Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
Pharmacy management software is a valuable tool utilized in pharmacies to streamline daily operations. It plays a crucial role in automating tasks such as assessing doctor-prescribed medications, preparing medicines, and efficiently managing inventory. The global market for pharmacy management software is experiencing growth due to various factors, including an increase in strategic initiatives, the numerous benefits associated with these systems, and the rising workload on pharmacists attributed to a surge in prescription numbers. Additionally, the growing demand for pharmacy management systems in emerging economies presents promising opportunities for the market's future expansion. However, the presence of complex features, such as vendor lock-in, poses a potential challenge that could impede the market's growth in the forecast period.
One of the primary drivers contributing to the growth of the global pharmacy management software market is the rise in strategic initiatives within the pharmaceutical sector. These initiatives take the form of new product launches, mergers and acquisitions, collaborations, and joint ventures. Such strategic efforts aim to enhance the capabilities and functionalities of pharmacy management systems, making them more efficient and user-friendly. For instance, the introduction of a digital hospital pharmacy system by CareFlow in Wales, UK, demonstrates the ongoing commitment to innovation and improvement within the industry. This system, launched in February 2022, focuses on enhancing the accuracy of computerized dispensing and medicine stock management, benefiting numerous healthcare facilities.
Collaborations and partnerships further contribute to the growth of the pharmacy management software market. In September 2020, IBM Watson Health and OrbitalRX collaborated to address the emerging drug shortage crisis. By integrating OrbitalRX's drug shortage management platform and IBM's Micromedex, the companies created a unified solution, OrbitalRX and Micromedex, designed to evaluate crucial drug information, comparative efficacy, and clinical evidence. This collaborative solution aids hospital providers, pharmacists, and pharmacy technicians in proactively managing drug shortages, ensuring a more effective response to healthcare challenges.
Mergers and acquisitions are also prominent in the pharmacy management software market. In June 2020, Change Healthcare acquired pharmacy IT firm PDX, contributing to the growth and integration of the company's combined portfolio of the pharmacy network, software, and analytics solutions. These strategic moves underscore the industry's commitment to advancing technology to meet the evolving needs of pharmacies and healthcare providers.
While the market experiences growth, especially in emerging economies like India, China, South Korea, and Brazil, challenges exist. The complexity of features, such as vendor lock-in, poses potential obstacles that could slow down market growth in the future. Vendor lock-in refers to situations where users become dependent on a particular software provider, making it challenging to switch to another vendor. This can limit flexibility and hinder innovation within the pharmacy management software market.
In conclusion, pharmacy management software is a critical component in modern pharmacies, offering enhanced efficiency and organization. The market's growth is fueled by strategic initiatives, collaborations, and mergers that aim to improve the capabilities of these systems. Despite the positive trajectory, challenges like vendor lock-in complexity need careful consideration to ensure sustained and beneficial market development.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 66.87 Billion |
| Market Size Value In 2023 | USD 73.64 Billion |
| Growth Rate | 10.12% (2023-2030) |
Pharmacy Management System Market Highlights:
Global Pharmacy Management System Market Overview
Pharmacy Management System Market Size was valued at USD 73.83 billion in 2023. The Pharmacy Management System Market industry is projected to grow from USD 81.54 billion in 2024 to USD 183.43 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.67% during the forecast period (2024 - 2032).
Growing applications of pharmacy management systems in healthcare and a rise in the number of strategic initiatives are the key market drivers boosting the growth of the pharmacy management system market.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Pharmacy Management System Market Trends
- Growing Applications of Pharmacy Management Systems in Healthcare to Boost the Market Growth
Healthcare spending has been rising steadily in most countries in the world. Multiple factors have been identified as contributors to the development of the healthcare sector in these countries, and consistent and rapid developments pertaining to the application of Information Technology (IT) in this sector have been a major factor. Over a previous couple of decades, information technology has played a key role in the working of millions of people and helped in the 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 patient records in a structured format; it has also helped to regularize the implementation of electronic prescription, thus saving a 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 patients make the most out of their medicines.
Pharmacy Management System Market Segment Insights
Pharmacy Management System Solution Type Insights
The pharmacy management system market segmentation, based on solution type, includes pharmacy inventory management system, pharmacy data management system, pharmacy compounding software system, pharmacy benefits management system, pharmacy revenue cycle management system, and others. The pharmacy inventory management system solution type segment held the majority share in 2022 in respect to the pharmacy management system market revenue. This is primarily owing to the lowering of inventory costs through automated usage-based reordering, improved expiration date tracking increases pharmacy staff productivity by automating satellite inventory management, and standardized scales to meet the growing needs of multi-site health systems.
June 2022 GE Healthcare provides cutting-edge molecular imaging solutions that enable and increase access to precision health and theranostics to help improve patient outcomes across care areas, including prostate cancer. Where most medical therapies are designed with the average patient in mind, theranostics combines diagnoses and treatment in one application, providing a more targeted and personalized therapy
April 2021 Clanwilliam Health, launched the electronic point of sale (EPOS) system, smart ePOS, at the united drug pharmacy show in the Aviva Stadium. It will provide pharmacists with complete control and an overview of their fundamental day-to-day operations
Pharmacy Management System Component Insights
The pharmacy management system market segmentation, based on component, includes software, hardware, and services. The software segment dominated the market in 2022 in respect to custom workflows, complete prescription refills, fully integrated payment processing, and instant communication. For instance, tailored pharmacy software development, pharmacy automation systems, Revenue Cycle Management (RCM), e-prescribing software integration, document management solutions, benefits management services, post-software integration, and others.
Pharmacy Management System Deployment Mode Insights
The pharmacy management system market segmentation, based on deployment mode includes web-based and on-premises. The on-premises held the largest market share in 2022 with respect to the pharmacy management system market revenue. This is attributed to tracking large databases of patient and staff information, maintaining the highest levels of data security, providing excellent data access from any location, putting in place a solution that will help to streamline the workflow, and keeping track of the inventory.
Pharmacy Management System End User Insights
The pharmacy management system market segmentation, based on end user includes inpatient pharmacies and outpatient pharmacies. The inpatient pharmacies held the largest market share in 2022 with respect to the pharmacy management system market revenue. This is attributed to the increased connection with prescribers and other health professionals, and greater influence on prescription decisions about medications and administration. Additionally, a larger team of pharmacists working together in the same facility to patients’ medical information are advantages of inpatient pharmacy. These benefits of inpatient pharmacies are giving rise to the market of a pharmacy management system.
February 2021 Clanwilliam Health, announced a strategic partnership with BOI Payment Acceptance (BOIPA). This partnership will provide a payment solution for Smart ePOS. Additionally, the collaboration will enable pharmacies to avail of the best value in card processing and accept card payments directly from their Point of Sale (POS) hardware, Smart ePOS
Figure 2 Pharmacy Management System Market, by End User, 2022 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Pharmacy Management System Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. North America pharmacy management system held the largest market share in 2022. This is attributed to increasing technological advancement such as automated expiration date tracking, which helps to reduce waste and saves staff time etc. According to the American College of Clinical Pharmacy, around 5 billion prescriptions will be dispensed by 2021, which will increase pharmacists' burden; hence, the adoption of automated solutions in workflow management is expected.
Further, the major countries studied are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3 Pharmacy Management System Market Share (%) By Region 2022
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Pharmacy Management System market accounts for the second-largest market share due to the benefits offered by pharmacy management enable pharmacists to manage medicine in a convenient and hassle-free fashion, right from their computer or mobile phone. In addition, rising internet penetration across the region, improving digitalization of healthcare services, and the growing number of tech-savvy pharmacists are also boosting the market growth. Further, the Germany pharmacy management system market held the largest market share, and the UK pharmacy management system market was the fastest-growing market in the European region.
The Asia-Pacific pharmacy management system market is expected to grow at a significant growth rate during the forecast period. This is due to the improved infrastructure and healthcare facilities in the region, the rise in healthcare expenditure, the presence of a large patient pool, and an increase in the number of hospitals are factors expected to boost the market over the forecast period. Moreover, China pharmacy management system market held the largest market share, and the India pharmacy management system market was the fastest-growing market in the Asia-Pacific region. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2024–2032.
Pharmacy Management System Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the pharmacy management system market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the pharmacy management system industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the pharmacy management system industry to benefit clients and expand the pharmacy management system market sector is to manufacture locally to reduce operating costs.
McKesson Corporation (US) distributes pharmaceuticals and provides health information technology, medical supplies, and care management tools. The company enables an extensive distribution network infrastructure for the healthcare industry. It serves customers in 14 countries worldwide. Its business solutions involve medical supplies, pharmaceutical distribution, specialty drug distribution, and others. In March 2021, McKesson Corporation, collaborated with Vanderbilt Health Rx Solutions (VHRxS) to offer VHRxS’s full suite specialty pharmacy consulting services to McKesson’s health system clients. The service will offer customized specialty pharmacy services and growth strategies to hospitals and health systems.
Key Companies in the Pharmacy Management System Market Includes
- Allscripts (US)
- Cerner Corporation (US)
- Datascan (US)
- Epicor Software (US)
- GlobeMed Group (Lebanon)
- Liberty Software (US)
- LS Retail (Iceland)
- McKesson (US)
- MedHOK (US)
- Octal IT Solution LLP (US)
Pharmacy Management System Industry Developments
July 2022 Pfizer (US) and BioNTech (Germany) partnered with the Biovac Institute (South Africa) to manufacture their mRNA-based vaccine, Comirnaty, in South Africa. According to Pfizer, Biovac's Cape Town factory will undertake fill-finish and supply chain activities and manufacture 100 million finished doses for the African Union each year as part of the cooperation
June 2022 CerTest Biotec (Spain) collaborated with BD (US) on the Molecular Diagnostic Test for Monkeypox. As part of the collaboration, the assay will leverage the BD MAX open system reagent suite to validate the CerTest VIASURE Monkeypox CE/IVD molecular test on the BD MAX System. The BD MAX System is a fully integrated, automated platform that performs nucleic acid extraction and real-time PCR, providing results for up to 24 samples across multiple syndromes in less than three hours
May 2022 ValGenesis Inc. (US), a provider of enterprise Validation Lifecycle Management Systems (VLMS), and Zenovative, (US) a technology development and consulting firm have teamed up to provide pharmaceutical companies around the world with unique compliance-focused digital validation solutions
Pharmacy Management System Market Segmentation
Pharmacy Management System Solution Type Outlook
- Pharmacy Inventory Management System
- Pharmacy Data Management System
- Pharmacy Compounding Software System
- Pharmacy Benefits Management System
- Pharmacy Revenue Cycle Management System
- Others
Pharmacy Management System Component Outlook
- Software
- Hardware
- Services
Pharmacy Management System Deployment Mode Outlook
- Web-Based
- On-Premise
Pharmacy Management System End User Outlook
- Inpatient Pharmacies
- Outpatient Pharmacies
Pharmacy Management System Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
