Pharmacy management systems, also called pharmacy software, is a system that stores all information about operations in pharmacies. It helps in data storage, manages the entire system, regulates the use of pharmaceutical products, and helps improve consumer satisfaction. Pharmacy management software enhances inventory management and medicine dispensing, and controls adverse drug events (ADE). The rising demand for reducing medication errors and the increasing number of prescriptions propel the pharmacy management system market in the US. The rising number of hospitals investing in new technologies to enhance healthcare process management and prevent medication errors is also expected to drive market expansion.
Krey players in the US pharmacy management system market are significantly opting for growth strategies such as mergers and acquisitions. Large players are acquiring smaller businesses and new entrants to gain rights to their technologies to improve and expand their product offerings.
A steady rise in healthcare spending has been driving innovations in healthcare IT, and the adoption of state-of-the-art products and services in the US. Pharmacy management systems allow end users to control the pharmacy reliably. These systems have revolutionized the pharmaceutical sector by automating the billing process, speeding up the claim process, and ensuring the dispensation of accurate billing information to patients. Features such as inventory management, prescription processing, patient management, billing and insurance management, and reporting and analytics aid the safe and effective administration of pharmaceutical drugs. These systems continue to store and organize information. Further, IT solutions enable the simplification of drug dispensing and automation of drug handling in a supply chain. In the US, Avant Pharmacy and Wellness Center, Spence’s Pharmacy, and Copper Bend Pharmacy are among the pharmacies using these management systems.
Advancements in healthcare technology drive modernization in ambulatory and retail pharmacies. The increasing awareness about new health information technology (HIT) and the use of robotic dispensing systems have made pharmacy operations quicker and more efficient while ensuring optimum patient safety.
Technology innovations have led to more streamlined and coordinated workflows in pharmacies, helping them optimize operations throughout the drug delivery cycle. Pharmacy management software reduces the risk of medication errors and provides personalized medication plans. This software has become an essential solution in the US due to the high complexity of the healthcare sector in the country.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 21,017.59 Million |
| Market Size by 2030 | US$ 53,139.59 Million |
| Global CAGR (2022 - 2030) | 12.29% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | United State
|
| Market leaders and key company profiles |
The List of Companies - US Pharmacy Management System Market
The US pharmacy management system market majorly consists of the players such as McKesson Corp., Becton Dickinson and Co., Allscripts Healthcare LLC., Epicor Software Corp, Swisslog Healthcare AG, Omnicell Inc., CPS Solutions LLC, RedSail Technologies LLC, Micro Merchant Systems Inc, and Oracle Corp.
The US pharmacy management system market is analyzed on the component, deployment, size of pharmacies, and end users. Based on component, the market is segmented into solutions and services. The solutions segment held a larger share of the market in 2022 and is expected to record a CAGR of 11.81% during 2022-2030.
The inclination toward automated processes with the surging complexity of pharmacy operations and the rising number of independent pharmacies focused on pharmacy management are among the key factors driving the US pharmacy management system market growth. However, cybersecurity issues and operational limitations of pharmacy management systems are hindering the growth of the market..
Pharmacy management systems, also called pharmacy software, is a system that stores all information about operations in pharmacies. It helps in data storage, manages the entire system, regulates the use of pharmaceutical products, and helps improve consumer satisfaction. Pharmacy management software enhances inventory management and medicine dispensing, and controls adverse drug events (ADE). The rising demand for reducing medication errors and the increasing number of prescriptions propel the pharmacy management system market in the US. The rising number of hospitals investing in new technologies to enhance healthcare process management and prevent medication errors is also expected to drive market expansion. The report covers detailed insights with respect to the services offered by the market players operating in the sector.