The market is projected to grow with a CAGR of 11.9% from 2020-2027.
According to The Insight Partners market research titled ‘Pharmacy Management System Market to 2027 - Global Analysis and Forecasts by Component, Deployment, and Size.' The global pharmacy management system market is expected to reach US$ 39,223.60 Mn in 2027 from US$ 16,056.04 Mn in 2019. The market is projected to grow with a CAGR of 11.9% from 2020-2027. The report provides trends prevailing in the global pharmacy management system market along with market drivers and restraints.
A pharmacy management system is an important tool equipped with powerful and user-friendly pharmacy management services. These systems assist pharmacists in managing complex tasks such as dispensing medicines, inventory management, and point of sales functions. The global pharmacy management system market is driven by factors such as developing the healthcare IT industry, increasing the number of pharmacies globally and improving healthcare infrastructure in developing countries. However, limitations such as downtime, high cost, and system incompatibilities associated with the pharmacy management system are anticipated to restrain the market growth during the forecast period. Moreover, rising demand for pharmacy management system in APAC and European countries are likely to deliver substantial growth opportunities to improve market share for industry players in the near future.
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Pharmacy Management System Market Competitive Landscape and Key Development
The pharmacy management system market majorly consists of players such as McKesson Corporation, Cerner Corporation, General Electric Company, Allscripts Healthcare, LLC, Epicor Software Corporation and OMNICELL INC. Several companies in the market are concentrating on inorganic strategies, such as partnership for enhancing their position in the market. For instance, in May 2018, Sentara RMH Medical Center has adopted Omnicell’s central pharmacy automation to enhance control, efficiency, and safety of its medication management processes.
Improvement in digital pharmacy in the Asia Pacific
In the Asia Pacific, development has been made significantly to offer better healthcare services. The government supports the developments through various strategies, initiatives, and programs that assist pharmacists and other healthcare professionals in enhancing their businesses. For instance, in Australia, digital health policy has been planned under the program, the Australian Digital Health Agency Medicine Safety Program. The program is a part of the National Digital Health Strategy. Under this program, several actions have been planned for the years 2019 to 2022. Thus, improvement in technology is likely to enhance the growth of the market in the coming years. Furthermore, the development in the healthcare industry has led to increasing pharmacy business across the country. The growth in the pharmacy business is seen due to several factors such as rising demand for the medicine to treat various chronic illnesses, growing demand for healthcare products, and a rising geriatric population that demands more of medicine for the age-related illness.
Pharmacy management system Market: Segmental Overview
The global pharmacy management system market, based on the component, has been segmented into solutions and services. In 2019, the solutions segment accounted for the largest market share in the global pharmacy management system market by component. Pharmacy management systems are software solutions implemented in pharmacies to organize, manage, and store the data related to medication and help pharmacists in performing complex activities, which are expected to drive the growth of the segment at a significant rate during the forecast period.
The global pharmacy management system market, based on deployment, has been segmented into cloud-based and on-premise. Cloud-based segment held the largest share of the market. The cloud based system allows to connect the user to the computer via internet and web browser which further enables to access the data at any-time, anywhere on different devices. The cloud-based delivery mode offers a standardized way to help commercial and academic institutions to manage their laboratory data generated from sample testing, instrument usage, automation, and report generation, the segment is anticipated to witness considerable growth during the forecast period.
The global pharmacy management systems market, based on size, has been segmented into small and medium sized pharmacies, and large pharmacy. In 2019, the large pharmacies segment held the largest share of the market. Large pharmacies can be chaotic workplaces if not managed appropriately. Systematic administration of these large sized chains can be managed through pharmacy management systems. Besides, the pharmacies offering clinical consultation eliminating doctor visits for various patients are also a result of these pharmacy chains being able to offer these services due to perfection in its regular chores eased with pharmacy management solutions.
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