Pharmaceutical Management System Market: Current Analysis and Forecast (2022-2028)

The global pharmaceutical management system market is expected to grow at a significant rate of around 9.4% during the forecast period. The pharmaceutical management system-based platform helps the pharmacist with drug regulation and managing various stakeholders involved in the value chain. PMS allows pharmacists to provide efficient, professional, and personalized care (based on the patient's requirements) and streamline the workflow by bridging the communication gap, providing legitimate drugs, and reducing the incidences of drug counterfeits. Furthermore, the factors driving the growth of the pharmaceutical management system include the growing healthcare IT industry, the increasing number of E-pharmacies globally, and the increasing number of prescriptions are expected to drive the pharmaceutical management systems market. For instance, in the USA in the year 2021, the number of prescriptions filled was 4.69 billion, and this number is expected to grow significantly in the upcoming years. This will result in an increasing burden on pharmacists, and as an outcome, it will boost the adoption of pharmaceutical management systems.

McKesson Corporation, Cerner Corporation, Becton Dickinson and Co., GE Healthcare Inc., Talyst LLC, Allscripts Healthcare Solution Inc., Epicor Software Corporation, Omnicell Inc., ACG Infotech Ltd, and Clanwilliam Health Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst component, software category to witness robust CAGR during the forecast period"

Based on component, the market is segmented into software and services. Among them, the software category is to witness higher CAGR during the forecast period owing to the increasing patient data, and growth in the SKUs is expected to drive the growth of this segment of the pharmaceutical management system. Moreover, the pharmacy software provides transparency to any business process. It also makes sales and profits more predictable and increases clientele.

"Amongst end-user, the retail pharmacies to hold a significant share in the market in 2020"

On the basis of end-user, the pharmaceutical management system market has been classified into hospitals and retail pharmacies. The retail pharmacies category is to witness higher adoption of pharmaceutical management systems during the forecast period. This is mainly due to the proliferation of electronic health records (EHRs) has made it easier for pharmacies to integrate pharmacy management systems, which has led to an increase in the number of independent pharmacies in the United States over the past few years. For instance, the National Community of Pharmacists Association (NCPA) states that, in the United States, independent community pharmacies account for approximately 34% of all retail pharmacies.

"North America to hold a significant share in the market"

For a better understanding of the market adoption of the pharmaceutical management system industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the rising patient pool in the hospitals or digitalization in the healthcare sector attracting the market and the lack of expertise in revenue cycle management, payroll processing, central supply management, and home care services. For instance, as per the American Hospital Association (AHA) Hospital Statistics 2021 report, around 36,241,815 admissions were reported in all the hospitals in the United States in 2020. Hence these key factors will contribute to the growth of the pharmaceutical management system market during the forecast period.

Reasons to buy this report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

The report presents a quick review of overall industry performance at one glance.

The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

The global pharmaceutical management system market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.