Pharmacy Management System Market Growth Trajectory Through 2024-2033

The Pharmacy Management System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Pharmacy Management System Global Market Report 2024, The pharmacy management system market size has grown rapidly in recent years. It will grow from $73.72 billion in 2023 to $84.98 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. 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 $151.41 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. 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.

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.

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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

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.

The pharmacy management system market report table of contents includes:

1. Executive Summary
2. Pharmacy Management System Market Characteristics
3. Pharmacy Management System Market Trends And Strategies
4. Pharmacy Management System Market – Macro Economic Scenario
5. Global Pharmacy Management System Market Size and Growth
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32. Global Pharmacy Management System Market Competitive Benchmarking
33. Global Pharmacy Management System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Pharmacy Management System Market
35. Pharmacy Management System Market Future Outlook and Potential Analysis
36. Appendix

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