US Pharmacy Management System Market to Grow at a CAGR of 12.29% to reach US$ 53,139.59 million from 2022 to 2030

The US pharmacy management system market size is projected to grow from US$ 21,017.59 million in 2022 to US$ 53,139.59 million by 2030; the market is estimated to record a CAGR of 12.29% during 2022–2030.

Market Insights and Analyst View:

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.

Growth Drivers: 

Inclination Toward Automated Processes with Surging Complexity of Pharmacy Operations

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.

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US Pharmacy Management System Market: Strategic Insights

Market Size Value in	US$ 21,017.59 million in 2022
Market Size Value by	US$ 53,139.59 million by 2030
Growth rate	CAGR of 12.29% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Report Segmentation and Scope:

The “US Pharmacy Management System Market” is segmented on the basis of component, deployment, size of pharmacies, and end users. Based on component, the market is bifurcated into solutions and services. The solutions segment is subsegmented into EMR/HER, inventory management, purchase order management, supply chain management, regulatory and compliance information, clinical pharmacy management, and others. In terms of deployment, the US pharmacy management system market is segmented into cloud-based and on-premise. The US pharmacy management system market, by size of pharmacies, is bifurcated into small- and medium-sized pharmacies, and large pharmacies. Based on end user, the market is segmented into in-patient pharmacies and outpatient pharmacies.

Segmental Analysis:

The US pharmacy management system market, by component, 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 services segment is expected to witness a higher CAGR of 13.97% during 2022–2030. The pharmacy retail industry in the US is booming with hundreds of emerging retailers entering the ecosystem. However, challenges such as shrinking profit margins, lack of skilled personnel, and reduced government support are compelling pharmacy owners to implement pharmacy management software solutions. Companies in the US pharmacy management system market offer services such as new facility entry, refill order entry, refill request management, and emergency kit order entry. Registering a new facility takes ample time and huge operational costs. Pharmacy management service providers help eliminate these issues by setting up a workflow process that provides convenience to pharmacists, thereby reducing the total number of man-hours required to perform the task and performing tasks cost-effectively.

US Pharmacy Management System Market, by Component – 2022 and 2030

Based on deployment, the US pharmacy management system market is segmented into cloud-based and on-premise. The cloud-based segment held a larger market share in 2022, and the same segment is anticipated to register a higher CAGR of 13.06% during 2022–2030. Cloud-based deployment offers a safer and more standardized information system to manage patient data. Cloud-based pharmacy management systems can be connected to computers via the internet and web browser, which enables access to the data anytime and anywhere, on different devices. These systems offer a standardized way to help commercial and academic institutions manage laboratory data generated from sample testing, instrument usage, automation, and report generation. Moreover, they are easy to manage, and they help users access real-time information regarding drug inventory, administrative staff, doctor’s prescriptions, medical stock refills, etc.

Based on size of pharmacies, the US pharmacy management system market is segmented into small- and medium-sized pharmacies, and large pharmacies. The large pharmacies segment held a larger market share in 2022, and the small- and medium-sized pharmacies segment is anticipated to register a higher CAGR of 13.22% during 2022–2030. Rapid changes in healthcare systems and consumer behavior propel pharmacies to evolve from small medical dispensaries to well-being centers. Digitalization has played a major role in eliminating manual tasks, allowing pharmacies to invest resources into improving their businesses by incorporating innovative strategies that benefit customers and drug suppliers. A customer management system has proven to be a vital solution in small and medium-sized pharmacy businesses. It has an attractive, user-friendly interface. The system also leads to easy navigation and automatically refreshes the patient’s list. Additionally, it allows pharmacists to access information and manage numerous patient profiles at their fingertips.

Based on end user, the US pharmacy management system market is segmented into in-patient pharmacies and outpatient pharmacies. The in-patient pharmacies segment held a larger market share in 2022. It is anticipated to register a higher CAGR of 12.74% during 2022–2030. Inpatient pharmacies operate within hospitals and dispense medications to admitted patients receiving treatment. These pharmacists contribute to the management of patient health besides doctors and nurses. Pharmacy management systems designed for in-patient pharmacies must integrate with the various systems operating throughout a hospital to maintain accurate electronic medical records and electronic health records (EMR and EHR).

Country Analysis:

The US has a well-developed information technology sector. Advancements in medical technologies have enabled stakeholders in the healthcare sector to efficiently manage their workflows. Integrating information technology in pharmacy and medical management has led to improvements in care quality and operational efficiencies, which has resulted in maximized revenues. The adoption of pharmacy management systems allows pharmacies to meet regulatory and compliance requirements. The US pharmacy management system market growth is attributed to factors such as the rising adoption of these systems with a focus on process automation and an increase in the number of companies providing these software solutions.

Industry Developments and Future Opportunities:

Various initiatives taken by key players operating in the US pharmacy management system market are listed below:

1. In June 2023, Micro Merchant Systems, Inc., a developer of the PrimeRx pharmacy technology management system, was awarded a Bronze Stevie Award in the 2023 American Business Awards competition for "Achievement in Product Innovation."
2. In January 2023, RedSail Technologies released Axys, a cloud-based pharmacy management system. The Axys system offers pharmacies a fresh and modern solution based on the latest technology available.
3. In July 2023, RedSail Technologies, LLC collaborated with DosePlanner, a cloud-based medication management solution provider. This strategic collaboration aims to empower pharmacies and healthcare providers with enhanced workflow efficiency, improved patient care, and optimized operational performance.
4. In September 2022, McKesson Corporation acquired Rx Savings Solutions (RxSS), a company focused on developing solutions to maintain prescription price transparency and benefit insights. RxSS contracts directly with health plan providers to maximize the effectiveness of benefit design to drive prescription cost savings for members. Following the closing of this transaction, RxSS would become a part of the company’s Prescription Technology Solutions business.

Competitive Landscape and Key Companies:

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 are the prominent US pharmacy management system market companies. These companies focus on new technologies, existing products’ advancements, and geographic expansions to meet the growing consumer demand worldwide.