Pharmacy Management System Market Scope
Market Research Future (MRFR) anticipates that the Pharmacy Management System Market Size was valued at USD 66.87 billion in 2022. The Pharmacy Management System Market is projected to grow from USD 73.64 billion in 2023 to USD 144.60 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.12% during the forecast period (2023 - 2030).
Major Boosters and Impediments
Numerous IT solutions are being designed to assist healthcare firms as well as professionals to tackle the series of challenges, especially given the burgeoning patient pool and medical data. Pharmacy management systems is deemed to be one such solution that helps pharmacists efficiently carry out their business by focusing on day-to-day operations such as data management, inventory management, benefits management, and document management.
The Pharmacy Management System Market has experienced significant growth in recent years, driven by the increasing adoption of ePharmacy platforms.
Escalation of the strict regulatory landscape in the pharmacy industry also adds to the market value. Increase in the number of prescriptions in line with the growth in chronic illnesses fosters the adoption of pharmacy management systems. The burgeoning pool of end-users should also bolster the demand for these systems in the years to come.
Most of the companies are deploying cloud-based pharmacy management systems, as these facilitate smoother sharing of information between clients along with other stakeholders. These systems allow people in remote areas to easily access information, which has raised their commercial availability in the global market. Additionally, surging focus on data protection coupled with the emergence of supportive laws is likely to favor the global industry in subsequent years.
Market Segmentation
Solution type, component, deployment mode and end-user are the top market segments considered in the MRFR report, in order to offer an extensive framework of the global market for pharmacy management systems.
Solution types discussed in the report include Pharmacy Data Management System, Pharmacy Benefits Management System, pharmacy Inventory Management System, Pharmacy Compounding Software System, and more.
Components outlined in the report are hardware, services as well as software.
Deployment modes considered are on-premise as well as web based. Cloud or Web-Based deployment modes are in the lead since companies are not required to buy the software, which means no need for staff and in-house servers that give technical support. This makes web-based deployment mode more cost effective compared to its counterpart.
End-users mentioned in the report are outpatient and inpatient pharmacies. Outpatient pharmacies form the top segment in the global market and can capture the fastest growth in the years to come. Soaring awareness regarding fast-track clinics as well as the soaring preference for these clinics during emergencies ensure the segmental growth.
Regional Study
The pharmacy management system industry has been regionally divided into Europe and the Americas along with MEA or Middle East and Africa as well as APAC or Asia Pacific.
The biggest market for pharmacy management system is owned by the Americas, where most of the world-renowned players are present and are constantly competing to gain the upper hand. In view of the mounting number of prescriptions, pharmacists are significantly burdened and are therefore, increasingly adopting automated solutions such as pharmacy management systems. The region houses an advanced healthcare infrastructure is known for using the most innovative technologies and spending considerably on healthcare. These factors could culminate into strong growth boosters in the following years and help the regional market grow at a higher rate.
Europe houses the second most attractive market for pharmacy management system, considering the strong support given by the local regulatory authorities. A large number of companies in the region are actively involved in building collaborations, joint ventures and partnerships with pharmacies, which not only strengthens their positions but also foster the market growth. The fast-paced growth in the number of chronic disorders has also been bolstering the need for effective and advanced pharmacy management systems in the region.
The Asia Pacific market seems to be growing at the fastest rate and currently stands as a promising consumer of pharmacy management systems. Many of the established vendors in the region are making competitive moves like partnerships and agreements to remain relevant in the market. Meanwhile, government bodies are granting support to digital pharmacies, which fosters the adoption rate in the region. On top of that, the amplified sales of healthcare equipment and products across emerging countries like China and India will create attractive prospects for the pharmacy management system industry in the region.
Renowned 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), are some of the top pharmacy management system market players.
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