Pharmacy Management System Market Breakdown, Development and New Market Opportunities & Forecasts to 2027 | Leading Players- McKesson Corporation, Cerner Corporation, BD, General Electric Company, Allscripts Healthcare, LLC, Epicor Software etc.

The Pharmacy Management System market was valued at US$ 16,056.04 million in 2019 and is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach US$ 39,223.60 million by 2027.

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Company Profiles
 McKesson Corporation
 Cerner Corporation
 BD
 General Electric Company
 Allscripts Healthcare, LLC
 Epicor Software Corporation
 Talyst LLC (Swisslog Healthcare)
 OMNICELL INC.
 ACG Infotech Ltd.
 Clanwilliam Health

A pharmacy management system is an important tool equipped with powerful and user-friendly pharmacy management services. These systems assist pharmacists in managing complex tasks such as dispensing medicines, inventory management, and point of sales functions. The global pharmacy management system market is driven by factors such as developing the healthcare IT industry, increasing the number of pharmacies globally and improving healthcare infrastructure in developing countries. However, limitations such as downtime, high cost, and system incompatibilities associated with the pharmacy management system are anticipated to restrain the market growth during the forecast period. Moreover, rising demand for pharmacy management system in APAC and European countries are likely to deliver substantial growth opportunities to improve market share for industry players in the near future.

Market Insights
Improvement in digital pharmacy in the Asia Pacific
In the Asia Pacific, development has been made significantly to offer better healthcare services. The government supports the developments through various strategies, initiatives, and programs that assist pharmacists and other healthcare professionals in enhancing their businesses. For instance, in Australia, digital health policy has been planned under the program, the Australian Digital Health Agency Medicine Safety Program. The program is a part of the National Digital Health Strategy. Under this program, several actions have been planned for the years 2019 to 2022. Thus, improvement in technology is likely to enhance the growth of the market in the coming years. Furthermore, the development in the healthcare industry has led to increasing pharmacy business across the country. The growth in the pharmacy business is seen due to several factors such as rising demand for the medicine to treat various chronic illnesses, growing demand for healthcare products, and a rising geriatric population that demands more of medicine for the age-related illness.

Component Insights
The global pharmacy management system market, based on the component, has been segmented into solutions and services. In 2019, the solutions segment accounted for the largest market share in the global pharmacy management system market by component. Pharmacy management systems are software solutions implemented in pharmacies to organize, manage, and store the data related to medication and help pharmacists in performing complex activities, which are expected to drive the growth of the segment at a significant rate during the forecast period.

Deployment Insights
The global pharmacy management system market, based on deployment, has been segmented into cloud-based and on-premise. Cloud-based segment held the largest share of the market. The cloud based system allows to connect the user to the computer via internet and web browser which further enables to access the data at any-time, anywhere on different devices. The cloud-based delivery mode offers a standardized way to help commercial and academic institutions to manage their laboratory data generated from sample testing, instrument usage, automation, and report generation, the segment is anticipated to witness considerable growth during the forecast period.

Size Insights
The global pharmacy management systems market, based on size, has been segmented into small and medium sized pharmacies, and large pharmacy. In 2019, the large pharmacies segment held the largest share of the market. Large pharmacies can be chaotic workplaces if not managed appropriately. Systematic administration of these large sized chains can be managed through pharmacy management systems. Besides, the pharmacies offering clinical consultation eliminating doctor visits for various patients are also a result of these pharmacy chains being able to offer these services due to perfection in its regular chores eased with pharmacy management solutions.

Strategic Insights
Growth strategies such as partnerships, agreement and acquisition have been significantly witnessed in the pharmacy management system market, which has helped the company to strengthen its customer base. For instance, in Feb 2018, many hospitals in the U.S. have adopted the OMNICELL’s XR2 automated central pharmacy system to improve dispensing and reduce cost.

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