The global pharmacy management systems market is expected to grow at a CAGR of around 10.5% from 2020 to 2027 and expected to reach the market value of around US$ 35.3 Bn by 2027.
Pharmacy management system comprises a module that automates the general workflow and administration management process of pharmacy to improve accuracy, efficiency, and safety. Pharmacy management system provides hassle free handling of pharmacy and management of all stock. Very simple and user-friendly software and hence doesn't require any special training. Apart from that, when the month is completed the workers in the pharmacy have to generate the list or reports manually of the drugs in the pharmacy. This work is done to maintain require stock in the pharmacy. This work leads to a mistake by workers and leads to major problems. Therefore, to solve such problems pharmacy management system has gained strong attention that proves beneficial for the pharmacy. By integration of pharmacy management system, it can generate bill, maintain stock precisely, enhance cost saving, and maintain inventory control. Pharmacy management system helps pharmacists to handle the incomings and outgoing's stock more smoothly and in a better way.
Technological advancements support the growth of global pharmacy management system market
Slow moving inventory, or medications that are at inventory stage until it gets expired, can end up with significant cost more than their retail value. To overcome such situations, major pharmacies use applications supported by pharmacy management system to keep medications in stock at current levels. Through integration of analytical tools under pharmacy management system it gains huge transparency with the exchange. Moreover, implementation of pharmacy management system helps gain visibility and provides thoughtful management of inventory purchase and management. These software help realize as much as 35% improvement in inventory turns and minimize losses from unsalable returns by as much as 25%
Stringent regulation bolsters the growth of global pharmacy management system market
Pharmacy regulatory authorities have a responsibility to consider the minimum requirements of system used by pharmacists and pharmacy technicians in delivering quality care and services. The Council of Pharmacy Registrars of Canada (CPRC), an advisory committee of the National Association of Pharmacy Regulatory Authorities (NAPRA) established a working group for this purpose to be informed by the “Model Standards of Practice for Canadian Pharmacists” Standard 1 developed by NAPRA and the Pan-Canadian Drug Messaging Standard 2 developed by Canada Health Info way. Additionally, pharmacy regulatory authorities recognize that public safety requires specific measures for preventing prescription fraud involving e-prescription and implementation of the measures are taken fast to detect fraud with paper prescriptions. Additionally, pharmacy practice management systems (PPMS) support the delivery of patient care, involving the dispensing of drugs in accordance with federal/provincial/territorial regulations and standards. Therefore, PPMS highly focuses on detecting risk/threats, handling responsibility of pharmacy licensees regarding training. Together, the requirements, when met it ensures that PPMS can be used for safety and efficacy of e-prescriptions and related electronic pharmacy records. Thus, integration of PPMS to other clinical systems or repositories for example a provincial drug information system (DIS) or EHR is essential.
Pharmacy management system market is segmented based on component, deployment, and size. By component, it is bifurcated into solutions and services. By solutions, it is segmented as inventory management, purchase orders management, supply chain management, regulatory and compliance information, clinical and administrative performance, and others. Based on deployment, it is classified into cloud-based and on-premise. By size, it is further segregated into small and medium sized pharmacies and large pharmacies.
Inventory management will have 100% gains in the global pharmacy management system market
Rising pressure on healthcare professionals to reduce healthcare costs acts positively on the inventory management segment ultimately contributing for the growth of global pharmacy management systems market. For records, Intermountain Healthcare, a non-profit healthcare system in the US revealed that approx. 60-70% if the budget assigned to the pharmacy department is consumed for the management of medication inventory. Thus pharmacy management system effectively reduces the cost of excess inventory, thereby propelling the demand. Additionally, surge in incidences of medication errors, particularly dispensing errors in hospital and retail pharmacies drives the demand for such systems. According to the World Health Organization (WHO), automated dispensing systems minimize the risk of medication errors.
Cloud based segment will have significant market share in the forthcoming years for global pharmacy management system market
Cloud based systems allow connecting the user to the computer through Internet and web browser that further enables to access data at any time and anywhere on different devices. The cloud based delivery mode provides a standardized way to help commercial and academic institutions to manage their laboratory data generated from sample testing, automation, and report generation. These factors ultimately contribute for the growth of global pharmacy management system market. Cloud based technology for pharmacy management system eliminates several key expenses. Cloud solutions demand no server related hardware or maintenance cost. Also, integration of cloud technology takes the responsibility of the data maintenance reducing the errors from pharmacists or technicians; it results in decreasing opportunity cost. These act as one of the prominent factors that contribute for the growth of global pharmacy management systems market.
Based on size, large pharmacies recorded significant market share in the past and is expected that it will continue the same trend till the forecast period.
North America is expected to held dominant market share in the forthcoming years. This is attributed to introduction of new healthcare acts and reforms. Moreover, the US healthcare industry is witnessing significant transformation driven by new technology. Almost every aspect of healthcare is changing starting from insurance coverage to healthcare data analytics for effective treatment plans. On the other hand, Asia Pacific is projected to witness fastest growing CAGR in the forecast period. In Asia Pacific, development has been made noticeable growth that offers the best healthcare services. The government supports this development through various strategies, initiatives, and programs that assist pharmacists and other healthcare professionals in enhancing business. Such factors act positively on the growth of global pharmacy management system market.
The prominent players involved for global pharmacy management system market involve McKesson Corporation, Cerner Corporation, Becton, Dickinson and Company, General Electric Company, Allscripts Healthcare, LLC, Epicor Software Corporation, OMNICELL INC., ACG Infotech Ltd., Clanwilliam Health, and among others
Market By component
Market By Deployment
Market By Size
Small And Medium Sized Pharmacies
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Pharmacy management systems market is expected to reach a market value of around US$ 35.3 Bn by 2027.
The pharmacy management systems market is expected to grow at a CAGR of around 10.5% from 2020 to 2027.
Based on component, inventory management segment is the leading segment in the overall market.
Technological advancement is one of the prominent factors that drive the demand for pharmacy management systems market.
McKesson Corporation, Cerner Corporation, Becton, Dickinson and Company, General Electric Company, Allscripts Healthcare, LLC, Epicor Software Corporation, OMNICELL INC., ACG Infotech Ltd., Clanwilliam Health, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years