Pharmacy management systems play a crucial role in assisting pharmacists with various tasks such as inventory management, dispensing medicines, and handling sales. These systems are not only effective but also user-friendly, enabling pharmacists to provide professional care tailored to patient needs. The pharmacy management system market is witnessing growth due to an increasing number of strategic initiatives, including new product launches, mergers & acquisitions, collaborations, and joint ventures.
An illustrative example of this trend is the launch of a digital hospital pharmacy system in Wales, UK, by CareFlow (US) in February 2022. This system focuses on enhancing the accuracy of computerized dispensing and medicine stock management. After a successful implementation in 28 sites across Wales over 12 months, the system is now available nationwide.
In response to the challenge of drug shortages, IBM (US) Watson Health and OrbitalRX (US) collaborated in September 2020. They integrated OrbitalRX's drug shortage management platform with IBM's Micromedex to create a unified solution named OrbitalRX and Micromedex. This integrated solution facilitates the evaluation of crucial drug information, comparative effectiveness, and clinical evidence, alongside analyzing the hospital's drug inventory, purchase history, and drug utilization data. This comprehensive evaluation empowers hospital providers, pharmacists, and pharmacy technicians to proactively manage drug shortages.
Furthermore, in June 2020, Change Healthcare (US) made strategic moves in the pharmacy management sector. It acquired PDX (US), a pharmacy IT firm, for USD 208 million. Additionally, Change Healthcare (US) acquired eRx Network (US) for USD 213 million and divested its analytics business to Kaufman Hall & Associates (US) for USD 55 million in May 2020. These acquisitions contribute to the rapid development and cross-selling opportunities for Change Healthcare's combined portfolio of the pharmacy network, software, and analytics solutions.
In summary, the pharmacy management system market is experiencing significant advancements driven by strategic initiatives. These initiatives, ranging from innovative product launches to collaborative efforts addressing healthcare challenges, are reshaping the landscape of pharmacy management systems, ensuring enhanced efficiency and improved patient care.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Benefits associated with pharmacy management systems |
Market Dynamics | Growing applications of pharmacy management systems in healthcare Rise in the number of strategic initiatives |
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
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.
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
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.
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.
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
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
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
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