As per the current market research conducted by the CMI Team, the global Pharmacy Management System Market size is expected to record a CAGR of 10.1% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 73.5 Billion. By 2032, the valuation is anticipated to reach USD 156.6 Billion.
Pharmacy Management System Market: Growth Factors and Dynamics
- Increasing Medication Demand: The rising global population and the prevalence of chronic diseases have increased the demand for medications. PMS systems help streamline medication dispensing and management, making them essential in healthcare facilities.
- Regulatory Compliance: Stringent healthcare regulations and standards drive the need for accurate record-keeping, prescription management, and medication safety, propelling PMS adoption.
- Medication Adherence: PMS systems play a crucial role in improving patient medication adherence, leading to better health outcomes and reduced healthcare costs.
- Telehealth and Remote Care: The growth of telehealth services has created opportunities for PMS providers to offer remote prescription management, enhancing accessibility and convenience for patients.
- Data Analytics: PMS systems increasingly incorporate data analytics, providing insights into patient health and medication trends, leading to more personalized care and optimized outcomes.
- Integration with IoT: The integration of Internet of Things (IoT) devices and wearables with PMS systems allows real-time monitoring of patient health and medication adherence.
- Patient-Centric Care: Patient engagement is a growing focus in healthcare, and PMS solutions support this by offering patient portals and medication management tools for active participation in care plans.
- Telepharmacy and Remote Services: Telepharmacy solutions are on the rise, offering remote medication consultation and prescription management, especially in underserved areas.
- Supply Chain Optimization: PMS systems contribute to supply chain efficiency, ensuring the availability of medications, reducing waste, and improving inventory management.
- Artificial Intelligence and Automation: AI and automation are being integrated into PMS systems for tasks like prescription verification, drug interactions, and inventory management, enhancing efficiency and safety.
- Pharmacy Network Expansion: The growth of pharmacy chains and retail outlets has increased the demand for centralized PMS solutions for streamlined operations and inventory control.
- Global Health Events: Events like the COVID-19 pandemic have underscored the need for efficient medication management and distribution, leading to increased PMS adoption.
- Personalized Medicine: The trend toward personalized medicine requires robust PMS systems capable of tailoring medication regimens to individual patient needs.
- Patient Data Security: Data security and privacy are paramount in healthcare. PMS providers must continually enhance cybersecurity measures to protect patient information.
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Pharmacy Management System Market: Partnership and Acquisitions
- In April 2023, BD unveiled an innovative ultrasound device tailored for medical professionals, enhancing IV placement accuracy. The BD Prevue II System fills a crucial gap in IV access by incorporating real-time needle depth markers. This technology integrates the BD Cue Needle Tracking System, which delivers high-quality ultrasound images of needle trajectories. Moreover, it seamlessly interfaces with BD Cue Needle Tracking-enabled catheters, offering a comprehensive solution for clinicians.
- In February 2023, Nova Scotia, in collaboration with Nova Scotia Health Authority (NSHA) and IWK Health (IWK), finalized a 10-year partnership with Oracle Center to roll out an integrated electronic care record system statewide, serving over one million Nova Scotians. Known as “One Person One Record” (OPOR), this modernization initiative prioritizes streamlined access to real-time health information for clinicians, freeing them from excessive computer time and enabling more patient-focused care.
- In May 2022, ValGenesis Inc. (USA), a specialist in enterprise Validation Lifecycle Management Systems (VLMS), joined forces with Zenovative (USA), a technology development and consulting firm. This strategic alliance is dedicated to delivering distinctive, compliance-focused digital validation solutions to pharmaceutical companies worldwide.
Pharmacy Management System Market: COVID-19 Analysis
The COVID-19 pandemic has had a profound impact on the Pharmacy Management System (PMS) market, reshaping its dynamics and accelerating certain trends. Here’s an analysis of the impact:
- Increased Demand for Telepharmacy: To minimize physical contact and ensure continued patient care, telepharmacy services became crucial during the pandemic. PMS systems adapted to support remote consultations, prescription management, and medication delivery, leading to a surge in demand for these features.
- Medication Adherence and Remote Monitoring: The pandemic emphasized the importance of medication adherence. PMS systems integrated features to monitor patient compliance and offered remote monitoring options, addressing the need for virtual patient care.
- Supply Chain Disruptions: The disruption of global supply chains affected medication availability. PMS systems played a critical role in managing inventory, optimizing stock levels, and ensuring the availability of essential medications.
- E-Prescriptions and Digital Records: To reduce in-person interactions, the adoption of electronic prescriptions and digital patient records soared. PMS systems facilitated this transition, enhancing safety and efficiency.
- Vaccination Management: PMS systems played a central role in COVID-19 vaccination campaigns, from appointment scheduling to inventory management and tracking adverse events, highlighting their adaptability to public health emergencies.
- Data Security and Privacy: With the increased use of digital healthcare services, data security and patient privacy have become paramount. PMS providers reinforced cybersecurity measures to safeguard sensitive patient information.
- AI and Automation Integration: The need for rapid and accurate decision-making in healthcare led to greater integration of AI and automation within PMS systems. These technologies facilitated tasks like drug interaction checks and patient data analysis.
- Regulatory Adaptations: Regulatory agencies temporarily adjusted rules to accommodate telehealth and digital healthcare solutions. PMS systems needed to align with these changes and stay compliant.
List of the prominent players in the Pharmacy Management System Market:
- McKesson Corporation
- Cerner Corporation
- Epic Systems Corporation
- NextGen Healthcare
- Allscripts Healthcare Solutions Inc.
- Parata Systems
- Omnicell Inc.
- AmerisourceBergen Corporation
- Liberty Software
- PharmacyRx Solutions
- Pharmacies Systems Inc. (PSI)
- SRS Pharmacy Systems
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