Pharmacy Management System Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Pharmacy Management System Market Analysis
The Pharmacy Management System Market was valued at USD 67.8 billion in the previous year and is expected to grow at a CAGR of 7.81%, reaching USD 220.1 billion by the next five years. The pharmacy management system, commonly referred to as the pharmacy information system, is a system that organizes and manages the drug usage process within pharmacies by storing data and enabling functionality.
- The chemist can regulate drugs and manage the numerous stakeholders engaged in the value chain using the pharmaceutical management system (PMS) based platform. By bridging the communication gap, supplying authentic pharmaceuticals, and lowering the rates of drug counterfeiting, PMS enables chemists to provide practical, professional, and personalized care (depending on the patient's requirements) and streamline the workflow.
- Pharmacy benefit managers represent health plans and companies and contract with pharmacies on their behalf, then pay them according to agreed-upon rates and dispensing fees. Pharmacy benefit managers and pharmacies are reimbursed at varying speeds, and these fees differ depending on the competitive environment and whether a drug is branded or generic. For pharmacies to run effectively, it necessitates using management system software solutions, such as supply chain management, inventory management, regulatory and compliance information, etc.
- Furthermore, with e-commerce integration and digitalization through the implementation of pharmacy management systems, pharmaceutical vendors can offer patients and providers an efficient and easy method to search for and purchase the drugs they require. In a B2C (business-to-customer) context, patients can buy and receive their prescription drugs from the comfort of their homes. In the B2B context, comprehensive pharmaceutical e-commerce platforms allow providers to compare all the different, constantly fluctuating factors involved in drug purchasing, including the current availabilities and prices of other drugs, to enable informed drug spending.
- However, high implementation costs, a rise in the number of software hackers, and a limited understanding of software usage are the factors hampering the market's growth.
- Due to COVID-19's effect on changing customer wants, and tastes, pharmacy e-commerce has become crucial to American healthcare delivery. Following the pandemic, customers now demand quick shipping from retailers, including pharmacies, for all online services.
Pharmacy Management System Market Trends
Growing Applications of Pharmacy Mangement Systems in Healthcare to Dominate the Market
- Many factors have been identified as contributing to the growth of the healthcare sector in these countries, and consistent and quick developments pertaining to the application of information technology in this sector have been a significant factor. Healthcare spending has been steadily increasing in the majority of countries around the world.
- Information and technology have significantly improved several industrial sectors, including the health care industry, over the past few years. several end users, prescribers, and chemists have welcomed the advantages of automation.
- Additionally, the use of IT solutions has made it possible to store patient records in a structured format, regularise the implementation of electronic prescriptions, which has reduced the amount of paper used in administration and drug dispensing, automated the handling of medications during the supply chain, and improved patient safety.
- The pharmacy management software system offers a more efficient method of managing inventory and focuses on lowering inventory costs through automated usage-based reordering, improving expiration date tracking, increasing productivity of pharmacy staff by automating satellite inventory management, and standardising scales to meet the expanding needs of multi-site health systems.
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North America to Occupy Major Share
- The US healthcare sector is undergoing enormous alterations fueled by new technologies with the implementation of new healthcare statutes and reforms. Almost all facets of healthcare are evolving, including insurance coverage and healthcare data analytics to create efficient treatment regimens.
- Many pharmacies use a historical business model, although it has begun to include modern technologies and improvements in customer care. In contrast to using their licenses to the fullest extent possible (such as offering counseling and point-of-care testing), retail chemists in the United States are highly educated medical professionals who spend a disproportionate amount of time counting pills and handling clinical corrections. It might also be possible to help employees concentrate on these activities by automating redundant processes and less critical aspects of their profession.
- The government supports developments Through several policies, initiatives, and programs that aid chemists and other healthcare professionals in developing their enterprises. The demand for pharmaceutical products to treat various chronic conditions, the order for healthcare items, and an increase in the number of seniors who need more medicine for age-related ailments are only a few of the causes contributing to the pharmacy industry's rise.
- Additionally, by using Internet pharmacies, suppliers can grow their businesses and contact more customers and healthcare professionals to give intelligent therapeutic interventions and more individualized patient-pharmacist interactions; integrated data (i.e., pharmacy, medical, and pharmacy) can be employed. The COVID-19 pandemic and technological advancements (such as software automation, robotics, logistics, and micro-fulfillment) are two key market variables propelling the pharmacy management market. As a result, software for pharmacy management systems is becoming more widely used in the US.
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Pharmacy Management System Industry Overview
The Pharmacy Management System Market is competitive and consists of several partakers like McKesson Corporation, Becton Dickinson and Clanwilliam Health Ltd, Allscripts Healthcare Solution Inc, Cerner Corporation, o., GE Healthcare Inc., Talyst LLC, ., plus a tonne more. By entering into numerous collaborations, funding initiatives, and introducing new items to the market, the corporations are expanding their market share.
- February 2023 - BD has announced a new instrument for single-cell multiomics analysis that will enable scientists to run high-throughput studies without sacrificing sample integrity – potentially accelerating time to discovery across a wide range of disciplines including immunology, genetic disease research, and cancer and chronic disease research.
- October 2022 - McKesson Corporation has opened a new state-of-the-art pharmaceutical distribution center in Jeffersonville, Ohio, centrally located between Cincinnati and Columbus. The new facility will distribute pharmaceutical, over-the-counter (OTC) and home healthcare (HHC) products as well as consumer packaged goods (CPG) to customers across Ohio, Indiana, Kentucky, Michigan, Pennsylvania and West Virginia.
Pharmacy Management System Market Leaders
Becton Dickinson and Co.
GE Healthcare Inc.
*Disclaimer: Major Players sorted in no particular order
Pharmacy Management System Market News
- April 2023 - BD has launched a new, easy-to-use advanced ultrasound device with a specialized probe designed to provide clinicians with an optimal IV placement, where the BD Prevue II System addresses an unmet need in IV access through real-time needle depth markers. The system features the BD Cue Needle Tracking System, offering a high-quality ultrasound image of the needle trajectory, and is compatible with BD Cue Needle Tracking-enabled catheters.
- February 2023 - Nova Scotia, in collaboration with Nova Scotia Health Authority (NSHA) and IWK Health (IWK), announced today a new 10-year agreement has been signed with oracle center to implement an integrated electronic care record across the province for the more than one million Nova Scotians. where technology can help improve the way health professionals use and share patient information., where the new modernization known in Nova Scotia as “One Person One Record” (OPOR), is intended to provide clinicians easier access to real-time health information anywhere and allow healthcare workers to spend less time at the computer and more time with their patients.
Pharmacy Management System Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Pharmacy Management System Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Burden on Pharmacists due to Rising Number of Prescriptions is Set to Encourage the Market Growth
5.1.2 Recent Innovations and the Launch of Automated Dispensing Systems
5.1.3 Growing Applications of Pharmacy Mangement Systems in Healthcare to Dominate the Market
5.2 Market Challenges
5.2.1 Vendor Lock-In is a Major Barrier to Adoption of Pharmacy Management System
6. MARKET SEGMENTATION
6.1 By Component
126.96.36.199 Inventory Management
188.8.131.52 Purchase Orders Management
184.108.40.206 Supply Chain Management
220.127.116.11 Regulatory and Compliance Information
18.104.22.168 Clinical and Administrative Performance
22.214.171.124 Other Solutions
6.2 By Deployment
6.3 By Size of the Organization
6.3.1 Independent Pharmacies
6.3.2 Chained Pharmacies
6.4 By Geography
6.4.1 North America
6.4.3 Asia Pacific
6.4.4 Rest of the World
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 McKesson Corporation
7.1.2 Cerner Corporation
7.1.3 Becton Dickinson and Co.
7.1.4 GE Healthcare Inc.
7.1.5 Talyst LLC
7.1.6 Allscripts Healthcare Solution Inc..
7.1.7 Epicor Software Corporation
7.1.8 Omnicell Inc.
7.1.9 ACG Infotech Ltd
7.1.10 Clanwilliam Health Ltd
7.1.11 DATASCAN (DCS Pharmacy Inc.)
7.1.12 GlobeMed Ltd
7.1.13 Health Business Systems Inc.
7.1.14 Idhasoft Ltd
7.1.15 MedHOK Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Pharmacy Management System Market Research FAQs
What is the study period of this market?
The Pharmacy Management System Market is studied from 2018 - 2028.
What is the growth rate of Pharmacy Management System Market?
The Pharmacy Management System Market is growing at a CAGR of 7.81% over the next 5 years.
Which region has highest growth rate in Pharmacy Management System Market?
Asia-Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Pharmacy Management System Market?
North America holds highest share in 2022.
Who are the key players in Pharmacy Management System Market?
McKesson Corporation, Cerner Corporation, Becton Dickinson and Co., GE Healthcare Inc., Talyst LLC are the major companies operating in Pharmacy Management System Market.
Pharmacy Management Software System Industry Report
Statistics for the 2023 Pharmacy Management System market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pharmacy Management System analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.