by Pharmacy management systems help streamline various functions of a pharmacy ranging from inventory control, billing and accounting to prescription processing and inventory tracking thereby improving workflow efficiency. These systems enable automatic checking of drug interactions and duplication as well as tracking expiry dates helping avoid loss of revenue due to expired drugs. Equipped with features like queue management, prescription fulfillment tracking and auto refill reminders pharmacy management systems save valuable time of pharmacists allowing them to focus on direct patient care.
The global Pharmacy Management System Market is estimated to be valued at US$ 58.2 Bn in 2024 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:
Cloud-based pharmacy management systems have gained widespread popularity over the past few years due to advantages like remote access, scalability, and integration with other healthcare IT solutions. Major players in the market offer cloud-based pharmacy management systems that allow pharmacies to access patient data and workflows from any location. Integration of blockchain and AI technologies is also emerging as a key trend in the pharmacy management system market. Blockchain enabled verification of prescription authenticity can help combat medication errors and drug counterfeiting while AI driven analytics helps optimize inventory levels and identify cost saving opportunities.
Porter’s Analysis
Threat of new entrants: Low barriers for the players to enter in the pharmacy management system market. However, established players have developed robust technology solutions making it challenging for new entrants.
Bargaining power of buyers: High as buyers can switch between various pharmacy management system providers based on their service offerings and pricing.
Bargaining power of suppliers: Low as there are many technology providers supplying niche features to pharmacy management systems.
Threat of new substitutes: Low as there aren’t any direct substitutes for pharmacy management systems considering their functionalities and services offering.
Competitive rivalry: High due to the presence of a large number of players offering customized pharmacy management solutions. Players compete based on features, pricing, and services.
Key Takeaways
The Global Pharmacy Management System Market Size is expected to witness high growth over the forecast period. The global Pharmacy Management System Market is estimated to be valued at US$ 58.2 Bn In 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.
North America dominated the market in 2021 owing to the stringent regulations to implement quality standards in healthcare organizations. Asia Pacific is expected to grow at the fastest rate during the forecast period driven by increasing healthcare expenditure, rising geriatric population, and ongoing development of healthcare infrastructure in emerging economies of China and India. Large patient pool and government initiatives to digitalize healthcare processes will further aid region’s market growth.
Key players operating in the pharmacy management system market are Cerner Corporation, McKesson Corporation, BD, General Electric Company, Allscripts Healthcare, LLC. Cerner is one of the leading players offering an integrated platform to optimize medication management and pharmacy workflow. McKesson Corporation provides solutions for both retail and health-system pharmacies.
