Pharmacy Management System Market Size, Share, Growth, and Industry Analysis, By Type (Cloud-Based, On-Premise and Others), By Application (Pharmaceutical Factory, Pharmacy, Hospital and Others), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

PHARMACY MANAGEMENT SYSTEM MARKET REPORT OVERVIEW

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The global pharmacy management system market size was USD 5820.5 million in 2022 and the market is projected to touch USD 11283.52 million by 2028, exhibiting a CAGR of 11.66% during the forecast period.

A pharmaceutical management system is a crucial instrument that provides incredibly user-friendly and effective organization. Pharmacists can manage difficult tasks like inventory control, medicine dispensing, and sales operations with the help of these tools. Using a global pharmacy management system allows pharmacists to serve patients with expertise based on their needs. The rise of the pharmacy management system market is mostly due to the increase of pharmacists, the growth of the medical IT sector, and advancements in the healthcare system. Over the past few years, the process in the pharmaceutical sector has expanded. Thus, consumers benefit greatly from the advantages that drugs offer.

COVID-19 Impact: Pandemic Infatuated e-Commerce Integration and Digitalization to Drive the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Pharmaceutical suppliers may give patients and providers with a quick and simple way to find and buy the medications they need by utilizing pharmacy management systems and e-commerce integration. Patients can purchase and get their prescription medications from the convenience of their homes in a business-to-customer (B2C) setting. Comprehensive pharmaceutical e-commerce systems enable B2B suppliers to make educated medication expenditure decisions by comparing all the many, ever-changing elements involved in drug purchases, such as the costs and availability of alternative pharmaceuticals right now.

LATEST TRENDS

"Technological Advancements to Uplift the Market Share"

Medication that is kept in inventory until it expires or slow-moving records incur substantial costs over its sale value. The majority of pharmacies utilize the pharmacy management system's apps to maintain their inventory of pharmaceuticals current in order to avoid such circumstances. Similarly, the deployment of a pharmacy management system facilitates visibility and provides careful buying and control of inventories. With the usage of this program, inventory turns may be improved by a huge 35%, and losses from pointless returns can be significantly reduced by 25%. For instance, Zitomer Pharmacy in New York was able to improve their cash flow by 15% by reducing inventory with the assistance of Texas-based Epicor Software Corporation. Additionally, it improved billing procedures and helped handle about 3,500 home charge accounts more effectively.

PHARMACY MANAGEMENT SYSTEM MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into cloud-based, on premise and others.

Cloud-Based Pharmacy Management System: This system offers flexibility for remote work or various pharmacy locations, since users may access it from any place with internet connectivity. Cloud-based solutions don't require large hardware expenditures to scale to meet expanding data and user demands. The service provider normally oversees software maintenance and upgrades, making sure the system is kept up to date with the newest security patches and features. Smaller pharmacies may find cloud-based systems more affordable due to their subscription-based pricing model, which eliminates the need for significant upfront capital expenditures. Reputable cloud services employ strong backup and disaster recovery procedures in addition to off-site data storage to guarantee data integrity.

On-premise pharmacy management systems: Businesses may apply customized security measures and maintain direct control over their data. In order to satisfy certain workflow and integration needs, on premise solutions could provide greater customization choices. Since the system can be accessed locally, worries regarding how internet connectivity can impact day-to-day operations are allayed. An on premise technology gives pharmacies with strict regulatory requirements more control over compliance efforts.

Others: A hybrid strategy that combines aspects of on-premises and cloud-based solutions may be selected by certain businesses. For security purposes, for instance, important data could be kept on-site, but less sensitive data and apps might be housed on the cloud for better accessibility.

• By Application

Based on application the global market can be categorized into pharmaceutical factory, pharmacy, hospital and others.

Pharmaceutical Factory: PMS assists in monitoring and controlling the factory's inventory of raw materials, active pharmaceutical ingredients (APIs), and completed goods. It guarantees traceability and adherence to legal standards by enabling the tracking of lots and batches during the manufacturing process. ensures that the necessary parts are accessible for manufacturing by facilitating the effective processing of requests for raw materials. Maintains compliance with regulatory requirements, tracks test findings, and oversees quality assurance paperwork to support quality control procedures. helps with production schedule planning based on regulatory restrictions, inventory levels, and demand projections.

Pharmacy: Prevents stockouts and overstock situations by keeping track of the inventory of prescription drugs, over-the-counter (OTC) medicines, and other items in real-time. oversees the management of prescription orders, which includes data input, label printing, and monitoring refill requests. Maintains patient profiles to guarantee safe and precise distribution, including medication history, allergies, and other pertinent data. manages transactions, integrates with insurance systems, and handles the billing and invoicing procedures. simplifies operational processes to increase productivity and lower mistake rates, from processing prescriptions to distributing medicine.

Hospital: Tracks medicine orders, dispensing, and administration within the hospital environment to support pharmacy management. keeps precise and current records of patients' medication histories, assisting medical professionals in making well-informed decisions. warns patients of possible medication interactions or allergies in order to stop negative responses. improves patient care coordination by integrating with EHR systems to guarantee smooth communication between pharmacies and medical professionals. provides clinical decision support tools to aid medical professionals in selecting the best prescriptions based on patient circumstances and drug lists. interfaces with automated dispensing machines to increase hospital medicine delivery effectiveness.

DRIVING FACTORS

"Growing Application in Healthcare Sector to Step Up the Market Sales"

The rise of the healthcare industry in these nations has been attributed to a number of causes, one of which has been the steady and rapid advancement of information technology application. Most nations in the globe have seen a steady increase in healthcare spending. Over the past several years, information and technology have greatly benefited a number of economic sectors, including the health care sector. Many end users, pharmacists, and prescribers have praised automation's benefits. Furthermore, the use of IT solutions has made it possible to automate the handling of medications throughout the supply chain, improve patient safety, and regularize the implementation of electronic prescriptions, which has decreased the amount of paper used in administration and drug dispensing.

"Adoption of Automated Methods and Electronic Prescription to Accelerate the Market Growth"

Drivers are the primary factors contributing to the market's expansion. The market for medication management systems is growing due to a number of causes. The burden on pharmacists will increase as a result of the growing number of treatments, which will promote the usage of computerized pharmacy management systems worldwide and hasten the market's progress. Among other end users, prescribers and pharmacists have welcomed automation's benefits. The appropriate storage of patient information and the frequent use of electronic prescriptions made possible by IT solutions have decreased the quantity of paper required in management and drug dispensing procedures and automated the handling of pharmaceuticals across the supply chain. Ultimately, it has contributed to improving patient safety and providing excellent care to enable patients to get the most out of their prescriptions.

RESTRAINING FACTOR

"Absence and Lack of Skilled Qualified Personnel to Restrain the Market Growth"

There are several challenges with the drug management that is offered. One of the primary issues is the shortage of trained professionals. The organization responsible for medication administration might be intricate, so without expert guidance, it cannot operate efficiently. The drug management system industry faces challenges since the management system is also well-known in emerging countries. Leading businesses and industry pioneers are putting in a lot of effort to overwhelm these barriers and raise consumer demand. As a result the absence and lack of skilled qualified personnel are the factors subjected to restrained pharmacy management system market growth.

PHARMACY MANAGEMENT SYSTEM MARKET REGIONAL INSIGHTS

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"North America to Lead with New Technology in Healthcare Industry and Automation"

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

North America dominates the global pharmacy management system market share and is expected to witness continuous dominance during the estimated period. The existence of notable players in the main North American countries—the US and Canada, for example—is credited with this expansion. To reduce prescription drug abuse, for example, Illinois-based Best Rx offers pharmacy management software that schedules patients' monthly medication pickups on the same day. With the introduction of new healthcare laws and regulations, the US healthcare industry is undergoing significant changes driven by new technology. Nearly every aspect of healthcare is changing, including the use of data analytics in healthcare to develop effective treatment plans and insurance coverage.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important market players are crucial for determining consumer preferences and market dynamics since they have a big impact on the market. Customers have easy access to a huge selection of garment alternatives because to the large retail networks and online platforms of these big corporations. Product adoption has risen as a result of their well-known brand and strong worldwide presence, which have also boosted customer loyalty and confidence. Additionally, these giants of business consistently support research and development, which allows pharmacy management system to adapt their designs, materials, and clever features to changing consumer tastes and demands. The combined efforts of these big businesses will have a big impact on how competitive the market will be going forward.

List of Market Players Profiled

• Liberty Software (U.S.)

• Cerner Corporation (U.S.)

• Datascan (U.S.)

• Octal IT Solution (U.S.)

• MedHOK (U.S.)

• LS Retail (Iceland)

• McKesson (U.S.)PioneerRx

• GlobeMed Group (Lebanon)

• Epicor Software (U.S.).

INDUSTRIAL DEVELOPMENT

• October 2022: A brand-new, cutting-edge pharmaceutical distribution facility for McKesson Corporation has opened in Jeffersonville, Ohio, which is conveniently situated halfway between Cincinnati and Columbus. Customers in Ohio, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia will get pharmaceutical, over-the-counter (OTC), and home healthcare (HHC) items as well as consumer packaged goods (CPG) from the new facility.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.