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Global Market For Pharmacy Inventory Management Software Solutions And Cabinets – Snapshot
The use of advanced technology is considered the best factor to increase growth in the health sector. The sectors associated with health are also experiencing great growth due to the increasing use of advanced technologies. A more suitable example for this is the increasing adoption of automation in this sector, including pharmacy. These developments have further increased the adoption of advanced services such as cabinets and pharmacy inventory management software solutions. The increasing burden on healthcare experts to reduce healthcare spending is one of the key factors driving the implementation of inventory management software and cabinets by pharmacies, which in turn has increased growth in this market.
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Additionally, the significant increase in the number of mail order, retail, and long-term care pharmacies created the need for effective solutions and systems that will aid in the distribution of large volumes of drugs. This step will also benefit the growth in the global market for pharmacy inventory management software solutions and cabinets. The adoption of this solution has grown rapidly in different countries. For example, in 2018 there were approximately 10,947 certified pharmacies in Canada. In addition, the trend of using RFID and barcode technology increased in dispensing processes, further driving the demand for RFID or barcode-assisted solutions and cabinets in the global market. NSW Health published an informational statement in 2014 emphasizing the recommendation that government pharmacies increase the use of barcode authentication in dispensing processes.
As for the region, also North America became one of the prominent regions for the growth of the global market for cabinets and pharmacy inventory management software solutions. A large number of actors present in the region have increased the use of these systems and solutions and have made this region a main market for the growth of this market. In addition, the increasing developments of technological advancements in healthcare and the growing connection to IT infrastructure are some other factors that increase growth in the market for cabinets and pharmacy inventory management software in America. North.
Global Pharmacy Inventory Management Software Solutions and Cabinets Market overview
Developments in the pharmacy inventory management software solutions and cabinets market are based on the increasing adoption of automation solutions in the stages of healthcare delivery, including pharmacy. Around the world, pharmacy managers are struggling to reduce overall costs and provide inventory management efficiencies, increase inventory turnover, and gain real-time visibility into drug inventory. The momentum for pharmacy inventory management automation solutions stems from this need. Their demand has notably gained momentum from the possible application of these solutions to minimize the risk of medication errors, especially in hospital settings and retail pharmacies.
The increasing functionality of software and analytics platforms to manage pharmacy supply chains across different healthcare systems has made the market increasingly lucrative in recent years. Supported by these demand dynamics, the global market is forecast to expand at a substantial growth rate over the forecast period of 2018-2028.
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Global Pharmacy Inventory Management Software Solutions and Cabinets Market: Key Trends
The market is largely driven by the growing demand for solutions to automate inventory processes, such as drug counting, replenishment, warehousing and dispensing, with the goal of driving pharmacies’ operational efficiency. The increasing number of long-term care pharmacies has stimulated the number of drug dispensing, thus reinforcing the demand for pharmacy inventory management software. There is a growing trend for drug dispenser cabinets to be equipped with barcodes and RFID technology. This in particular has driven automation in public hospital pharmacies, leading to overall efficiencies. Technological advances related to the automation of drug dispensing at the point of use, especially in long-term care facilities, are opening up new market avenues. The growing popularity of pharmaceutical inventory management solutions that promote decentralized medication drug systems bodes well for the market.
Global Pharmacy Inventory Management Software Solutions and Cabinets Market potential
The adoption of cabinets and pharmacy inventory management software solutions alongside other healthcare IT solutions helps improve patient outcomes by taking patient-centered care to new levels, especially in hospitals. NYU Langone Health, a renowned integrated academic medical center based in the US, in July 2019 signed a partnership with Omnicell, Inc., which will enable the former to use the pharmacy inventory management cabinet solution in its new inpatient hospital. Omnicell’s automated medicine dispenser cabinets. Adopting the automation platform will allow them to place medications in secure storage drawers. These are then integrated into the software platform and the hospital’s electronic health record (EHR).
Adopting these solutions will also help improve the efficiency of your nursing workflow, the vendor believes. The patient-specific medication storage device can be placed next to the patient’s beds and is supported by advanced healthcare systems. Anesthesia providers using inventory systems can easily access medications for a full case day. The adoption of automated pharmacy management helps hospitals meet various patient-centered goals.
Global Pharmacy Inventory Management Software Solutions and Cabinets Market: Regional Perspective
The Pharmacy Inventory Management Software Solutions and Cabinets Market Report provides a comprehensive assessment of the growth dynamics of various regional markets. It also provides information on lucrative avenues in key regions and the prevailing regulatory trends and norms that reinforce these avenues. On the regional front, North America is very likely to contribute an attractive share of revenue to the global market. This is due to the presence of several prominent players. The increasing adoption of automation in healthcare systems and the staggering increase in the number of retail pharmacies are factors that make emerging markets increasingly lucrative.
Global Pharmacy Inventory Management Software Solutions and Cabinets Market: Competitive Outlook
The study takes a close look at the prevailing competitive landscape and recent developments that influence strategic dynamics. The analyzes provide information on the key strategies adopted by various players to establish themselves in the market or consolidate their actions. Top players focus on geographic expansion to maintain their strength in the market for cabinets and pharmacy inventory management software solutions. Some of the prominent players operating in the market are Omnicell, Inc., McKesson Corporation, Oracle Corporation, Alyst, LLC, Becton Dickinson, and ARxIUM.
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