pharmaceutical management system market was valued at more than USD 11 billion in 2020 and is expected to grow at a CAGR of around 9.4% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the pharmaceutical management system market was valued at more than USD 11 billion in 2020 and is expected to grow at a CAGR of around 9.4% from 2022-2028. The analysis has been segmented into Component (Software and Services); Deployment (Cloud and On-Premises); End-User (Hospitals and Retail Pharmacies,); and Region/Country.
The pharmaceutical management system market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the pharmaceutical management system market. The pharmaceutical management system market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the pharmaceutical management system market at the global and regional levels.
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Market Overview
A pharmaceutical management system helps pharmacies to automate their workflow. This includes tasks such as reviewing physician's orders, preparing medications, controlling the inventory making drug orders, handling, billing, and insurance, etc. Additionally, the pharmaceutical management system stores data and enables functionality that organizes and maintains the medication use process within pharmacies. The growing adoption of pharmacy management systems can be attributed to the increasing burden on pharmacists due to the rising number of prescription drugs, recent innovations, the launch of automated dispensing systems, and the growing demand for buying medicines online is set to encourage market growth. For instance, there are more than 20000 prescription drugs that are approved for marketing by FDA in the year 2020. Moreover, the pharmacy management system also lowers the inventory cost by automating reordering, boosts productivity, and improves expiry date tracking and advanced scales to meet the needs of the pharmaceuticals.
Some of the major players operating in the market include 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.
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COVID-19 Impact
The COVID-19 pandemic has influenced the pharmaceutical management system market in various ways. The coronavirus has highly affected the health of people, and now everyone is highly dependent on medication than ever. With the increasing need for pharmacies, the supply of medicines and work is also increasing. As a result, pharmacies are now adopting pharmacy management systems for better efficiency and productivity.
The global pharmaceutical management system market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· On the basis of deployment, the market is categorized into cloud and on-premises. Among these, the cloud to hold a significant share of the market in 2020. The cloud reduces the operations costs significantly as cloud implementation and maintenance costs are very less. Furthermore, applications that are on the cloud are very easy to access from anywhere.
· Based on 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.
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Pharmaceutical Management System Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to new legislation and reforms in the healthcare sector, the healthcare sector in the United States is undergoing significant transformations driven by new technology. From insurance coverage to healthcare data analytics for effective treatment plans, almost every aspect of healthcare is changing.
The major players targeting the market include
· 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
· Clanwilliam Health Ltd
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the pharmaceutical management system market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the pharmaceutical management system market?
• Which factors are influencing the pharmaceutical management system market over the forecast period?
• What are the global challenges, threats, and risks in the pharmaceutical management system market?
• Which factors are propelling and restraining the pharmaceutical management system market?
• What are the demanding global regions of the pharmaceutical management system market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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