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Pharmacy Management System Global Market Observe Highest Growth of $151.41 Billion with an Excellent CAGR of 15.5% by 2028 | McKesson Corporation, Cardinal Health Inc., Oracle Corporation, Siemens Healthcare AG, Becton

11-04-2024 09:10 AM CET | Health & Medicine

Press release from: The Business research company

Pharmacy Management System Global Market

Pharmacy Management System Global Market

"The Business Research Company recently released a comprehensive report on the Global Pharmacy Management System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The pharmacy management system market size has grown rapidly in recent years. It will grow from $73.72 billion in 2023 to $84.98 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to increasing focus on healthcare efficiency, rising healthcare expenditure, growing prescription volume, demand for integrated healthcare solutions, and increasing chronic disease management.

The pharmacy management system market size is expected to see rapid growth in the next few years. It will grow to $151.41 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. The growth in the forecast period can be attributed to increasing adoption of electronic health records (EHR) systems, rising demand for integrated healthcare solutions, expansion of pharmacies, increasing investments in healthcare IT infrastructure, and demand for personalized medicine. Major trends in the forecast period include adoption of cloud based solutions, advancements in AI and machine learning, implementation of blockchain, integration with electronic health records (EHR), and development of mobile applications.

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Market Drivers and Trends:

The rising cost of medication errors is expected to propel the growth of the pharmacy management system market going forward. Medication errors are errors that occur during the prescribing, dispensing, and administration of medications, resulting in potential and actual harm to patients. The incidence of medication errors is due to the complexity of medication regimens, inadequate communication among healthcare providers, and technological limitations in medication administration systems. A pharmacy management system helps reduce medication errors by automating prescription processing, ensuring accurate patient data management, providing drug interaction checks, facilitating real-time access to patient medication histories, and enhancing the precision and safety of medication dispensing. For instance, in March 2024, according to the World Health Organization, a US-based government agency, the global cost of medication errors is $42 to $100 billion annually. Therefore, the rising cost of medication errors is driving the growth of the pharmacy management system market.

Major companies operating in the pharmacy management system market are developing advanced solutions such as a cloud-based pharmacy management system to enhance data accessibility, improve real-time collaboration, ensure data security, and reduce operational costs for pharmacies. A cloud-based pharmacy management system enables real-time data updates, remote access, and seamless integration with other healthcare systems, ensuring accurate and secure pharmacy operations management. For instance, in September 2022, RedSail Technologies, a US-based healthcare technology company, launched and implemented Axys by Integra, a cloud-based pharmacy management system created for long-term care. Axys has an intuitive, user-friendly design reduces training time, which is especially beneficial for pharmacies with frequent staff turnover. The system provides better visibility into pharmacy operations with advanced reporting capabilities across single or multiple locations.

Key Benefits for Stakeholders:

• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:

McKesson Corporation, Cardinal Health Inc., Oracle Corporation, Siemens Healthcare AG, Becton, Dickinson and Company (BD), GE HealthCare Technologies Inc., Epic Systems Corporation, Omnicell Inc., Epicor Software Corporation, Agfa-Gevaert NV, NextGen Healthcare Information Systems LLC, Veradigm LLC, Computer Programs and Systems Inc., Clanwilliam Health Limited, ScriptPro LLC, Swisslog Healthcare AG, LS Retail ehf., ARxIUM Inc., PioneerRx LLC, MedHOK LLC, SafeCare Group, Octal IT Solution LLC, Liberty Software Inc., Datascan Pharmacy Inc., Supplylogix LLC

Pharmacy Management System Market 2024 Key Insights:

• The pharmacy management system market size is expected to see rapid growth in the next few years. It will grow to $151.41 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%.
• Impact Of Rising Medication Errors On Pharmacy Management Systems
• Advancements In Cloud-Based Pharmacy Management Systems
• North America was the largest region in the pharmacy management system market in 2023

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Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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