Global Pharmacy Management System Market 2017-2021

Overview of the global pharmacy management system market

Market research analysts at Technavio predict that the global pharmacy management system market will grow steadily during the forecast period and post a CAGR of around 11% by 2021. This market research analysis identifies the rising need to automate the process as one of the primary growth factors for this market. Pharmacies need to streamline their workflow to provide better and efficient care to their customers and adopt management systems that are user friendly and allow easy integrating with ERP. Consequently, the pharmacy management system providers aid the pharmacies with an efficient and automated process that will enable users to customize and streamline their workflow with a range of functions and features that will improve efficiency, safety, and profitability and enable pharmacies to gain a competitive advantage in the pharmacy management system market trends and provide better care.

The market research report identifies the introduction of new features in the pharmacy management systems as one of the primary trends behind the growth of this market. Vendors are strictly competing by innovating their products with new features such as touchscreen system, productivity tools, and many more to increase efficiency, allow easy navigation, and be more user friendly which simplifies searches and processes information faster. The productivity tools include eligibility checking, price updates, prior authorization, prescription monitoring program reporting, clinical updates with drug images and prescriber updates, imprints, and remote backup. This introduction of new features will induce more pharmacies to purchase pharmacy management systems, fueling market growth.

Competitive landscape and key vendors

The market is highly fragmented with competitors entering various segments. According to the pharmacy management system market overview, the end user segments such as large hospitals, community hospitals, and ambulatory markets witness the major competition. Key players are constantly innovating and incorporating new technologies to gain the competitive edge and provide better service than their competitors. Healthcare industry is collaborating with the IT industry to improve the products and services to simulate the market growth. Consequently, there is increased investment in R&D towards the development of IT for the pharma industry.

The leading vendors in the market are -

• Allscripts
• Epicor Software
• Cerner Corporation
• McKesson Corporation

The other prominent vendors in the market are ACG Infotech, Clanwilliam Health, Datascan, Foundation Systems, GlobeMed, Health Business Systems, Idhasoft, Liberty Software, LS Retail, MedHOK, Mobile MedSoft, Panama Technologies, PioneerRx, Safe Care Technologies, and ScriptPro.

Segmentation by deployment model and analysis of the pharmacy management system market

• Cloud-based
• On-premises

During 2016, the on-premises segment accounted for the major shares and dominated this pharmacy management system market share. Since in on-premises model the software is purchased and installed on the user’s server, it allows the end users to fulfill their respective needs by customizing the data. Benefits for the on-premises model such as high security, easy integration with other systems, and complete control over organizational data, will be the major factor contributing to the growth of this market segment in the coming years.

Segmentation by end user and analysis of the pharmacy management system market

• Hospitals
• Pharmacy

During 2016, the pharmacy segment accounted for the major shares and dominated this market. The system enables pharmacists to provide efficient professional and personalized care based on the needs and requirements of the patients in addition to streamlining their workflow. The need for an efficient and automated process for providing better care will positively influence the pharmacy management system market size in this segment in the coming years.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global pharmacy management system market?
• What are the key market trends impacting the growth of the global pharmacy management system market?
• What are the challenges to market growth?
• Who are the key vendors in the global pharmacy management system market?
• What are the market opportunities and threats faced by the vendors in the global pharmacy management system market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global pharmacy management system market?

Technavio also offers customization on reports based on specific client requirement.