According to MRFR analysis, Pharmacy Management System Market is expected to register a CAGR of 11.55% during the forecast period of 2019 to 2025 and held a value of USD 37,233 Million in 2018.
The pharmacy management system enables pharmacists to deliver well-organized professional as well as personalized care based on the needs and requirements of the patients. Tools such as eligibility checking, price updates, prior authorization, prescription monitoring program reporting, clinical updates with drug images and prescriber updates, imprints, remote backup, and many other activities are involved in the pharmacy management system solutions.
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The growth of the global pharmacy management system market is boosted by various factors such as rising activities in terms of mergers, joint ventures, acquisitions, partnerships, by key players operating in the market, coupled with the increasing number of prescriptions. For instance, in August 2019, GE Healthcare launched a startup collaboration program, Edison[X], which will work with startups in India to develop solutions to aid patient outcomes and pharmacy practices. However, compound features such as vendor lock-in create a dependency for pharmacists, which complexifies the onboarding of another vendor, which can hinder the preference of such solutions by pharmacists. This can hamper the growth of the market during the forecast period.
Several market players currently dominate the global pharmacy management system market. The key players are involved in product launches and strategic collaborations to strengthen their market positions. For instance, in February 2019, SRS Pharmacy Systems partnered with STRAND Clinical Technologies to innovate clinic building services, which aims to help pharmacies to launch clinic services within their community.
Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas held the maximum share in the base year 2018, owing to the presence of established key players in countries such as the US and Canada. The pharmacy management system market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European pharmacy management system market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The pharmacy management system market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The pharmacy management system market in this region is anticipated to be the fastest-growing during the assessment period due to the increased adoption rate of pharmacy management software by local pharmacy facilities in the Asian countries. The pharmacy management system market in the Middle East & Africa has been divided into the Middle East and Africa.
Segmentation
The Global Pharmacy Management System Market has been segmented based on solution type, component, deployment mode, and end-user.
The market, based on solution type, has been divided into pharmacy inventory management systems, pharmacy data management systems, pharmacy compounding software systems, pharmacy benefits management systems, pharmacy revenue cycle management systems, and others. The pharmacy inventory management system segment is likely to be the largest due to the increased usage of such solution for the proper management of pharmacies. The pharmacy data management system segment is predicted to be the fastest-growing due to the increasing awareness about the advantages of such solutions.
The Global Pharmacy Management System Market has been segmented, based on the component, into software, hardware, and services. The software segment is expected to hold the majority share of the market owing to the increasing number of solution launches. The hardware segment is expected to be the fastest-growing due to the increased use of hardware in the pharmacy management activities.
The Global Pharmacy Management System Market, based on the deployment model, has been segmented into cloud/web-based, and on-premise. The cloud/web-based segment holds the maximum share owing to the rise in the launch of cloud-based solutions in recent years. The on-premise segment is anticipated to be the fastest-growing during the assessment period due to the high usage of on-premise solutions.
The end-users of the market are inpatient pharmacies and outpatient pharmacies. The market for inpatient pharmacies has been further divided into acute care settings and long-term care facilities. The market for outpatient pharmacies has been bifurcated into fast-track clinics and hospital retail settings.
Key Players
Some of the Key Players in the Global Pharmacy Management System Market are Allscripts (US), Cerner Corporation (US), Datascan (US), McKesson (US), Epicor Software (US), GlobeMed Group (Lebanon), ScriptPro (US), Clanwilliam Liberty Software (US), LS Retail (Iceland), MedHOK (US), Octal IT Solution LLP (US), Safe care Technology (UAE), Health (Ireland), Mobile MedSoft (US), and Health Business Systems (US).
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