Driving Factors Shaping the Global Pharmacy Management System Market
Escalating Medication Error Incidents Fuel Market Expansion
One of the pivotal catalysts poised to propel the growth of the worldwide pharmacy management system market throughout the projected period is the mounting occurrence of medication errors. To illustrate, the increasing prevalence of medication errors, particularly dispensing inaccuracies in both healthcare facilities and retail pharmacies, places a significant burden on pharmacists. This burden, in turn, has heightened the demand for automated pharmacy management systems. According to data released by Enliven Health in July 2020, medication errors annually harm more than 1.5 million individuals in the United States, resulting in 7,000 to 9,000 fatalities. This concerning statistic is a driving force behind the market’s growth.
Surging Demand for Medications Strains Pharmacists and Drives Growth
Another factor contributing to the expansion of the global pharmacy management system market is the increasing pressure on pharmacists due to the growing consumption and demand for both prescription and over-the-counter (OTC) drugs. For instance, pharmacy management systems offer crucial assistance in dispensing medications accurately while minimizing wastage. According to the Organisation for Economic Co-Operation and Development (OECD), the average annual spending on prescription drugs in the United States amounts to approximately $1,200 per person. Furthermore, over 131 million individuals, equivalent to 66% of American adults, rely on prescription drugs. This surge in medication demand is a significant driver of market growth.
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Insights into Key Companies in the Global Pharmacy Management System Market
The global pharmacy management system market is highly competitive, and this competitiveness stems from the widespread adoption of pharmacy management systems worldwide. Consequently, market players are keenly focused on launching innovative products to maintain their market presence.
Prominent entities in the global pharmacy management system market include: DMedHOK, Inc., Safecare Technology, Octal IT Solution, McKesson Corporation, LS Retail ehf., Liberty Software, Inc., GlobeMed Group, Datascan, Cerner Corporation, Allscripts Healthcare, LLC, and Epicor Software Corporation, among others.
Globally, Pharmacy Management System Market Abounds with Opportunities
The rising adoption of pharmacy management systems across the globe presents significant growth opportunities for participants in the global pharmacy management system market. Pharmacy management systems enable pharmacists to streamline their workflow, offering efficient, professional, and personalized care tailored to patients’ needs. In September 2022, RedSail Technologies introduced Axys, a cutting-edge, cloud-based pharmacy management system, enhancing long-term care pharmacies’ capabilities to expand their services while prioritizing patient-centered care.
Escalating Global Disease Burden Opens New Avenues
The increasing global burden of chronic and infectious diseases provides substantial growth opportunities for stakeholders in the global pharmacy management system market. This rising disease burden amplifies the consumption of prescription drugs, thereby driving the demand for automated management solutions such as pharmacy management systems. The World Health Organization (WHO) reports that chronic and infectious diseases are the leading causes of death and disability worldwide.
Notable Trends in the Global Pharmacy Management System Market
Advanced Inventory Management Gains Traction
Pharmacy management systems have introduced an effective approach to inventory management, with a strong emphasis on reducing inventory costs through automated usage-based reordering, improved expiration date tracking to minimize waste, increased pharmacy staff productivity via satellite inventory management automation, and standardization to meet the growing needs of multi-site health systems. This surge in demand for inventory management systems is anticipated to persist throughout the forecast period.
Increasing Awareness Shapes the Market
Pharmacy management systems streamline workflow, drug dispensing, and patient medication adherence while optimizing operational efficiency, leveraging actionable data points, reducing costs, mitigating compliance risks, and preventing drug dispensing errors. These systems simplify daily tasks such as inventory management, customer management, and billing, contributing to increased awareness among pharmacists about their benefits. This trend is projected to continue shaping the growth of the pharmacy management system market.
Challenges Hindering the Global Pharmacy Management System Market
Resistance to Adoption Poses a Hurdle
A key factor anticipated to impede the growth of the global pharmacy management system market is the reluctance to adopt these systems. Many healthcare professionals and providers worldwide are hesitant to embrace IT-based management solutions and software, such as pharmacy management systems, primarily due to the high initial capital investment. As a result, only larger hospitals or pharmacies opt for or accept IT-based management solutions and software, constraining the market’s growth.
Scarcity of Skilled Personnel Hampers Market Progress
Another factor restraining the growth of the global pharmacy management system market is the shortage of skilled personnel. The lack of qualified specialists is a significant challenge, as the system’s effective operation relies heavily on professional assistance. Moreover, a lack of awareness, especially in developing and underdeveloped nations, combined with the high initial capital investment, is expected to dampen the demand for pharmacy management systems. Market players are actively working to address these obstacles and boost market demand.
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Segmentation of the Global Pharmacy Management System Market
The pharmacy management system market report features segmentation based on Solution Type, Component, Deployment Mode, End User, and Geography.
1. Pharmacy Inventory Management System
2. Pharmacy Data Management System
3. Pharmacy Compounding Software System
4. Pharmacy Benefits Management System
5. Pharmacy Revenue Cycle Management System and Others
Among these, the Pharmacy Inventory Management System segment is projected to dominate the pharmacy management system market in the forecast period, driven by the increasing adoption of pharmacy inventory management systems.
The Pharmacy Data Management System segment is also expected to witness significant growth due to the growing awareness among pharmacists about the advantages of pharmacy management systems.
The Software segment is forecasted to be the dominant component in the market, primarily attributed to the mounting burden on pharmacists driven by the increasing consumption of prescription drugs.
The Hardware segment is expected to experience notable growth, mainly due to the rising incidence of medication errors.
The Cloud/Web-Based segment is poised to be the dominant deployment mode, driven by the growing adoption of cloud-based management systems.
1. Inpatient Pharmacies
2. Outpatient Pharmacies
Inpatient Pharmacies are expected to be the dominant end user, mainly due to the increasing number of prescriptions and a shortage of pharmacists worldwide.
Outpatient Pharmacies are also projected to witness significant growth due to the increasing burden of chronic and infectious diseases worldwide.
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Table of Contents with Major Points:
Definitions and Assumptions
Definition of Pharmacy Management System Market
Trends and Developments
Key Emerging Trends
Key Developments Mergers and Acquisition
New Product Launches and Collaboration
Partnership and Joint Venture
Latest Technological Advancements
Insights on Regulatory Scenario
Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Pharmacy Management System Market
Supply Chain Challenges
Steps taken by Government/Companies to overcome this impact
Potential opportunities due to COVID-19 outbreak
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