At what pace is the pharmacy management system market growing, and what is its estimated value?
The pharmacy management system market size has grown rapidly in recent years. It will grow from $84.98 billion in 2024 to $98.4 billion in 2025 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to increasing focus on healthcare efficiency, rising healthcare expenditure, growing prescription volume, demand for integrated healthcare solutions, and increasing chronic disease management.
The pharmacy management system market size is expected to see rapid growth in the next few years. It will grow to $174.58 billion in 2029 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to increasing adoption of electronic health records (EHR) systems, rising demand for integrated healthcare solutions, expansion of pharmacies, increasing investments in healthcare IT infrastructure, and demand for personalized medicine. Major trends in the forecast period include adoption of cloud based solutions, advancements in AI and machine learning, implementation of blockchain, integration with electronic health records (EHR), and development of mobile applications.
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What are the key forces behind the pharmacy management system market’s growth in recent years?
The rising cost of medication errors is expected to propel the growth of the pharmacy management system market going forward. Medication errors are errors that occur during the prescribing, dispensing, and administration of medications, resulting in potential and actual harm to patients. The incidence of medication errors is due to the complexity of medication regimens, inadequate communication among healthcare providers, and technological limitations in medication administration systems. A pharmacy management system helps reduce medication errors by automating prescription processing, ensuring accurate patient data management, providing drug interaction checks, facilitating real-time access to patient medication histories, and enhancing the precision and safety of medication dispensing. For instance, in March 2024, according to the World Health Organization, a US-based government agency, the global cost of medication errors is $42 to $100 billion annually. Therefore, the rising cost of medication errors is driving the growth of the pharmacy management system market.
What are the major segments of the pharmacy management system market?
The pharmacy management system market covered in this report is segmented –
1) By Component: Software, Hardware, Services
2) By Deployment: Web Based, On Premise
3) By End User: Inpatient Pharmacies, Outpatient Pharmacies
Subsegments:
1) By Software: Prescription Management Software, Inventory Management Software, Medication Therapy Management (MTM) Software, Point-Of-Sale (POS) Systems, Drug Interaction Or Drug Database Software, Pharmacy Workflow Management Software, Reporting And Analytics Software
2) By Hardware: Automated Dispensing Machines (ADM), Barcode Scanners And Printers, Pharmacy Kiosks, Labeling And Packaging Equipment, Tablet And Capsule Counter Machines, Temperature Monitoring Devices
3) By Services: Installation And Integration Services, Training And Support Services, Consulting Services, Maintenance Services, Cloud Hosting And Data Management Services
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Which companies dominate the pharmacy management system market?
Major companies operating in the pharmacy management system market are McKesson Corporation, Cardinal Health Inc., Oracle Corporation, Siemens Healthcare AG, Becton, Dickinson and Company (BD), GE HealthCare Technologies Inc., Epic Systems Corporation, Omnicell Inc., Epicor Software Corporation, Agfa-Gevaert NV, NextGen Healthcare Information Systems LLC, Veradigm LLC, Computer Programs and Systems Inc., Clanwilliam Health Limited, ScriptPro LLC, Swisslog Healthcare AG, LS Retail ehf., ARxIUM Inc., PioneerRx LLC, MedHOK LLC, SafeCare Group, Octal IT Solution LLC, Liberty Software Inc., Datascan Pharmacy Inc., Supplylogix LLC
What major trends will shape the pharmacy management system market during the forecast period?
Major companies operating in the pharmacy management system market are developing advanced solutions such as a cloud-based pharmacy management system to enhance data accessibility, improve real-time collaboration, ensure data security, and reduce operational costs for pharmacies. A cloud-based pharmacy management system enables real-time data updates, remote access, and seamless integration with other healthcare systems, ensuring accurate and secure pharmacy operations management. For instance, in September 2022, RedSail Technologies, a US-based healthcare technology company, launched and implemented Axys by Integra, a cloud-based pharmacy management system created for long-term care. Axys has an intuitive, user-friendly design reduces training time, which is especially beneficial for pharmacies with frequent staff turnover. The system provides better visibility into pharmacy operations with advanced reporting capabilities across single or multiple locations.
What are the key regional dynamics of the pharmacy management system market, and which region leads in market share?
North America was the largest region in the pharmacy management system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacy management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Pharmacy Management System Market Report 2025 Offer?
The pharmacy management system market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A pharmacy management system (PMS) is a software platform designed to streamline and automate the operations of a pharmacy or drugstore, providing a centralized system for managing various aspects of pharmacy operations, including inventory management, prescription processing, patient records, billing and invoicing, regulatory compliance, and reporting. These systems are essential tools in modern pharmacy practice, enabling pharmacies to operate more efficiently, deliver quality patient care, and maintain competitiveness in the healthcare industry.
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