REPORT HIGHLIGHT
The Pharmacy Management System Market size was valued at USD 24,910.1 Million in 2022, expanding at a CAGR of 9.26% from 2023 to 2030.
A pharmacy management system is an application of computer software created to simplify and streamline numerous pharmacy-related procedures. It includes recording patient information, filling prescriptions, managing inventories, billing, and reporting. This system ensures the effective administration of pharmaceutical operations while ensuring regulatory compliance and patient safety by increasing efficiency, reducing mistakes, and improving overall workflow.
Pharmacy Management System Market- Market Dynamics:
- Increasing applications of pharmacy management systems in healthcare.
- Numerous reasons, including regular and swift advancements in the use of information technology in this area, have been cited as important contributors to the expansion of the healthcare industry in these countries. In the vast majority of nations, spending on healthcare has been rising gradually. Over the past several years, technological advances have considerably benefited a number of industrial sectors, particularly the healthcare sector. Many end users, doctors, and pharmacists have embraced the benefits of automation. By 2027, Saudi Arabia's spending on healthcare is predicted by the WHO to be USD 77.1 billion.
Pharmacy Management System Market- Key Insights:
- As per the analysis shared by our research analyst, the global Pharmacy Management System market is estimated to grow annually at a CAGR of around 9.26% over the forecast period (2023-2030).
- The Pharmacy Management System industry is projected to grow at a significant rate due to the increasing applications of pharmacy management systems in healthcare.
- Based on type segmentation, Pharmacy Inventory Management System was predicted to show maximum market share in the year 2022.
- Based on component segmentation, software was the leading type in 2022.
- Based on deployment mode, on-premise was predicted to show maximum market share in the year 2022.
- Based on end-user segmentation, Inpatient Pharmacies were the leading type in 2022.
- On the basis of region, North America was the leading revenue generator in 2022
Pharmacy Management System Market- Segmentation Analysis:
- The Global Pharmacy Management System Market is segmented on the basis of Solution Type, Component, Deployment Mode, End-users, and Region.
- The market is divided into categories based on solution type: pharmacy data management system, pharmacy inventory management system, pharmacy benefits management system, pharmacy revenue cycle management system, pharmacy compounding software system, and others. The sector with the highest share belonged to the pharmacy inventory management system solution category. The main reasons for this are the automated usage-based reordering that lowers inventory costs, the better time-of-use monitoring that boosts pharmacy staff efficiency, the standardization of scales to suit the expanding demands of multi-site health systems, and the automatic satellite inventory management.
- The market is divided into categories based on end-users: outpatient pharmacies and inpatient pharmacies. The inpatient pharmacies segment held the majority share. This is attributable to the increased interaction between prescribers and other healthcare providers and the increasing power over prescription decisions about drug selection and dosage. The benefits of inpatient pharmacy also include a bigger team of pharmacists cooperating inside the same institution to access patients' medical information. The market for a pharmacy management system is growing as a result of the advantages of inpatient pharmacies.
Pharmacy Management System Market- Geographical Insights:
Geographically, this market is widespread into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market. With the introduction of new healthcare legislation and reforms, the US healthcare industry is going through significant changes that are being driven by new technology. Almost every aspect of healthcare is changing, from insurance coverage to the use of analytics to develop effective treatment plans.
Pharmacy Management System Market- Competitive Landscape:
Companies sell their products through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. Products makers compete on a variety of aspects, including product costs, performance, product making, technology, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions. For instance, in 2023, The BD Prevue II System, which BD introduced, fills a gap in IV access by providing real-time needle depth indicators and is a new, simple-to-use sophisticated ultrasound technology with a specific probe. The system includes the BD Cue Needle Tracking System, which works with BD Cue Needle Tracking-capable catheters and provides a high-quality ultrasound image of the needle track.
Recent Developments:
In February 2023, A new tool for single-cell multi-omics analysis, unveiled by BD, will allow researchers to conduct high-throughput studies without compromising sample integrity, potentially reducing the time it takes to make discoveries in a variety of fields, including immunology, the study of genetic diseases, and the study of cancer and chronic diseases.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL PHARMACY MANAGEMENT SYSTEM MARKET KEY PLAYERS
- Talyst LLC
- Omnicell Inc.
- MedHOK Inc.
- McKesson Corporation
- Idhasoft Ltd
- Health Business Systems Inc.
- GlobeMed Ltd
- GE Healthcare Inc.
- Epicor Software Corporation
- DATASCAN (DCS Pharmacy Inc.
- Clanwilliam Health Ltd
- Cerner Corporation
- Becton Dickinson and Co.
- Allscripts Healthcare Solution Inc.
- ACG Infotech Ltd
GLOBAL PHARMACY MANAGEMENT SYSTEM MARKET, BY SOLUTION TYPE
- Pharmacy Data Management System
- Pharmacy Inventory Management System
- Pharmacy Benefits Management System
- Pharmacy Revenue Cycle Management System
- Pharmacy Compounding Software System
- Others
GLOBAL PHARMACY MANAGEMENT SYSTEM MARKET, BY COMPONENT
- Hardware
- Software
- Services
GLOBAL PHARMACY MANAGEMENT SYSTEM MARKET, BY DEPLOYMENT MODE
- Cloud/Web-Based
- On-Premise
GLOBAL PHARMACY MANAGEMENT SYSTEM MARKET, BY END-USER
- Outpatient Pharmacies
- Inpatient Pharmacies
GLOBAL PHARMACY MANAGEMENT SYSTEM MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA