ID: MRFR/HC/7091-HCR | February 2021 | Region: Global | 90 pages
The pharmacy management system market value was USD 37,233 million in 2018. It is expected to grow at a CAGR rate of 11.55% during the forecast period. A pharmacy management system is a crucial tool with highly effective and user-friendly management services. These systems help the pharmacists in managing tough tasks such as inventory management, dispensing medicines, and sales function. A Global pharmacy management system allows the pharmacists to offer professional care based on the requirements of the patients. The pharmacy management system market growth is due to the rising number of pharmacies, the healthcare IT industry, and improvement in the healthcare infrastructure.
In the last few years, the automation process in the pharmaceutical has expanded. Due to this, the pharmaceuticals are highly benefitted by the benefits it offers to the users. The rising number of prescriptions is increasing the burden on the pharmacies; as a result, it will boost the adoption of automated solutions in the management of the pharmaceutical sector. Pharmacy management system offers automated solutions to enhance the management process in small, medium, and large pharmacies. The majority of the Solutions include purchases orders management, regulatory and compliance information, supply chain management, inventory management, and administrative performance.
The pharmacy management system also lowers the inventory cost by automating reordering, boost productivity, improves expiry date tracking and advanced scales to meet the needs of the pharmaceuticals. The number of pharmaceuticals adopting the pharmacy management system is rising for better management in pharmacies; as a result, it is driving the pharmacy management system market growth. The IT sector has developed a lot due to this, and numerous applications are developed by the market players. As a result, the pharmacy management system market size is increasing. Various solutions are developed to improve healthcare facilities. Using the pharmacy management system, organizations can operate their business more efficiently. The system helps the business operation with day-to-day operations.
The coronavirus outbreak was first started in Wuhan city, and now it has spread all over the world. It has affected many business organizations and the global economy. The government of all nations in the world is taking safety measures to fight against it. In this case, the role of pharmaceuticals has increased a lot. Coronavirus has highly affected the health of people, and now everyone is highly dependent on the medication than ever. With the increasing need for pharmacies, the supply of medicines and the work is also increasing. As a result, now pharmacies are adopting pharmacy management systems for better efficiency and productivity. But the imposition of lockdown and social distancing guidelines has also affected the market; as a result, the pharmacy management system industry trends have shown moderate growth. The key players are trying to boost the demand of the market, and the market is expected to see positive results after the covid-19 situation.
Drivers are the key factors that responsible for the growth of the market. In the case of the pharmacy management system industry, there are many drivers that are increasing the demand of the market. According to the American College of clinical pharmacy, five billion prescriptions will be dispensed by 2021. Due to the increasing number of prescriptions, the burden on pharmacists will increase; as a result, it will boost the adoption of automated solutions in the management of pharmacies around the world, and it will boost the Global pharmacy management system industry growth. Apart from that, the players in the market are working with top IT companies to come up with solutions that will help to manage the workflow in pharmaceuticals in a better way. Big companies are investing highly in the development of efficient solutions; as a result, it will propel the pharmacy management system market. Adoption of cost reduction methods in the pharmacies by major companies to boost their profits is also a major role in the market growth. Increasing awareness of the benefits of the pharmacy management systems and high return on investment of pharmacy management solutions will boost the growth of the pharmacy management system industry.
The innovation of pharmacy management solutions is expected to offer business opportunities for the vendors supplying the pharmacy management systems. Apart from that government taking initiatives to better workflow in the pharmaceuticals will also have a positive impact on the market, and it will generate more opportunities for the pharmacy management system market.
There are many restraints in the pharmacy management system industry, such as security. The pharmacy management system uses different solutions and keeps crucial information, so it becomes a target of attackers. The attackers can steal all the important information of the organization, and that is why it has become a restraint for the Global pharmacy management system market.
The pharmacy management system market faces many challenges, just like any other market. One of the biggest challenges is the unavailability of trained professionals. The pharmacy management system can be complex, so without the help of a professional, the system won’t work properly. Apart from that, the underdeveloped countries are now aware of the management system; as a result, it has become a challenge for the pharmacy management system industry. The market key players and drivers are trying their best to overcome these challenges and boost the demand of the market.
Due to the rapid adoption of management solutions in the pharmaceuticals sectors, the market will see huge growth in the pharmacy management system industry forecast period. The Global pharmacy management system is showing growth over the years with a healthy CAGR, and the drivers will drive the market more in the coming years.
By solution type, the pharmacy management system market is divided into pharmacy inventory management system, pharmacy data management system, pharmacy compounding software system, pharmacy benefits management system, pharmacy revenue cycle management system, and others. The pharmacy inventory management system includes a barcode scanner, automated inventory process, counting, including restocking, warehousing, and others. The pharmacy data management system Includes solutions for the patient persistence rates, response time, spending trends, drug waste rates. Pharmacy compounding software system is responsible for the cost-effective design, plans, and wide clinical trial results. Pharmacy revenue cycle management system is for prior authorization, insurance verification, claims process, mitigation strategies, and many more.
By component, the pharmacy management system industry is divided into software, hardware, and services. The software includes applications for protection among the hospitals and to avoid security cases. Hardware can be computers, video conference units, and mobile phones with advanced technology. Services are for offering support and outcomes.
This segment of the pharmacy management system market is divided into could-based and on-premise. Cloud-based eliminates the need for an in-house server. On-premise uses the organization’s computing professionals.
On the basis of end-users, the pharmacy management system market is divided into inpatient pharmacies and outpatient pharmacies. The inpatient pharmacies hold the highest pharmacy management system industry share. The outpatient pharmacies are the fastest-growing segment.
The major regions in the pharmacy management system market are North America, Europe, Asia Pacific, and the Middle East, and Africa. North America holds the highest pharmacy management system industry share due to the presence of big players in the region. Europe region is responsible for the second-highest share in the market due to the adoption of IT solutions in the pharmacies in this region. The Asia Pacific is the fastest-growing region, and it is expected to register the highest CAGR in the fore period. This region will see rapid growth due to increasing agreements and partnerships. The Middle East and Africa have the smallest market due to limited healthcare.
The major key players of the pharmacy management system market are:
This pharmacy management system market report is purely based on qualitative and quantitative analysis of the market. This report offers a pharmacy management system industry outlook on market overview, market segmentation, market Dynamics, and pharmacy management system industry analysis. Furthermore, it highlights regional analysis, competitive landscape, and recent developments.
By Solution Type
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Solution, Component, Deployment Mode|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Allscripts (US), Cerner Corporation (US), Datascan (US), Epicor Software (US), GlobeMed Group (Lebanon), Liberty Software (US), LS Retail (Iceland), McKesson (US), MedHOK (US), Octal IT Solution LLP (US), Safecare Technology (UAE), ScriptPro (US), Clanwilliam Health (Ireland), Mobile MedSoft (US), Health Business Systems (US)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The pharmacy management system enables pharmacists to deliver well-organized professional as well as personalized care based on the needs and requirements of the patients. Tools such as eligibility checking, price updates, prior authorization, prescription monitoring program reporting, clinical updates with drug images and prescriber updates, imprints, remote backup, and many other activities are involved in the pharmacy management system solutions.
The valuation of the pharmacy management system market had reached USD 37,233 MN in 2018.
The pharmacy management system market is projected to grow at approximately 11.55% CAGR during the forecast period (2019-2025).
Necessity for restructuring the workforce management systems in pharmacy settings.
North America holds the largest share in the pharmacy management system market, followed by Europe and the Asia Pacific, respectively.
Cerner Corporation (US), Allscripts (US), Datascan (US), GlobeMed Group (Lebanon), Epicor Software (US), Liberty Software (US), McKesson (US), LS Retail (Iceland), MedHOK (US), Safecare Technology (UAE), Octal IT Solution LLP (US), ScriptPro (US), Mobile MedSoft (US), Clanwilliam Health (Ireland), and Health Business Systems (US), are some of the major players operating in the pharmacy management system market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.