The cloud based segment is expected to drive the growth of global pharmacy management system market by material
According to new market research titled 'Pharmacy Management System Market to 2027 - Global Analysis and Forecasts by Component, Deployment, and Size.' The global pharmacy management system market is expected to reach US$ 39,223.60 Mn in 2027 from US$ 16,056.04 Mn in 2019. The market is projected to grow with a CAGR of 11.9% from 2020-2027.
Over the previous couple of decades, information technology has played a key role on the working of millions of people and helped in betterment of various industrial sectors including healthcare. Multiple end users, prescribers and pharmacists have embraced the benefits of automation. The use of IT solutions has enabled the storage of patients’ records in a structured format; it has also helped to regularize the implementation of electronic prescription, thus saving significant quantity of paper, simplifying the process of administration and drug dispensing, and automating the handling of medicines under the supply chain. It ultimately has helped improve patient safety and provide high-quality care to help the patients make most out of their medicines. Government agencies worldwide are incorporating various action plans to reshape the current and traditional pharmacies in order to make the best use of the unique skills of pharmacists coupled with implementation of information technology. For instance, the Ministry of Health in Wellington, New Zealand, introduced a Pharmacy Action Plan 2016-2020 that describes a range of new and advanced services to be offered by pharmacies with the use of new pharmacy management systems.
Moreover, the growth in number of pharmacies is attributed to increasing sales of medicines and pharmaceuticals, escalating aging population, growing implementation of prescription drug programs, rising number of patent expiry opening ways for new generics to the market, and elevating number of new disease incidence among patient population.
The global pharmacy management system market, based on deployment, has been segmented into cloud-based and on-premise. In 2019, the cloud based segment held the largest share of the market. Cloud based segment is expected to register the significant growth during the forecast period due to the standardized way to help commercial and academic institutions to manage their laboratory data generated from sample testing, instrument usage, automation, and report generation.
The pharmacy management system market majorly consists of players such as McKesson Corporation, Cerner Corporation, General Electric Company, Allscripts Healthcare, LLC, Epicor Software Corporation and OMNICELL INC. Several companies in the market are concentrating on inorganic strategies, such as partnership for enhancing their position in the market. For instance, in May 2018, Sentara RMH Medical Center has adopted Omnicell’s central pharmacy automation to enhance control, efficiency, and safety of its medication management processes.
The report segments global pharmacy management system market as follows:
Global Pharmacy Management System Market - By Component
Global Pharmacy Management System Market - By Deployment
Global Pharmacy Management System Market - By Size
Global Pharmacy Management System Market - By Geography
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