Pharmacy Management System Market Share & Growth by 2027
The Pharmacy Management System market was valued at US$ 5,724.82 million in 2019 and it is projected to reach US$ 13,985.27 million by 2027; it is expected to grow at a CAGR of 11.9% from 2020 to 2027.
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.
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Pharmacy Management System Market: Strategic Insights
Pharmacy Management System Market
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CAGR (2019 - 2027)
11.9%
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Market Size 2019
US$ 5.72 Billion
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Market Size 2027
US$ 13.99 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- McKesson Corporation
- Cerner Corporation
- BD
- General Electric Company
- Allscripts Healthcare LLC
- Epicor Software Corporation
- Talyst LLC Swisslog Healthcare
- OMNICELL INC
- ACG Infotech Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Component
- Solutions
- Services
Deployment
- Cloud-based
- On-premise
Size
- Small- and Medium-sized Pharmacies
- Large Pharmacy
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Pharmacy Management System Market: Strategic Insights
-
CAGR (2019 - 2027)11.9% -
Market Size 2019
US$ 5.72 Billion -
Market Size 2027
US$ 13.99 Billion
Market Dynamics
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- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
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Key Players
- McKesson Corporation
- Cerner Corporation
- BD
- General Electric Company
- Allscripts Healthcare LLC
- Epicor Software Corporation
- Talyst LLC Swisslog Healthcare
- OMNICELL INC
- ACG Infotech Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Solutions
- Services
- Cloud-based
- On-premise
- Small- and Medium-sized Pharmacies
- Large Pharmacy
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Growing Applications of Pharmacy Management System in Healthcare to Drive Pharmacy Management System market Growth
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.
Component-Based Insights
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.
Deployment-Based Insights
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.
Size-Based Insights
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.
Pharmacy Management System Market Report Scope
Report Attribute | Details |
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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
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Market leaders and key company profiles |
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Pharmacy Management System market – by Component
- Solution
- Inventory Management
- Purchase Orders Management
- Supply Chain Management
- Regulatory and Compliance Information
- Clinical and Administrative Performance
- Other Solutions
- Services
Pharmacy Management System market – by Deployment
- Cloud-based
- On-premise
Pharmacy Management System market – by Size
- Small- and Medium-sized Pharmacies
- Large Pharmacy
Pharmacy Management System market – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- Microsoft
- Koninklijke Philips N.V.
- Intel Corporation
- General Electric Company
- Alphabet Inc.
- NVIDIA CORPORATION
- Nuance Communications, Inc.
- Siemens Healthineers AG
- Arterys Inc.
- Johnson & Johnson Services, Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component ; Deployment ; Size , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The List of Companies - Pharmacy Management System Market
- McKesson Corporation
- Cerner Corporation
- BD
- General Electric Company
- Allscripts Healthcare, LLC
- Epicor Software Corporation
- Talyst LLC (Swisslog Healthcare)
- OMNICELL INC.
- ACG Infotech Ltd.
- Clanwilliam Health