Press release
Impact Of Rising Medication Errors On Pharmacy Management Systems: An Emerging Driver Transforming The Pharmacy Management System Market Landscape
Pharmacy Management System
What Is the Projected Growth of the Pharmacy Management System Market?
The pharmacy management system market has grown rapidly in recent years. It will increase from $84.98 billion in 2024 to $98.4 billion in 2025 at a CAGR of 15.8%. This growth is driven by a growing focus on healthcare efficiency, increasing healthcare expenditure, rising prescription volumes, demand for integrated healthcare solutions, and the growing management of chronic diseases.
The pharmacy management system market is forecasted to grow rapidly, reaching $174.58 billion by 2029 at a CAGR of 15.4%. Growth is driven by the increasing adoption of electronic health records (EHR) systems, demand for integrated healthcare solutions, the expansion of pharmacies, rising investments in healthcare IT infrastructure, and the need for personalized medicine. Trends include cloud-based solutions, AI and machine learning advancements, blockchain integration, EHR compatibility, and the development of mobile applications.
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What Are the Different Pharmacy Management System Market Segments?
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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What Are the Primary Drivers Shaping the Pharmacy Management System Market?
The increasing cost of medication errors is expected to contribute to the growth of the pharmacy management system market. Medication errors are common due to complex medication regimens, inadequate communication, and technological limitations in dispensing systems. Pharmacy management systems help reduce these errors by automating prescription processes and enhancing patient safety. According to the World Health Organization, in March 2024, the global cost of medication errors was estimated to be $42 to $100 billion annually, driving the growth of pharmacy management systems.
Which Companies Are Leading in 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 Pharmacy Management System Market Trends Are Gaining Traction Across Different Segments?
Companies in the pharmacy management system market are focusing on cloud-based solutions to enhance data accessibility, improve real-time collaboration, ensure data security, and reduce operational costs for pharmacies. A cloud-based system allows for real-time data updates and seamless integration with other healthcare systems. For example, in September 2022, RedSail Technologies, a US-based company, launched Axys by Integra, a cloud-based pharmacy management system. Axys is designed for long-term care, offering an intuitive interface that reduces training time and provides advanced reporting capabilities for better visibility into pharmacy operations across multiple locations.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Pharmacy Management System Market?
2. What is the CAGR expected in the Pharmacy Management System Market?
3. What Are the Key Innovations Transforming the Pharmacy Management System Industry?
4. Which Region Is Leading the Pharmacy Management System Market?
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