Pharmacy Management System Market Size, Demand Analysis and Forecast till 2024

Posted by Shrikant Gadewar on February 19th, 2020

Market Forecast:

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.

The global Pharmacy Management System Market Size is projected to register a CAGR of 11.55% during the forecast period, with a market value of USD 37,233 million in 2018.

Key Players:

• Allscripts
• Cerner Corporation
• Datascan
• McKesson
• Epicor Software
• GlobeMed Group
• ScriptPro
• Clanwilliam Liberty Software
• LS Retail
• MedHOK
• Octal IT Solution LLP
• Safecare Technology

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 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 global pharmacy management system market, based on deployment mode, has been segmented into cloud/web-based, and on-premise.
• 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.

Regional Analysis:

Americas: The Americas holds the largest share in the global pharmacy management system market.

North America: The North American market for pharmacy management system is growing at a considerable rate.

US: The prominent players operating in the pharmacy management system industry are based in US. These companies are constantly carrying out workshops and demos of their software to increase their target audience. This factor contributes to the growth of the market substantially. For instance, in December 2016, US-based Epicor Software assisted Zitomer Pharmacy in New York to cut inventory by 15% which improved their cash flow.

Canada: The growing number of mergers and acquisitions by key players is contributing to the growth of the Canadian pharmacy management system market. For example, in March 2016, McKesson acquired Rexall Health, a Canada-based pharmacy chain company. The acquisition of Rexall Health has boosted the business of McKesson in Canada.

Latin America: Improving investments and funding by research authorities is expected to fuel the growth of the market in this region.

Europe: The growing number of activities carried out by private and public authorities is expected to boost the growth of the regional market.