May 20, 2021
According to the research report titled ‘Global Pharmacy Management System Market Size study, by Component (Solution, Services), by Deployment (Cloud-based, On-premises), by Size (Small- and Medium-sized Pharmacies, Large Pharmacy) and Regional Forecasts 2020-2027’, available with Market Study Report, global pharmacy management system market was valued at USD 16 billion in 2019 and is projected to expand at 11.8% CAGR over 2020-2027, amassing USD 39 billion by the end of the forecast timeframe.
Increasing number of counterfeit incidences is primarily stimulating global pharmacy management system market growth. In fact, the Pharmaceutical Security Institute cites that there were approximately 5,081 counterfeit cases of pharmaceuticals worldwide in 2019, up from 3,002 counterfeit cases in 2015.
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For the uninitiated, pharmacy management system aids in the identification of risk associated with quality-related events (QRE) in clinical practice, as well as the use of that information to avoid errors.
Notably, the pharmaceutical industry has been reformed by a series of technological advancements in the current scenario. Drugstores (pharmacies) are putting more effort into novel ways like online ordering, next-day delivery, and so on. These trends indicate a transition from traditional mail order and store visits to customer-doorway supply, which has fueled demand for pharmacy management systems.
These systems also have an efficient method and solution for managing inventory, with an emphasis on lowering inventory costs by automated usage-based reordering. They are mainly used to automate complex, repetitive procedures such as drug administration, patient care, document management, billing, supplier relationships, and prescription processing in pharmacies.
Speaking of the factors restraining global pharmacy management systems market expansion, system incompatibilities in pharmacies along with varying regulatory norms in underdeveloped and developing economies are negatively impacting the business dynamics.
Based on the regional landscape, North America currently holds considerable portion of global pharmacy management systems market share, attributable to presence of major industry vendors, rapid digitalization, and growing trend of automation in pharmaceutical industry.
On the other hand, Asia Pacific industry is projected to witness significant growth over the coming years, owing to surging demand for healthcare products in developing countries like India and China, and rising government support for digital pharmacies.