US Pharmacy Management System Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.38 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Pharmacy Management System Market Analysis
The US Pharmacy Management System Market is expected to witness a CAGR of 9.38% during the forecast period. The ongoing innovations, the launch of automated dispensing systems, and the burden on pharmacists due to the increasing number of prescriptions are expected to drive market growth.
- The pharmaceutical management system (PMS) platform helps pharmacists with drug regulation and manages various stakeholders involved in the value chain. PMS allows pharmacists to provide efficient, professional, and personalized care (based on the patient's requirements) and streamline the workflow by bridging the communication gap, providing legitimate drugs, and reducing the incidences of drug counterfeits.
- The pharmacy management systems enable the pharmacist to provide quality service, with subsequent implications for patient care. PMS manages the pharmaceutical inventory and selects suitable medicine for the illness mentioned to the pharmacist.
- According to the National Community Pharmacists Association's latest publication, independent community pharmacies account for 34% of the market share in the United States. In addition, according to the National Community Pharmacists Association (NCPA), there were 22,500 independent community pharmacies last year.
- Moreover, the report suggested that independent community pharmacies offered various services. For instance, nearly 79% of the respondents provided medication synchronization services, 73% provided medication therapy management, 84% provided flu immunizations, 80% offered non-flu immunizations, and 53% performed blood pressure monitoring.
- Due to the outbreak of COVID-19, the global supply chain and demand for multiple medical supplies were majorly disrupted. The pharmacy management system witnessed a staggering growth rate until 2020. With the rising concerns over the availability of chronic and general medicines, the demand is expected to grow further as various players are investing and collaborating to cater to their requirements.
US Pharmacy Management System Market Trends
This section covers the major market trends shaping the US Pharmacy Management System Market according to our research experts:
Solution Segment to Hold a Major Share
- Effective inventory management ensures an uninterrupted supply of safe, effective, and affordable pharmaceuticals, achieved through proper inventory synchronization by reducing inconsistency in the calculation of sales criteria, resulting in excess or under-stocking.
- Synchronization ensures that stock syncs with the number of people or customers buying from the pharmacy. If the supply is disproportionate or does not cover the clients or customers, the pharmacy has a problem that affects the expenditure.
- Pharmacy management software prevents such situations and alerts pharmacists whenever their stock is falling short and when a new lot should be ordered. Besides delivering what the consumers need and cutting excessive spending can be a valuable strategy, the processes may be more comfortable and efficient by automating certain necessary operations.
- Challenges in medication inventory management and drug shortages were familiar. The COVID-19 pandemic, in some cases, offered an unusual opportunity for pharmacists to proactively prepare their inventories as the initial case surge was not widespread. However, the supply chain's weaknesses raise concerns that the next drug or supply shortage could become a daily event.
- As a counterfeit measure, in August 2021, Tecsys Inc., an industry-leading supply chain management software company, partnered with Indiana-based Parkview Health to launch an elite pharmacy inventory management system (PIMS). It is expected to build on Parkview Health's unified supply chain execution platform and strategic visibility, further tapping into the operational benefits already supported by Tecsys in other supply areas of the health system.
Retail Pharmacy Type to Hold a Significant Share
- A retail pharmacy is a retail store selling drugs to patients. It is a store where the general public can get their prescriptions filled. It has a different license from a hospital or an institutional pharmacy.
- The regional companies are looking for strategic acquisitions to expand their business offerings to a broader customer base. For instance, in January 2021, AmerisourceBergen Corporation and Walgreens Boots Alliance Inc. announced strategic agreements under which AmerisourceBergen will acquire the majority stake of Walgreens Boots Alliance's Alliance Healthcare businesses for approximately USD 6.5 billion. The acquisition will also allow Walgreens Boots Alliance to increase its focus on growing its core retail pharmacy businesses.
- The retail pharmacy sectors increasingly demand a pharmacy experience that mirrors their retail experiences of convenience, omnichannel, and home delivery at the center, giving rise to investments in online pharmacies. For instance, in January 2022, Mark Cuban, owner of the Dallas Mavericks basketball team, announced an acquisition of a new online pharmacy store.
- In November 2021, Walgreens, one of the retail and wholesale pharmacy leaders, announced a USD 30 million high-technology fulfillment center in the Kansas City metro area. The facility will be used to increase the rate of delivering packages to stores, to lockers for pick-up, and directly to customer homes. In addition to the established logistics network serving stores, Walgreens will partner with UPS, FedEx, and companies such as Uber and Doordash for direct-to-consumer shipping.
US Pharmacy Management System Industry Overview
The US Pharmacy Management System market is moderately competitive, with some local and international players active. International participants operate in the country through partnerships with local players. With the market expected to broaden and yield more opportunities, more players will enter the market soon. Key players operating in the market include McKesson Corporation and Cerner Corporation.
There were various developments in the market last year. In November 2021, Keycentrix announced the addition of three brand-new, value-adding features to its Newleaf pharmacy software, Real-Time Prescription Benefit, powered by Surescripts, ScriptDrop medication delivery solution, and Telepharmacy by Keycentrix. In September 2021, Premier Inc., a leading technology-driven healthcare improvement organization, and 11 top health systems purchased a minority position in Exela Holdings Inc., the holding company of Exela Pharma Sciences LLC, to secure critical pharmaceutical supplies and boost domestic manufacturing. Participating premier member health systems may have continuous access to 19 pharmaceutical goods, including many generic injectables that commonly appear on the US Food and Medicine Administration's drug shortage list and Exela's 503B pharmaceutical products. In July 2021, Becton, Dickinson and Company acquired Tepha Inc., bringing improved outcomes against chronic diseases through a proprietary bioabsorbable polymer that reconstructs tissue in a range of conditions.
US Pharmacy Management System Market Leaders
McKesson Corporation
Cerner Corporation
Becton Dickinson and Co.
GE Healthcare Inc.
Talyst LLC
*Disclaimer: Major Players sorted in no particular order
US Pharmacy Management System Market News
- Jun 2022: CerTest Biotec collaborated with BD on the Molecular Diagnostic Test for Monkeypox. As part of the collaboration, the assay will leverage the BD MAX open system reagent suite to validate the CerTest VIASURE Monkeypox CE/IVD molecular test on the BD MAX System. The BD MAX System is a fully integrated, automated platform that performs nucleic acid extraction and real-time PCR, providing results for up to 24 samples across multiple syndromes in less than three hours.
- May 2022: ValGenesis Inc., a provider of enterprise Validation Lifecycle Management Systems (VLMS), and Zenovative, a technology development and consulting firm based in Maryland, the United States, teamed up to provide pharmaceutical companies around the world with unique compliance-focused digital validation solutions.
US Pharmacy Management System Market Report - Table of Contents
1. INTRODUCTION
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 Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Burden on Pharmacists due to the Increasing Number of Prescriptions
5.1.2 Recent Innovations and the Launch of Automated Dispensing Systems
5.2 Market Restraints
5.2.1 Vendor Lock-in is a Major Barrier to the Adoption of Pharmacy Management Systems
6. MARKET SEGMENTATION
6.1 By Component
6.1.1 Solutions
6.1.1.1 Inventory Management
6.1.1.2 Purchase Orders Management
6.1.1.3 Supply Chain Management
6.1.1.4 Regulatory and Compliance Information
6.1.1.5 Clinical and Administrative Performance
6.1.1.6 Other Solutions
6.1.2 Services
6.2 By Deployment
6.2.1 Cloud-based
6.2.2 On-premise
6.3 By Type
6.3.1 Retail Pharmacy
6.3.2 Hospital Pharmacy
6.3.3 Other Types (Assisted Living and Specialty Pharmacies)
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
US Pharmacy Management System Industry Segmentation
The pharmacy management software system effectively manages inventory and focuses on lowering the investing costs through automated usage-based reordering, improves expiration data tracking, increases pharmacy staff productivity by automating satellite inventory management, and regulates the scales to meet the growing needs of the multi-site health system.
The US Pharmacy Management System Market is segmented by Component (Solutions (Inventory Management, Purchase Order Management, Supply Chain Management, Regulatory and Compliance Information, and Clinical and Administrative Performance) and Services), Deployment (Cloud and On-premise), and Type (Retail Pharmacy, Hospital, and Pharmacy). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Component | ||||||||
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| Services |
| By Deployment | |
| Cloud-based | |
| On-premise |
| By Type | |
| Retail Pharmacy | |
| Hospital Pharmacy | |
| Other Types (Assisted Living and Specialty Pharmacies) |
US Pharmacy Management System Market Research FAQs
What is the current United States Pharmacy Management System Market size?
The United States Pharmacy Management System Market is projected to register a CAGR of 9.38% during the forecast period (2024-2029)
Who are the key players in United States Pharmacy Management System Market?
McKesson Corporation, Cerner Corporation, Becton Dickinson and Co., GE Healthcare Inc. and Talyst LLC are the major companies operating in the United States Pharmacy Management System Market.
What years does this United States Pharmacy Management System Market cover?
The report covers the United States Pharmacy Management System Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the United States Pharmacy Management System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
United States Pharmacy Management System Industry Report
Statistics for the 2024 United States Pharmacy Management System market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. United States Pharmacy Management System analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
