Market Highlights
The global pharmacy management system market is expected to register a CAGR of 10.12% during the forecast period and is expected to hit USD 114.60 billion by 2030.
The system used in a pharmacy to help automate the pharmacy workflow is known as pharmacy management software. This includes evaluating physician prescriptions and preparing medications, and inventory management. The growth of the global pharmacy management system market is attributed to the rise in the number of strategic initiatives, benefits associated with pharmacy management systems, and burden on pharmacists due to increasing number of prescriptions. Furthermore, the increasing demand for pharmacy management systems in emerging economies provides growth opportunities for the market in the future. However, complex features such as vendor lock-in might hinder the market's growth in the forecast period.
Segment Analysis
The global pharmacy management system market is mainly segmented into solution type, component, deployment mode, and end user. On the basis of solution type, the market of pharmacy management system has been sub-segmented into pharmacy inventory management system, pharmacy data management system, pharmacy compounding software system, pharmacy benefits management system, pharmacy revenue cycle management system, and others. On the basis of component, the market for pharmacy management system has been segmented into software, hardware, and services. On the basis of deployment mode, the market of pharmacy management system has been segmented into cloud/web-based and on-premise. On the basis of end user, the market of pharmacy management system has been segmented into inpatient pharmacies and outpatient pharmacies.
Regional Analysis
The global pharmacy management system market has been segmented on the basis of region into Americas, Europe, Asia Pacific, and Middle East Africa.
Americas accounted for USD 20,097.04 million in 2021 and is expected to exhibit an 10.29% CAGR during the forecast period 2022-2030. This is attributed to the 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. Moreover, insurance coverage to healthcare data analytics for effective treatment plans and the presence of key players in the region such as McKesson, Cerner Corporation, and GE Healthcare, etc., robust research infrastructure, and growing awareness of pharmacy management systems among pharmacists in the region is expected to drive the regional market growth during the forecast period.
The countries included in Europe's pharmacy management system market are Germany, France, the UK, Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Austria, and the rest of Europe. 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.
Key Findings of the Study
- The global pharmacy management system market is expected to reach USD 114,605.60 million by 2030 at a CAGR of 10.12% during the forecast period.
- The Americas region accounted for the largest share of 5% in the global market in 2021.
- Based on solution type, the pharmacy data management system segment is expected to register a CAGR of 13.26% during the forecast period.
- Based on component, the software segment accounted for the largest share of 39.5% in the global market in 2021.
- Based on deployment mode, the on-premise segment dominated the market with a share of 55.9% in 2021.
- Based on end user, the outpatient pharmacies segment accounted for the largest share of 69.3% in the global market in 2021.
- Some of the key players operating in the pharmacy management system market are Allscripts Healthcare, LLC (US), Cerner Corporation (US), DataScan Pharmacy (US), Epicor Software Corporation (US) GlobeMed Group (Lebanon), Liberty Software, Inc. (US), LS Retail EHF (Iceland), McKesson Corporation (US), MedHOK, Inc. (US), Octal IT Solution LLP (India), Safecare Technology (UAE), ScriptPro LLC (US), Clanwilliam Health (Ireland), Mobile MedSoft (US), and Health Business Systems, Inc. (US).
Key Players:
MRFR recognizes the following companies as the key players in the global pharmacy management system market—Allscripts Healthcare, LLC (US), Cerner Corporation (US), DataScan Pharmacy (US), Epicor Software Corporation (US) GlobeMed Group (Lebanon), Liberty Software, Inc. (US), LS Retail EHF (Iceland), McKesson Corporation (US), MedHOK, Inc. (US), Octal IT Solution LLP (India), Safecare Technology (UAE), ScriptPro LLC (US), Clanwilliam Health (Ireland), Mobile MedSoft (US), and Health Business Systems, Inc. (US).
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