June 25, 2024
Pharmacy Management System Market

Pharmacy Management Systems Market are Driven by Increased Adoption of Telehealth Services

Pharmacy management systems allow pharmacists to efficiently manage pharmacy operations including inventory, prescription orders, patient records, and billing. These systems help automate time-consuming manual tasks and facilitate real-time communication between pharmacists, patients, and healthcare providers. They offer inventory management tools to track drug stock levels and upcoming orders. Electronic prescription storage and refill requests allow patients to manage their medication needs remotely. Integration with electronic health records enables pharmacists to access comprehensive patient medical histories. The global Pharmacy Management System Market is estimated to be valued at US$ 58.2 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increased adoption of telehealth services for medication management and healthcare consultations has driven demand for integrated pharmacy management systems. Telehealth allows remote monitoring of prescription adherence and health parameters. It also enables virtual consultations between pharmacists and patients to address medication queries without visiting a pharmacy in-person. This has especially benefited senior and homebound patients. Leading pharmacy chains are upgrading their existing systems or implementing new cloud-based solutions to facilitate seamless communication between pharmacies and telehealth services. System integrations allow remote prescription requests, refills, and delivery scheduling. This trend is expected to continue as digital health offerings expand in the coming years.

Porter’s Analysis
Threat of new entrants: The pharmacy management system market size require high capital investment for setting up new infrastructure and platforms. In addition, existing large players have strong brand loyalty and economies of scale which create barriers for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate. However, the availability of varying solutions provides options to buyers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of several platform and solution providers in the market.

Threat of new substitutes: There is a low threat from substitutes as pharmacy management systems help pharmacies automate dispensing, inventory management, and other operations.

Competitive rivalry: The market has presence large established as well as emerging players offering varying technologically advanced solutions.

Key Takeaways
The global pharmacy management system market is expected to witness high growth.

North America dominated the market with the largest share due to early adoption of technology and presence of established vendors providing advanced pharmacy management solutions. Asia Pacific is expected to witness the fastest growth rate over the forecast period 2023-2030 with rising healthcare expenditure and growing need to automate pharmacy processes across hospitals and retail pharmacies.

Key players operating in the pharmacy management system market are Cerner Corporation, McKesson Corporation, Cardinal Health, Inc., Epicor Software Corporation, Allscripts Healthcare Solutions, Inc. Cerner Corporation provides innovative solutions and services to help optimize clinical and financial outcomes in healthcare. McKesson Corporation delivers innovative health solutions that provide inventory, automation, and insights to improve patient care.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it