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Transforming the Pharmacy Management System Market in 2025: Impact Of Rising Medication Errors On Pharmacy Management Systems
Pharmacy Management System Market Growth
The scale of the pharmacy management system market has been expanding significantly over the past few years. The market is expected to rise from $84.98 billion in 2024 to $98.4 billion in 2025, with a compound annual growth rate (CAGR) of 15.8%. This growth in the historical period can be linked to factors such as a greater emphasis on healthcare efficiency, increasing health expenditure, a rise in prescription volumes, a growing demand for comprehensive healthcare solutions, and the surge in management of chronic diseases.
The market size of the pharmacy management system is predicted to witness a swift expansion in the forthcoming years. It is set to grow to a staggering $174.58 billion by 2029 with a CAGR of 15.4%. The projected growth within this period can be credited to factors such as the embracing of electronic health record (EHR) systems, the escalating demand for comprehensive healthcare solutions, pharmacy expansions and increased investments in healthcare IT infrastructures, as well as the appeal of personalized medicine. Trending features during the forecast spell include the adoption of cloud-based solutions, advancements in AI and machine learning, the realization of blockchain, amalgamation with electronic health records (EHR), and the growth of mobile applications.
What Is Contributing to the Growth of the Pharmacy Management System Market?
The escalating expenses associated with medication errors are anticipated to stimulate the expansion of the pharmacy management system market. Medication errors, which happen during the prescription, dispensing, and administration stages of medications, can lead to actual or potential harm to patients. Factors contributing to these mistakes include intricate medication routines, poor communication within healthcare providers, and limitations in medication dispensing systems technology. A pharmacy management system mitigates medication mistakes by automating the prescription service, ensuring precise management of patient data, offering drug interaction assessments, enabling instantaneous access to a patient's medication history, and augmenting the accuracy and security of medication dispensing. For example, the World Health Organization, a US government agency, reported in March 2024 that the global costs incurred due to medication errors yearly range from $42 to $100 billion. Hence, the surging expenditure linked to medication errors is spurring the growth of the pharmacy management system market.
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Which Leading Companies Are Shaping the Growth of the Pharmacy Management System Market?
Major companies operating in the pharmacy management system market are 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
What Are the Major Trends Shaping the Pharmacy Management System Market?
Top corporations in the pharmacy management system market are innovating new solutions such as cloud-based pharmacy management systems to augment data accessibility, bolster real-time cooperation, safeguard data, and cut down operational expenses for pharmacies. A cloud-based pharmacy management system offers real-time data updates, remote access, and smooth conjunction with other healthcare systems, facilitating precise and secure management of pharmacy operations. For instance, RedSail Technologies, a healthcare technology enterprise based in the US, unveiled and employed Axys by Integra in September 2022, a cloud-based pharmacy management system specifically developed for long-term care. Axys, with its instinctive and user-friendly design minimizes training duration, proving particularly advantageous for pharmacies experiencing frequent staff changes. It offers improved insight into pharmacy operations via advanced reporting facilities across single or numerous locations.
What Are the Key Segments of the Pharmacy Management System Market?
The pharmacy management system market covered in this report is segmented -
1) By Component: Software, Hardware, Services
2) By Deployment: Web Based, On Premise
3) By End User: Inpatient Pharmacies, Outpatient Pharmacies
Subsegments:
1) By Software: Prescription Management Software, Inventory Management Software, Medication Therapy Management (MTM) Software, Point-Of-Sale (POS) Systems, Drug Interaction Or Drug Database Software, Pharmacy Workflow Management Software, Reporting And Analytics Software
2) By Hardware: Automated Dispensing Machines (ADM), Barcode Scanners And Printers, Pharmacy Kiosks, Labeling And Packaging Equipment, Tablet And Capsule Counter Machines, Temperature Monitoring Devices
3) By Services: Installation And Integration Services, Training And Support Services, Consulting Services, Maintenance Services, Cloud Hosting And Data Management Services
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Which Region Dominates the Pharmacy Management System Market?
North America was the largest region in the pharmacy management system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacy management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Pharmacy Management System Global Market Report?
- Market Size Analysis: Analyze the Pharmacy Management System Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Pharmacy Management System Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Pharmacy Management System Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Pharmacy Management System Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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