A pharmacy management system is an important tool equipped with powerful, user-friendly pharmacy management systems. The pharmacy management system assists pharmacists in navigating complexities of dispensing medicines, inventories of medicines, and point-of-sale functions. Also, it assists in processing, tracking, and dispensing the prescribed drugs and medicines with higher security, accuracy, and efficiency. The growth of the Pharmacy Management System market is attributed to the development in healthcare IT and increasing number of pharmacies across the world are expected to boost the market growth over the years. However, limitations associated with pharmacy management systems is likely to have a negative impact on the growth of the market in the coming years.
The Pharmacy Management System market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
Healthcare spending has been rising steadily in most of the countries in the world. Multiple factors have been identified as contributors to the development of healthcare sector in these countries, and consistent and rapid developments pertaining to the application of information technology (IT) in this sector has been a major factor. Over the previous couple of decades, information technology has played a key role on the working of millions of people and helped in betterment of various industrial sectors including healthcare. Multiple end users, prescribers and pharmacists, have embraced the benefits of automation. The use of IT solutions has enabled the storage of patients’ records in a structured format; it has also helped to regularize the implementation of electronic prescription, thus saving significant quantity of paper, simplifying the process of administration and drug dispensing, and automating the handling of medicines under the supply chain. It ultimately has helped improve patient safety and provide high-quality care to help the patients make most out of their medicines.
Government agencies worldwide are incorporating various action plans to reshape the current and traditional pharmacies in order to make the best use of the unique skills of pharmacists coupled with implementation of IT. For instance, the Ministry of Health in Wellington, New Zealand, introduced a Pharmacy Action Plan 2016–2020 that describes a range of new and advanced services to be offered by pharmacies with the use of new pharmacy management systems. In addition, the digitalization and automation of the stock and repository management have helped streamline the supply process in case of large pharmacy chains, such as Wallgreens, Apollo, and CVS. Thus, such advancements in healthcare IT are expected to continue to boost the growth of the pharmacy management solutions market in the coming years.
The number of pharmacies per person has been rapidly rising globally. According to the Organization for Economic Cooperation and Development (OECD), the total number of pharmacies and pharmacists increased by 30% during 2000– 2015 in OECD countries. Among developed nations, Japan witnesses the highest density of pharmacists owing to the efforts by government toward dispending separation, which refers to the elimination of dependency of drug prescription by physicians from drug dispensing by pharmacists, increasing profit margins for pharmacists and rising number of drugs and medical supplies in the country. The trend of rise in number of pharmacies has also been seen in Australia. According to the Pharmacy Guild of Australia 2017 and IBIS 2018, there was 30.6% increase in Pharmaceutical Benefits Scheme (PBS) revenue and 6% increase in establishments of pharmacies in 2018, since the past 5 years.
The growth in number of pharmacies is attributed to increasing sales of medicines and pharmaceuticals, escalating aging population, growing implementation of prescription drug programs, rising number of patent expiry opening ways for new generics to the market, and elevating number of new disease incidence among patient population.
This has led to increase in the demand for pharmaceutical supplies and drugs resulting in the establishment of new pharmacies and expansion of existing pharmacy chains. With advancements in technologies, the newly establishing pharmacies are incorporating smart management tools such as pharmacy management systems to simplify and sophisticate the distribution process.
In terms of component, the Pharmacy Management System market is segmented into solutions and services. The solutions segment held the largest share of the market in 2019.
Based on deployment, the Pharmacy Management System market is segmented cloud-based and on-premise. The on-premise segment held the largest share of the market in 2019.
In terms of size, the Pharmacy Management System market is segmented into small and medium sized pharmacies, and large pharmacy. The large pharmacies segment held the largest share of the market in 2019.
The Pharmacy Management System market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
The regional trends and factors influencing the Pharmacy Management System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Pharmacy Management System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 5.72 Billion |
| Market Size by 2027 | US$ 13.99 Billion |
| Global CAGR (2019 - 2027) | 11.9% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Component
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| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Pharmacy Management System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Pharmacy Management System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Pharmacy Management System market – by Size
The List of Companies - Pharmacy Management System Market
Despite accuracy, speed, safety, and management benefits provided by pharmacy management systems, factors such as consolidation and carry forward of manually entered incorrect data, downtime due to software failure, and lack of compatibility between systems offered by different manufacturers are among the major limitations associated with these systems.
Pharmacy management system is an important tool equipped with powerful and user friendly pharmacy management services. These systems assist pharmacist in managing complex tasks such as dispensing medicines, inventory management, and point of sales functions.
The demand for pharmacy management system is expected to grow at a significant pace during the forecast period. Some of the prime factors propelling the growth of the market include increasing investment in healthcare IT infrastructure worldwide, demand to enhance patient safety, emerging pharmacy business and rise in health expenditure in developing countries.