The Pharmacy Management System market was valued at US$ 5,724.82 million in 2019 and it is projected to reach US$ 13,985.27 million by 2027; it is expected to grow at a CAGR of 11.9% from 2020 to 2027.
A pharmacy management system is an important tool equipped with powerful, user-friendly pharmacy management systems. The pharmacy management system assists pharmacists in navigating complexities of dispensing medicines, inventories of medicines, and point-of-sale functions. Also, it assists in processing, tracking, and dispensing the prescribed drugs and medicines with higher security, accuracy, and efficiency. The growth of the Pharmacy Management System market is attributed to the development in healthcare IT and increasing number of pharmacies across the world are expected to boost the market growth over the years. However, limitations associated with pharmacy management systems is likely to have a negative impact on the growth of the market in the coming years.
The Pharmacy Management System market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
Lucrative Regions for Pharmacy Management System market
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Market Insights
Growing Applications of Pharmacy Management System in Healthcare to Drive Pharmacy Management System market Growth
Healthcare spending has been rising steadily in most of the countries in the world. Multiple factors have been identified as contributors to the development of healthcare sector in these countries, and consistent and rapid developments pertaining to the application of information technology (IT) in this sector has been a major factor. Over the previous couple of decades, information technology has played a key role on the working of millions of people and helped in betterment of various industrial sectors including healthcare. Multiple end users, prescribers and pharmacists, have embraced the benefits of automation. The use of IT solutions has enabled the storage of patients’ records in a structured format; it has also helped to regularize the implementation of electronic prescription, thus saving significant quantity of paper, simplifying the process of administration and drug dispensing, and automating the handling of medicines under the supply chain. It ultimately has helped improve patient safety and provide high-quality care to help the patients make most out of their medicines.
Government agencies worldwide are incorporating various action plans to reshape the current and traditional pharmacies in order to make the best use of the unique skills of pharmacists coupled with implementation of IT. For instance, the Ministry of Health in Wellington, New Zealand, introduced a Pharmacy Action Plan 2016–2020 that describes a range of new and advanced services to be offered by pharmacies with the use of new pharmacy management systems. In addition, the digitalization and automation of the stock and repository management have helped streamline the supply process in case of large pharmacy chains, such as Wallgreens, Apollo, and CVS. Thus, such advancements in healthcare IT are expected to continue to boost the growth of the pharmacy management solutions market in the coming years.
The number of pharmacies per person has been rapidly rising globally. According to the Organization for Economic Cooperation and Development (OECD), the total number of pharmacies and pharmacists increased by 30% during 2000– 2015 in OECD countries. Among developed nations, Japan witnesses the highest density of pharmacists owing to the efforts by government toward dispending separation, which refers to the elimination of dependency of drug prescription by physicians from drug dispensing by pharmacists, increasing profit margins for pharmacists and rising number of drugs and medical supplies in the country. The trend of rise in number of pharmacies has also been seen in Australia. According to the Pharmacy Guild of Australia 2017 and IBIS 2018, there was 30.6% increase in Pharmaceutical Benefits Scheme (PBS) revenue and 6% increase in establishments of pharmacies in 2018, since the past 5 years.
The growth in number of pharmacies is attributed to increasing sales of medicines and pharmaceuticals, escalating aging population, growing implementation of prescription drug programs, rising number of patent expiry opening ways for new generics to the market, and elevating number of new disease incidence among patient population.
This has led to increase in the demand for pharmaceutical supplies and drugs resulting in the establishment of new pharmacies and expansion of existing pharmacy chains. With advancements in technologies, the newly establishing pharmacies are incorporating smart management tools such as pharmacy management systems to simplify and sophisticate the distribution process.
Component-Based Insights
In terms of component, the Pharmacy Management System market is segmented into solutions and services. The solutions segment held the largest share of the market in 2019.
Pharmacy Management System market, by Component – 2019 and 2027
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Deployment-Based Insights
Based on deployment, the Pharmacy Management System market is segmented cloud-based and on-premise. The on-premise segment held the largest share of the market in 2019.
Size-Based Insights
In terms of size, the Pharmacy Management System market is segmented into small and medium sized pharmacies, and large pharmacy. The large pharmacies segment held the largest share of the market in 2019.
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Pharmacy Management System Market: Strategic Insights
Market Size Value in US$ 5,724.82 Million in 2019 Market Size Value by US$ 13,985.27 Million by 2027 Growth rate CAGR of 11.9% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Pharmacy Management System Market: Strategic Insights
| Market Size Value in | US$ 5,724.82 Million in 2019 |
| Market Size Value by | US$ 13,985.27 Million by 2027 |
| Growth rate | CAGR of 11.9% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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The Pharmacy Management System market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
Pharmacy Management System market – by Component
- Solution
- Inventory Management
- Purchase Orders Management
- Supply Chain Management
- Regulatory and Compliance Information
- Clinical and Administrative Performance
- Other Solutions
- Services
Pharmacy Management System market – by Deployment
- Cloud-based
- On-premise
Pharmacy Management System market – by Size
- Small- and Medium-sized Pharmacies
- Large Pharmacy
Pharmacy Management System market – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- Microsoft
- Koninklijke Philips N.V.
- Intel Corporation
- General Electric Company
- Alphabet Inc.
- NVIDIA CORPORATION
- Nuance Communications, Inc.
- Siemens Healthineers AG
- Arterys Inc.
- Johnson & Johnson Services, Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component ; Deployment ; Size , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Pharmacy management system is an important tool equipped with powerful and user friendly pharmacy management services. These systems assist pharmacist in managing complex tasks such as dispensing medicines, inventory management, and point of sales functions.
The demand for pharmacy management system is expected to grow at a significant pace during the forecast period. Some of the prime factors propelling the growth of the market include increasing investment in healthcare IT infrastructure worldwide, demand to enhance patient safety, emerging pharmacy business and rise in health expenditure in developing countries.
Despite accuracy, speed, safety, and management benefits provided by pharmacy management systems, factors such as consolidation and carry forward of manually entered incorrect data, downtime due to software failure, and lack of compatibility between systems offered by different manufacturers are among the major limitations associated with these systems.
The List of Companies - Pharmacy Management System Market
- 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
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- Data Collection and Secondary Research:
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Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
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- Validates and strengthens in-house secondary research findings
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Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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