Pharmacy Management Systems Market Trends, Market Demands, Top Manufactures, Industry Growth Analysis and Forecast to 2030

The Global Pharmacy Management Systems Market is expected to grow at a CAGR of around 10.5% from 2022 to 2030 and reach the market value of over US$ 48.8 Billion by 2030.

North America is projected to dominate the global pharmacy management software market in the coming years. Incorporation of new healthcare acts and reforms, the US healthcare industry is undergoing a significant transformation driven by new technology. Healthcare is changing in every aspect starting from insurance coverage to healthcare data analytics for effective treatment plans. Additionally, new product launches and the collaboration of prominent players bolster the growth of the global pharmacy management systems market.

On the other hand, Asia Pacific is predicted to show the fastest growing CAGR in the forecast period. Improvement in technology is one of the prominent factors that contribute the growth of global pharmacy management systems market. Development of healthcare industry resulted in increasing pharmacy business worldwide due to which boosts the demand for such advanced systems contributing growth of the global pharmacy management systems market.

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Market Drivers

• New product launches by the top players every year drives market growth

• High investment in research and development for providing efficient solutions

• Adherence to compliance of IT in pharmaceutical sector

• Several cost reduction strategies employed by prominent players strengthen the position in the global pharmacy management software market

• Rising awareness among pharmacist about high benefits and increasing return on investment (ROI) through integration of global pharmacy management systems market

• Rising number of prescriptions further bolsters the growth of global pharmacy management system market. For instance, the American College of Clinical Pharmacy estimates that approximately 5 billion prescriptions will be dispensed by 2021. Such increased number will have burden on pharmacist that flourishes the overall market growth of global pharmacy management systems market.

Market Restrains
• Complex features such as vendor lock-in create a dependency for pharmacists that complexes the on boarding of another vendor.

• Changing the regulatory landscape in developing and underdeveloped countries

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Segmental Outlook

Pharmacy management system market is segmented based on component, deployment, and size. By component, it is bifurcated into solutions and services. By solutions, it is segmented as inventory management, purchase orders management, supply chain management, regulatory and compliance information, clinical and administrative performance, and others. Based on deployment, it is classified into cloud-based and on-premise. By size, it is further segregated into small and medium sized pharmacies and large pharmacies.

Based on components, inventory management dominates the global pharmacy management systems market. By deployment, cloud based application is projected to grow rapidly in the coming years. Furthermore, by size large pharmacies will grow substantially in the forecast period.

Competitive Landscape

Some of the leading competitors are McKesson Corporation, Cerner Corporation, Becton, Dickinson and Company, General Electric Company, Allscripts Healthcare, LLC, Epicor Software Corporation, OMNICELL INC., ACG Infotech Ltd., Clanwilliam Health, and among others

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Some of the key observations regarding the pharmacy management systems industry include:

• In March 2021, Becton, Dickinson and Company, announced acquisition with GSL Solutions, Inc. a privately held company that develops smart medication devices for the storage and tracking of controlled substances and patient specific medications that improve security, efficiency, and compliance of medication storage, as well as analytic capabilities to further improve inventory management, including of controlled substances, regulatory compliance and patient safety. This acquisition expands BD's advanced medication management capabilities to further meet the needs of retail pharmacies, including those in outpatient settings.

• In April 2020, Clanwilliam Health, announced new e-prescription messaging service during COVID-19 pandemic. A new integrated e-prescription messaging service called "Secure Script" is the result of collaboration among pharmacy software vendor RxOne, Clanwilliam Health's HealthLink and pharmacy software vendor Toniq, and PMS vendors Indici, MyPractice and Medtech.

• In August 2015, Allscripts Healthcare, LLC, announced partnership with CoverMyMeds. The partnership help patients receive prescription faster and increase the number of health plans available for Allscripts eAuth™ software clients. The company's software enables providers to quickly authorize prescriptions electronically instead of making phone calls or faxes that is considered time consuming process.

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