine shortages and escalating pharmacy prices. LogicStream Health, Inc. ("LogicStream"), a Minneapolis, MN-based SaaS software informatics platform that offers industry-leading, cloud-based intelligence to healthcare system pharmacies, was acquired by QuVa Pharma, Inc. ("QuVa"), on July 20, 2024. Customers may manage drug shortages and other challenging issues by using LogicStream's machine learning and predictive analytics to provide unique insights. Operating as a fully owned subsidiary of QuVa will be LogicStream.
By type, the cabinets/systems segment accounted for the highest revenue-grossing segment in the global Pharmacy Inventory Management Software Solutions and Cabinets market in 2023 owing to the increased adoption of automated dispensing cabinets in hospitals and pharmacies to enhance efficiency, reduce medication errors, and improve inventory management. For instance, in August 2024, Tecsys, a world leader in supply chain management systems, and TraceLink Inc., the largest end-to-end intelligent supply chain platform for life sciences and healthcare, established a strategic partnership. Lack of supply chain and inventory visibility can cause healthcare systems to face a number of difficulties, such as labor-intensive product recall management, non-compliance with regulations, carrying expenses associated with excess inventory, outdated sales catalogs and product master data, and more. Additionally, the software solutions segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising demand for cloud-based, scalable solutions that offer real-time inventory tracking, advanced analytics, and integration with other healthcare systems.
By mode of operation, the decentralized segment accounted for the highest revenue-grossing segment in the global Pharmacy Inventory Management Software Solutions and Cabinets market in 2023 owing to the ncreased use of decentralized medication dispensing systems, particularly in hospital settings, where they allow for more efficient medication distribution and improved patient safety. For instance, in November 2023, pharmacy software, or pharmacy management systems, is a system that keeps track of all the information regarding how pharmacies operate. It controls the usage of pharmaceutical items, aids in data preservation, oversees the overall system, and raises customer satisfaction. Software for managing pharmacies improves inventory control, administers medication, and manages adverse drug events (ADE). The US pharmacy management system market is driven by the growing need to lower pharmaceutical mistakes and the rise in prescription fillings. Additionally, the centralized segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing adoption of centralized pharmacy management solutions that allow for streamlined operations, better control over inventory, and cost-saving benefits through bulk purchasing and optimized distribution.
By end-user, the independent pharmacies segment accounted for the highest revenue-grossing segment in the global Pharmacy Inventory Management Software Solutions and Cabinets market in 2023 owing to the increased focus on efficient inventory management to improve profitability and reduce the risk of stockouts or expired medications in small to mid-sized pharmacies. For instance, Clearway Health, a provider of specialty pharmacy services to hospitals and health systems, will introduce Charter, a new proprietary patient management software solution, in October 2024. This solution is designed to meet the unique requirements of specialty pharmacy programs in hospitals and health systems. Additionally, the long time care (LTC) segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising demand for medication management solutions in LTC facilities, where patient populations rely on consistent, long-term medication regimens and efficient inventory control is critical.
North American region is anticipated for the highest revenue share during the forecast period owing to the presence of well-established healthcare infrastructure, early adoption of advanced technologies, a high number of healthcare facilities, and stringent regulatory requirements driving the demand for pharmacy inventory management solutions. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapid expansion of healthcare infrastructure, increasing investments in healthcare IT, growing awareness about medication safety, and the rising adoption of automation and digital solutions in emerging economies such as China and India. For instance, the McKesson idea Share conference was held in June 2024 and 2,700 representatives of independent pharmacies were in attendance. Through workshops, seminars, and peer-to-peer networking, the conference taught guests how to innovate and get better.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
QuVa Pharma's acquisition of LogicStream Health represents a revolutionary breakthrough in pharmacy inventory management solutions, giving healthcare institutions cutting-edge technologies to address urgent issues including medicine shortages and escalating pharmacy prices. LogicStream Health, Inc. ("LogicStream"), a Minneapolis, MN-based SaaS software informatics platform that offers industry-leading, cloud-based intelligence to healthcare system pharmacies, was acquired by QuVa Pharma, Inc. ("QuVa"), on July 20, 2024. Customers may manage drug shortages and other challenging issues by using LogicStream's machine learning and predictive analytics to provide unique insights. Operating as a fully owned subsidiary of QuVa will be LogicStream.
By type, the cabinets/systems segment accounted for the highest revenue-grossing segment in the global Pharmacy Inventory Management Software Solutions and Cabinets market in 2023 owing to the increased adoption of automated dispensing cabinets in hospitals and pharmacies to enhance efficiency, reduce medication errors, and improve inventory management. For instance, in August 2024, Tecsys, a world leader in supply chain management systems, and TraceLink Inc., the largest end-to-end intelligent supply chain platform for life sciences and healthcare, established a strategic partnership. Lack of supply chain and inventory visibility can cause healthcare systems to face a number of difficulties, such as labor-intensive product recall management, non-compliance with regulations, carrying expenses associated with excess inventory, outdated sales catalogs and product master data, and more. Additionally, the software solutions segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising demand for cloud-based, scalable solutions that offer real-time inventory tracking, advanced analytics, and integration with other healthcare systems.
By mode of operation, the decentralized segment accounted for the highest revenue-grossing segment in the global Pharmacy Inventory Management Software Solutions and Cabinets market in 2023 owing to the ncreased use of decentralized medication dispensing systems, particularly in hospital settings, where they allow for more efficient medication distribution and improved patient safety. For instance, in November 2023, pharmacy software, or pharmacy management systems, is a system that keeps track of all the information regarding how pharmacies operate. It controls the usage of pharmaceutical items, aids in data preservation, oversees the overall system, and raises customer satisfaction. Software for managing pharmacies improves inventory control, administers medication, and manages adverse drug events (ADE). The US pharmacy management system market is driven by the growing need to lower pharmaceutical mistakes and the rise in prescription fillings. Additionally, the centralized segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing adoption of centralized pharmacy management solutions that allow for streamlined operations, better control over inventory, and cost-saving benefits through bulk purchasing and optimized distribution.
By end-user, the independent pharmacies segment accounted for the highest revenue-grossing segment in the global Pharmacy Inventory Management Software Solutions and Cabinets market in 2023 owing to the increased focus on efficient inventory management to improve profitability and reduce the risk of stockouts or expired medications in small to mid-sized pharmacies. For instance, Clearway Health, a provider of specialty pharmacy services to hospitals and health systems, will introduce Charter, a new proprietary patient management software solution, in October 2024. This solution is designed to meet the unique requirements of specialty pharmacy programs in hospitals and health systems. Additionally, the long time care (LTC) segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising demand for medication management solutions in LTC facilities, where patient populations rely on consistent, long-term medication regimens and efficient inventory control is critical.
North American region is anticipated for the highest revenue share during the forecast period owing to the presence of well-established healthcare infrastructure, early adoption of advanced technologies, a high number of healthcare facilities, and stringent regulatory requirements driving the demand for pharmacy inventory management solutions. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapid expansion of healthcare infrastructure, increasing investments in healthcare IT, growing awareness about medication safety, and the rising adoption of automation and digital solutions in emerging economies such as China and India. For instance, the McKesson idea Share conference was held in June 2024 and 2,700 representatives of independent pharmacies were in attendance. Through workshops, seminars, and peer-to-peer networking, the conference taught guests how to innovate and get better.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Type, Mode of Operation, and End-User
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of the Top 10+ Major Market Players
- 20% Free Customization Available to Meet Your Exact Requirement.
Segmentation: Pharmacy Inventory Management Software Solutions and Cabinets Market Report 2023 - 2034
Pharmacy Inventory Management Software Solutions and Cabinets Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Cabinets/Systems
- Software Solutions
Pharmacy Inventory Management Software Solutions and Cabinets Market Analysis & Forecast by Mode of Operation 2023 - 2034 (Revenue USD Bn)
- Centralized
- Decentralized
Pharmacy Inventory Management Software Solutions and Cabinets Market Analysis & Forecast by End-User 2023 - 2034 (Revenue USD Bn)
- Independent Pharmacies
- Hospital Pharmacies
- LTC
Pharmacy Inventory Management Software Solutions and Cabinets Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Pharmacy Inventory Management Software Solutions and Cabinets Market: Type Estimates & Trend Analysis
8. Pharmacy Inventory Management Software Solutions and Cabinets Market: Mode of Operation Estimates & Trend Analysis
9. Pharmacy Inventory Management Software Solutions and Cabinets Market: End-User Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Pharmacy Inventory Management Software Solutions and Cabinets Market
12. Europe Global Pharmacy Inventory Management Software Solutions and Cabinets Market
13. Asia Pacific Global Pharmacy Inventory Management Software Solutions and Cabinets Market
14. Latin America Global Pharmacy Inventory Management Software Solutions and Cabinets Market
15. MEA Global Pharmacy Inventory Management Software Solutions and Cabinets Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- OBnicell Inc.
- McKesson Corporation
- BD (Becton
- Dickinson and Company)
- Swisslog Healthcare
- Cerner Corporation
- Talyst LLC (A Swisslog Healthcare Company)
- AmerisourceBergen Corporation
- ARxIUM Inc.
- Capsa Healthcare
- Health Business Systems Inc. (HBS)
- CareFusion Corporation (A BD Company)
- Parata Systems LLC
- Oracle Cerner
- RxSafe LLC
- ScriptPro LLC.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | December 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 6.64 Billion |
| Forecasted Market Value ( USD | $ 15.5 Billion |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 16 |
