Thepharmaceuticalmanagement system marketis expected to witness a CAGR of around 9.4% during the forecast period.A pharmaceutical management system helps pharmacies to automate their workflow. This includes tasks such as reviewing physicians orders, preparing medications, controlling the inventory making drug orders, handling, billing, and insurance, etc. Additionally, the pharmaceutical management system stores data and enables functionality that organizes and maintains the medication use process within pharmacies. The growing adoption of pharmacy management systems can be attributed to the increasing burden on pharmacists due to the rising number of prescription drugs, recent innovations, the launch of automated dispensing systems, and the growing demand for buying medicines online is set to encourage market growth.For instance, there are more than 20000 prescription drugs that are approved for marketing by FDA in the year 2020.Moreover, the pharmacy management system also lowers the inventory cost by automating reordering, boosts productivity, and improves expiry date tracking and advanced scales to meet the needs of the pharmaceuticals.
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Based on component, the market is segmented into software and services. Among them, the software category is to witness higher CAGR during the forecast period owing to the increasing patient data, and growth in the SKUs is expected to drive the growth of this segment of the pharmaceutical management system. Moreover, the pharmacy software provides transparency to any business process. It also makes sales and profits more predictable and increases clientele
On the basis of deployment, the market is categorized into cloud and on-premises. Among these, the cloud to hold a significant share of the market in 2020. The cloud reduces the operations costs significantly as cloud implementation and maintenance costs are very less. Furthermore, applications that are on the cloud are very easy to access from anywhere.
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For a better understanding of the market adoption of the pharmaceutical management system industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to new legislation and reforms in the healthcare sector, the healthcare sector in the United States is undergoing significant transformations driven by new technology. From insurance coverage to healthcare data analytics for effective treatment plans, almost every aspect of healthcare is changing.
Some of the major players operating in the market include McKesson Corporation, Cerner Corporation, Becton Dickinson and Co., GE Healthcare Inc., Talyst LLC, Allscripts Healthcare Solution Inc., Epicor Software Corporation, Omnicell Inc., ACG Infotech Ltd, and Clanwilliam Health Ltd.
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Global Pharmaceutical Management System MarketSegmentation
Market Insight, by Component
Software
Services
Market Insight, by Deployment
Cloud
On-Premises
Market Insight, by End-User
Hospitals
Retail Pharmacies
Market Insight, by Region
North America
o US
o Canada
o Rest of North America
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
Rest of the World
Top Company Profiles
McKesson Corporation
Cerner Corporation
Becton Dickinson and Co.
GE Healthcare Inc.
Talyst LLC
Allscripts Healthcare Solution Inc.
Epicor Software Corporation
Omnicell Inc.
ACG Infotech Ltd
Clanwilliam Health Ltd.
