The ‘Global Pharmacy Management System Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global pharmacy management system market, assessing the market on the basis of its segments like components, deployment types, organisation sizes, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Pharmacy Management System Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 7.59 Billion
• Forecast CAGR (2023-2028): 9.0%
• Forecast Market Size (2028): Nearly USD 12.69 Billion
A major driver of the global pharmacy management system market is the increasing trend of digitalisation. This has led to the integration of management systems in pharmacy centres to streamline the dispensing of drugs. Customers can place their orders and get their prescribed drugs delivered at the convenience of their homes, removing the hassle of visiting chemist shops. Moreover, providers can keep a comprehensive track of drugs and easily compare their prices, efficiency, and current availability through such systems.
The management system also aids chemists in keeping track of drugs in the inventory and staying informed about the batch numbers, expiration dates, and availability of medicine in the stock. Besides, the system provides information regarding the right dosage of the drugs, any side effects or precautions, and the effectiveness of the medication relative to the diagnosis. Management systems can enable pharmacists to access patient records and deliver the medication accordingly, thereby influencing the global pharmacy management system market.
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Pharmacy benefit managers, who maintain the regulatory records of the medications, use effective management systems to secure affordable drugs for insurance companies and insurers. These managers also use such systems for negotiations, reimbursements, and smooth transactions between pharmacies and healthcare centres.
Another crucial factor that drives the global pharmacy management system market is innovations in the management solutions. Integration of advanced technology for better inventory management and automated operations proves beneficial to pharmacy providers by improving efficiency and providing a seamless workflow. Moreover, new advancements have facilitated mobile applications for pharmacy management, which increases convenience and boosts patient engagement.
Several government initiatives to improve the management workflow and encourage the adoption of an effective system for efficient maintenance of the records also support the pharmacy management system market. Furthermore, increasing investments in the inventory system for seamless exchange of patient data, medication history and other clinical records further benefits the market demand.
Pharmacy Management System Industry Definition and Major Segments
A pharmacy management system, also referred to as a pharmacy information system, is the system that records and stores data and maintains the functions that keep the medicines organised in the pharmacies. It manages inventory and supply chains, optimise the administrative and clinical performance, and enhance efficiency and productivity.
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On the basis of component, the market is classified into:
• Solution
o By Type
Inventory Management
Purchase Orders Management
Supply Chain Management
Regulatory and Compliance Information
Clinical and Administrative Performance
Other Solutions
• Services
o By Type
Professional Services
Managed Services
Based on deployment type, the market is segmented into:
• Cloud Based
• On-Premises
On the basis of organisation size, the market is categorised into:
• Small and Medium Size Enterprises
• Large Size Enterprises
Based on end use, the market is classified into:
• Inpatient Pharmacy
• Outpatient Pharmacy
On the basis of region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Pharmacy Management System Market Trends
A key trend propelling the growth of the global pharmacy management system market is advancements in technologies and the rapid expansion of pharmacies around the world. Automation improves the efficiency of the system and reduces the time spent on workflow management. The automation of functions like system management, claim settlement, and error detection allows employees to focus more on tasks like consultation and engagement with patients. Furthermore, the expansion of the pharmacy stores and the surging attempts by pharmacies to decrease inventory costs are fuelling the market expansion.
Another crucial trend that favours the global pharmacy management system market is the growing focus of pharmacies to lower operational costs. Cost-effective solutions, including pharmacy management systems, are beneficial for pharmacies seeking to reduce their inventory cost and optimising the ordering and stocking of drugs. Market players are also investing in such systems with robust features like real-time information, automated ordering, and monitoring stocking.
Key players are increasingly offering innovative management systems to support pharmacies in enhancing their efficiency. For instance, in June 2023, LSPedia, a SAAS provider offering traceability solutions for the pharmaceutical sector, announced a strategic partnership with the wholesale distributor, Pharmsource, to provide independent pharmacies with its software solutions. This free-of-cost solution is aimed at assisting pharmacies with improved patient care and streamline operations.
North America accounts for a substantial share of the global pharmacy management system market owing to the implementation of new technologies in the healthcare sector. Pharmacies are using such solutions to enhance their productivity and enable staff to focus on critical workloads. Furthermore, the rise in the geriatric population, increasing healthcare demand, and surging incidences of chronic disease also boost the requirement for pharmacy management platforms.
The Asia Pacific is also expected to witness a healthy growth in the forecast period owing to the rapid urbanisation and increasing development of healthcare institutes and pharmacies in the region. This has driven the demand for an effective management platform that can address the queries of the customer and provide regulated medications to the patients, further influencing the global pharmacy management system market.
Key Market Players
The major players in the global pharmacy management system market report are
• Mckesson Corporation
• Cerner Corporation
• RedSail Technologies, LLC
• DRX Software LLC
• Epicor Software Corporation
• Becton Dickinson and Co.
• Transaction Data Systems, Inc.
• Swisslog Healthcare AG
• DataScan Pharmacy
• Liberty Software, LLC
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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