Pharmacy Management Systems Market Size To Garner USD 35.6 Billion by 2027 with over 10.5% CAGR Owing to the Increasing Number of Pharmacies in the World

The global pharmacy management systems market size is estimated to attain USD 35.6 Billion by 2027, rising from the market size of USD 17.7 Billion in 2020. Pharmacy management systems market is expected to witness a CAGR growth of 10.5% during the forecast period from 2020 to 2027, as reported by Acumen Research & Consulting.

A computer software that has been built to carry out the numerous operations necessary to run a pharmacy is known as a pharmacy management system. This system helps pharmacists navigate drug inventories, the difficulties of medication delivery, and point-of-sale operations. The widespread implementation of automation in pharmacies is a significant pharmacy management system industry trend. The market for pharmacy management systems is anticipated to experience revenue growth as a result of an increase in the number of pharmacies and expanding digitalisation.

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Pharmacy Management Systems Market Report Coverage:

COVID-19 Impact on Pharmacy Management Systems Market Share

During the pandemic, the demand for pharmacy management systems was extremely high, and it is anticipated that this demand will continue after the pandemic. COVID-19 has had an effect on the economics and sectors of various nations as a result of lockdowns, business closures, and travel restrictions. The COVID-19 problem has overburdened the public health systems in many economies, underscoring the urgent need for long-term investments in health systems. In order to preserve lives during the epidemic, demand for treatment increased dramatically. Both the supply of drugs and available employment are growing, as is the demand for pharmacies. In order to increase productivity and efficiency, pharmacies are currently integrating pharmacy management systems.

Global Pharmacy Management Systems Market Dynamics

One of the elements fuelling the expansion of the global market for pharmacy management systems is the rise in the number of dispensing errors. Another element contributing to the market's expansion is the rising number of prescriptions. For instance, the American College of Clinical Pharmacy estimates that by 2021, five billion prescriptions will be filled. The strain on pharmacists will rise as a result of the rising number of prescriptions, which will fuel business expansion.

A lucrative market share will also result from more government efforts. For instance, new models for the effective and proper deployment of these systems have been established by a number of pharmacy regulatory bodies, including the Council of Pharmacy Registrars of Canada (CPRC) and the National Association of Pharmacy Regulatory Authorities (NAPRA).

Additionally, the rise in product counterfeiting has increased the need for pharmacies to have ethical and legitimate management systems. For instance, approximately 900 counterfeiting events involving either customs seizures or police/health inspector raids occurred between 2017 and 2018, representing a 25% rise in the number of pharmaceutical counterfeiting incidents. Additionally, during the anticipated period from 2020 to 2027, a growing government focus on reforming traditional pharmacies in conjunction with the integration of healthcare IT will create a number of potential opportunities in the market.

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Global Pharmacy Management Systems Market Segmentation

The pharmacy management systems market is bifurcated into: component, deployment, size, and region.

Pharmacy Management Systems Market by Component

• Solutions
  • Clinical and Administrative Performance
  • Inventory Management
  • Purchase Orders Management
  • Regulatory and Compliance Information
  • Supply Chain Management
  • Others
• Services

As per the pharmacy management systems market forecast, the solutions sub-segment is predicted to gain the most market share. The services sub-segment, however, is anticipated to have significant expansion over the next few years.

Pharmacy Management Systems Market by Deployment

• Cloud-Based
• On-Premise

As per our pharmacy management systems industry analysis, from 2022 to 2027, the cloud-based market segment is probably going to gain a sizeable market share. Users of cloud-based systems can access data from any location and at any time by connecting to computers through the Internet and web browsers.

Pharmacy Management Systems Market by Size

• Large Pharmacies
• Small and Medium-Sized Pharmacies

Large pharmacies segment held the most market share in 2020 and are anticipated to maintain this dominance throughout the predicted years. This is because major pharmacies must manage their daily, monthly, and annual inventories because they have enormous inventories and a high volume of customer visits. However, because an increasing number of people are turning to over-the-counter medications, small and medium-sized pharmacies are expanding at a rapid rate.

Pharmacy Management Systems Market Regional Outlook

Five geographical areas make up the pharmacy management systems market: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America, out of all the regions, dominated the market with the largest share in 2020 and is predicted to continue doing so in the years to come. The presence of many players in the area is the main factor contributing to supremacy. Additionally, the US healthcare sector is going through major changes that are being driven by new technologies with the adoption of new healthcare statutes and reforms.

However, it is estimated that during the projected time, the Asia-Pacific area will experience the fastest growth rate. The Asia-Pacific pharmacy management systems market is driven by the rising number of independent pharmacies, rising automation adoption, rising dispensing errors, and rising focus on improving healthcare administration efficiency.

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Pharmacy Management Systems Market Players

ARxIUM Inc., Capsa Healthcare, Swisslog Healthcare, Cerner Corporation, Becton, Dickinson and Company, Baxter International, Inc., Omnicell, Inc., Parata Systems LLC, ScriptPro LLC, RxSafe, LLC, McKesson Corporation, and Talyst Systems, LLC are a few of the top pharmacy management system providers listed in the report.

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