Dublin, Nov. 12, 2024 (GLOBE NEWSWIRE) -- The "Pharmacy Management System Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The pharmacy management system market size has grown rapidly in recent years, from $73.72 billion in 2023 to $84.98 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The expansion observed during the historical period can be linked to a heightened emphasis on healthcare efficiency, increased healthcare spending, a rise in prescription volumes, growing demand for integrated healthcare solutions, and improved management of chronic diseases.
The pharmacy management system market size is expected to see rapid growth in the next few years, growing to $151.41 billion in 2028 at a CAGR of 15.5%. The projected growth can be attributed to the rising adoption of electronic health records (EHR) systems, an increased demand for integrated healthcare solutions, the expansion of pharmacy networks, growing investments in healthcare IT infrastructure, and a rising interest in personalized medicine.
Key trends for the forecast period include the adoption of cloud-based solutions, advancements in artificial intelligence and machine learning, the implementation of blockchain technology, integration with EHR systems, and the development of mobile applications.
The increasing cost associated with medication errors is anticipated to drive the growth of the pharmacy management system market in the future. Medication errors occur during the prescribing, dispensing, and administration phases, potentially causing harm to patients. These errors result from complex medication regimens, poor communication among healthcare providers, and limitations in medication administration technology. A pharmacy management system mitigates medication errors by automating prescription processes, ensuring accurate patient data management, checking drug interactions, providing real-time access to patient medication histories, and improving the accuracy and safety of medication dispensing. For example, in March 2024, the World Health Organization reported that medication errors cost between $42 and $100 billion annually. Consequently, this escalating cost is fueling the demand for pharmacy management systems.
Leading companies in the pharmacy management system sector are innovating advanced solutions, including cloud-based systems, to enhance data accessibility, facilitate real-time collaboration, ensure data security, and lower operational costs for pharmacies. Cloud-based pharmacy management systems offer real-time data updates, remote access, and smooth integration with other healthcare systems, which ensures accurate and secure management of pharmacy operations. For instance, in September 2022, RedSail Technologies, a US-based healthcare technology firm, introduced Axys by Integra, a cloud-based pharmacy management system designed for long-term care. Axys features an intuitive, user-friendly interface that reduces training time, which is particularly advantageous for pharmacies with high staff turnover. The system also offers improved visibility into pharmacy operations with advanced reporting capabilities across multiple locations.
Major companies operating in the pharmacy management system market are McKesson, Cardinal Health, Oracle, Siemens Healthcare, Becton, Dickinson and Company (BD), GE HealthCare Technologies, Epic Systems, Omnicell, Epicor Software, Agfa-Gevaert, NextGen Healthcare Information Systems, Veradigm, Computer Programs and Systems, Clanwilliam Health, ScriptPro, Swisslog Healthcare, LS Retail ehf., ARxIUM, PioneerRx, MedHOK, SafeCare, Octal IT Solution, Liberty Software, Datascan Pharmacy and Supplylogix.
This report focuses on pharmacy management system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Markets Covered:
- By Component: Software; Hardware; Services
- By Deployment: Web Based; On Premise
- By End User: Inpatient Pharmacies; Outpatient Pharmacies
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $84.98 Billion |
| Forecasted Market Value (USD) by 2028 | $151.41 Billion |
| Compound Annual Growth Rate | 15.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Pharmacy Management System Market Characteristics
3. Pharmacy Management System Market Trends and Strategies
4. Pharmacy Management System Market - Macro Economic Scenario
5. Global Pharmacy Management System Market Size and Growth
5.1. Global Pharmacy Management System Market Drivers and Restraints
5.2. Global Pharmacy Management System Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Pharmacy Management System Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Pharmacy Management System Market Segmentation
6.1. Global Pharmacy Management System Market, Segmentation by Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Software
- Hardware
- Services
6.2. Global Pharmacy Management System Market, Segmentation by Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Web Based
- on Premise
6.3. Global Pharmacy Management System Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Inpatient Pharmacies
- Outpatient Pharmacies
7. Pharmacy Management System Market Regional and Country Analysis
7.1. Global Pharmacy Management System Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Pharmacy Management System Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8-29. Country and Regional Specific Pharmacy Management System Market Breakdown
30. Pharmacy Management System Market Competitive Landscape and Company Profiles
30.1. Pharmacy Management System Market Competitive Landscape
30.2. Pharmacy Management System Market Company Profiles
- McKesson
- Cardinal Health
- Oracle
- Siemens Healthcare
- Becton, Dickinson and Company (BD)
31. Pharmacy Management System Market Other Major and Innovative Companies
- GE HealthCare Technologies Inc.
- Epic Systems Corporation
- Omnicell
- Epicor Software
- Agfa-Gevaert
- NextGen Healthcare Information Systems
- Veradigm
- Computer Programs and Systems
- Clanwilliam Health Limited
- ScriptPro
- Swisslog Healthcare
- LS Retail Ehf.
- ARxIUM
- PioneerRx
- MedHOK
32. Global Pharmacy Management System Market Competitive Benchmarking
33. Global Pharmacy Management System Market Competitive Dashboard
34. Key Mergers and Acquisitions in the Pharmacy Management System Market
35. Pharmacy Management System Market Future Outlook and Potential Analysis
35.1 Pharmacy Management System Market in 2028 - Countries Offering Most New Opportunities
35.2 Pharmacy Management System Market in 2028 - Segments Offering Most New Opportunities
35.3 Pharmacy Management System Market in 2028 - Growth Strategies
For more information about this report visit https://www.researchandmarkets.com/r/ivctym
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