Pharmacy Management System Market Report 2024

Where is the largest and fastest growing market for pharmacy management system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The pharmacy management system market size has grown rapidly in recent years. It will grow from $73.72 billion in 2023 to $84.98 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The expansion observed during the historical period can be linked to a heightened emphasis on healthcare efficiency, increased healthcare spending, a rise in prescription volumes, growing demand for integrated healthcare solutions, and improved management of chronic diseases.

The pharmacy management system market size is expected to see rapid growth in the next few years. It will grow to $151.41 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. The projected growth can be attributed to the rising adoption of electronic health records (EHR) systems, an increased demand for integrated healthcare solutions, the expansion of pharmacy networks, growing investments in healthcare IT infrastructure, and a rising interest in personalized medicine. Key trends for the forecast period include the adoption of cloud-based solutions, advancements in artificial intelligence and machine learning, the implementation of blockchain technology, integration with EHR systems, and the development of mobile applications.

The increasing cost associated with medication errors is anticipated to drive the growth of the pharmacy management system market in the future. Medication errors occur during the prescribing, dispensing, and administration phases, potentially causing harm to patients. These errors result from complex medication regimens, poor communication among healthcare providers, and limitations in medication administration technology. A pharmacy management system mitigates medication errors by automating prescription processes, ensuring accurate patient data management, checking drug interactions, providing real-time access to patient medication histories, and improving the accuracy and safety of medication dispensing. For example, in March 2024, the World Health Organization reported that medication errors cost between $42 and $100 billion annually. Consequently, this escalating cost is fueling the demand for pharmacy management systems.

Leading companies in the pharmacy management system sector are innovating advanced solutions, including cloud-based systems, to enhance data accessibility, facilitate real-time collaboration, ensure data security, and lower operational costs for pharmacies. Cloud-based pharmacy management systems offer real-time data updates, remote access, and smooth integration with other healthcare systems, which ensures accurate and secure management of pharmacy operations. For instance, in September 2022, RedSail Technologies, a US-based healthcare technology firm, introduced Axys by Integra, a cloud-based pharmacy management system designed for long-term care. Axys features an intuitive, user-friendly interface that reduces training time, which is particularly advantageous for pharmacies with high staff turnover. The system also offers improved visibility into pharmacy operations with advanced reporting capabilities across multiple locations.

In December 2021, Oracle Corporation, a US-based technology company, acquired Cerner Corporation for an undisclosed amount. This acquisition is aimed at significantly enhancing healthcare through user-friendly digital tools, such as hands-free interfaces and secure cloud applications, which are expected to streamline administrative tasks, improve patient outcomes, and reduce costs. Cerner Corporation, also based in the US, provides digital information systems for hospitals and health systems, including pharmacy management software.

Major companies operating in the pharmacy management system market are McKesson Corporation, Cardinal Health Inc., Oracle Corporation, Siemens Healthcare AG, Becton, Dickinson and Company (BD), GE HealthCare Technologies Inc., Epic Systems Corporation, Omnicell Inc., Epicor Software Corporation, Agfa-Gevaert NV, NextGen Healthcare Information Systems LLC, Veradigm LLC, Computer Programs and Systems Inc., Clanwilliam Health Limited, ScriptPro LLC, Swisslog Healthcare AG, LS Retail ehf., ARxIUM Inc., PioneerRx LLC, MedHOK LLC, SafeCare Group, Octal IT Solution LLC, Liberty Software Inc., Datascan Pharmacy Inc., Supplylogix LLC.

North America was the largest region in the pharmacy management system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacy management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the pharmacy management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A pharmacy management system (PMS) is a software platform that enhances and automates the operations of a pharmacy or drugstore. It offers a unified system for handling various pharmacy functions, such as inventory management, prescription processing, patient records, billing and invoicing, regulatory compliance, and reporting. PMS is a crucial tool in contemporary pharmacy practice, helping pharmacies operate more effectively, provide high-quality patient care, and stay competitive in the healthcare sector.

The pharmacy management system market comprises software, hardware, and services. Software includes the applications and programs used to efficiently manage pharmacy operations such as inventory and prescription processing. These systems can be web-based or on-premise and serve various end users, including both inpatient and outpatient pharmacies.

The pharmacy management system market research report is one of a series of new reports that provides pharmacy management system market statistics, including the pharmacy management system industry global market size, regional shares, competitors with pharmacy management system market share, detailed pharmacy management system market segments, market trends, and opportunities, and any further data you may need to thrive in the pharmacy management system industry. These pharmacy management system market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The pharmacy management system market consists of revenues earned by entities by providing services such as inventory management, patient record maintenance, billing, prescription management, clinical decision support, and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. The pharmacy management system market also includes sales of barcode scanners, receipt printers, automated dispensing cabinets, pill counters, medication packaging machines, handheld inventory scanners, and secure medication storage cabinets. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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