A recent report published by Infinium Global Research on pharmacy management system market provides in-depth analysis of segments and sub-segments in the global as well as regional pharmacy management system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional pharmacy management system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global pharmacy management system market. According to the report, the global pharmacy management system market is projected to grow at a CAGR of 11% over the forecast period of 2019-2025.

Market Insight

The IT sector has evolved a lot from the time of its conception. Numerous applications of IT is been developed by market players. One such application is in the healthcare sector. Various solutions are developed to facilitate healthcare organizations and professionals. Pharmacy management systems are one of the solutions developed to assist the pharmacists. Using pharmacy management solutions, a pharmacist can run their business more efficiently. The pharmacy management systems help the pharmacist in several day-to-day business operations including inventory management, data management, document management, benefits management, and others.

The rise in the number of prescriptions is one of the major driving factors for the growth of the global pharmacy management system market. In 2018 a total number of around 5.8 billion prescriptions were filled in America alone. The prescriptions are been filled at a rate of 17.6 prescriptions per person, which is growing at 2.7% from 2017. This growth of prescriptions is exerting pressure on the pharmacies to maintain the supply. The pharmacy management systems provide solutions to reduce this pressure. Moreover, the increase in regulatory compliance in the pharmacy sector is providing a boost to the global pharmacy management system market. The pharmacy management systems assist pharmacist in carrying out their normal business operations more efficiently. Through implementing such solutions, the pharmacists can easily track their business and maintain their records digitally. However, the risks associated with data breach and hacking of the devices are expected to be the major restraining factor for the growth of the pharmacy management system market. On the other hand, the development of innovative and sophisticated pharmacy management solutions is observed to be growing at a rapid pace. This development of innovative solutions is anticipated to offer lucrative business opportunities to the vendors supplying pharmacy management system.

In terms of geography, the North American region generated the highest revenue in the global pharmacy management system market. The largest market share of the North American attributed to the strong presence of the pharmacy management system vendors in the region. North America has an advanced communication infrastructure along with a higher adoption of developed technologies and higher expenditure on healthcare. This, in turn, augments the demand for pharmacy management systems in North America. Europe is the second-largest market for the pharmacy management system following North America. While the Asia Pacific is anticipated to grow with the fastest rate over the forecast period. The presence of a large patient pool, growing demand for better healthcare infrastructure and growing investment in the healthcare IT sector are some of the factors contributing to the growth of the pharmacy management system in the Asia Pacific.

Segment Covered

The report on global pharmacy management system market covers segments such as solution, deployment type, and end-user. On the basis of solution, the sub-markets include pharmacy inventory management system, pharmacy data management system, pharmacy document management system, pharmacy benefits management system, and other solutions. On the basis of deployment type, the sub-markets include on-premise, and on-demand. On the basis of end-user, the sub-markets include inpatient pharmacy, and outpatient pharmacy.

Companies Profiled:

The report provides profiles of the companies in the market such as Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Epicor Software Corporation, General Electric Company, ScriptPro LLC, Clanwilliam Group Ltd., MedHOK, Inc, Boston Scientific Corporation, and Other Companies.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of pharmacy management system market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.