Pune, India, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Pharmacy management systems, also called pharmacy software, is a system that stores all information about operations in pharmacies. It helps in data storage, manages the entire system, regulates the use of pharmaceutical products, and helps improve consumer satisfaction. Pharmacy management software enhances inventory management and medicine dispensing, and controls adverse drug events (ADE). The rising demand for reducing medication errors and the increasing number of prescriptions propel the pharmacy management system market in the US. The rising number of hospitals investing in new technologies to enhance healthcare process management and prevent medication errors is also expected to drive market expansion. The report covers detailed insights with respect to the services offered by the market players operating in the sector.
According to our new research study on “US Pharmacy Management System Market Size and Forecasts (2022 - 2030), Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Component (Solutions and Services), Deployment (Cloud-based and On-premise), Size of Pharmacies (Small- and Medium-sized Pharmacies, and Large Pharmacies), End User (In-patient Pharmacies, Outpatient Pharmacies),” the US pharmacy management system market size to grow $53.13 billion by 2030 from $21.01 billion in 2022. The market is estimated to grow at a CAGR of 12.29% during 2022–2030.
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US Pharmacy Management System Market: Competitive Landscape and Key Developments
McKesson Corp., Becton Dickinson and Co., Allscripts Healthcare LLC., Epicor Software Corp, Swisslog Healthcare AG, Omnicell Inc., CPS Solutions LLC, RedSail Technologies LLC, Micro Merchant Systems Inc, and Oracle Corp are among the leading companies operating in the US pharmacy management system market. These players are focusing on expanding their market presence and acquiring a novel customer base, thus tapping prevailing business opportunities in the US pharmacy management system market.
Many market players are entering in mergers and acquisitions in the US pharmacy management system market. In June 2022, BD acquired Parata Systems, a provider of pharmacy automation solutions, for US$ 1.525 billion. With this acquisition, BD intends to boost Parata's sales using its commercial footprint, global scale, and innovation capabilities.
In June 2022, RedSail Technologies, LLC acquired TransactRx, LLC, a transaction platform that enables billing for both pharmacy and medical benefits. TransactRx’s platforms will be fully integrated into RedSail’s PowerLine transaction switch.
In July 2020, BD acquired MedKeeper, a modern, cloud-based pharmacy management application provider. MedKeeper's platform will be a part of BD’s Connected Medication Management capabilities portfolio. MedKeeper's platform with BD's broad technology expertise, together, would optimize the preparation of compounded medications.
In December 2021, Omnicell, Inc. acquired ReCept Holdings, Inc. With this development, Omnicell intended to expand its Advanced Services portfolio by adding ReCept’s specialty pharmacy management services to it to address the growing and complex specialty pharmacy market.
Transformation of Retail Pharmacy into Advanced Patient Care Facilities to Offer Opportunities for US Pharmacy Management System Market During 2022–2030
The scope of pharmacies is likely to extend from medicines to implants, digital health tools, at-home testing kits, and nutraceuticals in the coming years. The pharmacies will not be limited to transactional care, but they will also engage in developing patient relationships and play an instrumental role in advanced patient care by 2030. Chemists are also likely to manage vaccination and early screening services on a larger scale, playing a more significant role in the preventive care journey of consumers. According to data retrieved from the CDC, retail pharmacies in the US administered almost 297 million doses of COVID-19 vaccine as of December 2022. Regulatory authorities in the US support this transformation with guidance and proposed legislation to reinforce a valued, supported, integrated, and connected pharmacy workforce that can help transform patient care. Many retail pharmacy companies across the US are refocusing their service offerings on healthcare delivery and patient counseling. For instance, Walgreens, CVS, and Walmart are extending their reach into primary care and converting their retail sites into health hubs in the US. Thus, transforming retail pharmacy into advanced patient care would require a proper management system, which is likely to propel the US pharmacy management system market growth during the forecast period.
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US Pharmacy Management System Market: Segmental Overview
The US pharmacy management system market, by deployment, is fragmented into cloud-based and on-premise. The cloud-based segment held a larger market share in 2022; it is anticipated to register a higher CAGR of 13.06% during 2022–2030. Cloud-based deployment offers a safer and more standardized information system to manage patient data. Cloud-based pharmacy management systems can be connected to computers via the internet and web browser, which enables access to the data anytime and anywhere, on different devices. Cloud-based pharmacy management systems offer a standardized way to help commercial and academic institutions manage laboratory data generated from sample testing, instrument usage, automation, and report generation. Moreover, cloud-based systems are easy to manage, and they help users in accessing real-time information regarding drug inventory, administrative staff, doctor’s prescriptions, medical stock refills, etc.
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