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What key factors are powering the surge in the pharmacy management system market right now?

The pharmaceutical management system market has seen quick expansion in the past few years. The market value is expected to surge from $84.98 billion in 2024 to $98.4 billion in 2025, reflecting a compound annual growth rate (CAGR) of 15.8%. The historic growth is linked with heightened focus on healthcare efficiency, elevated expenses on healthcare, increased prescription quantity, the need for integrated healthcare systems, and the rise in chronic disease management.

How fast Is the pharmacy management system market expected to grow, and what’s its future value?

The market worth of the pharmacy management system is projected to experience a swift expansion in the coming years, catapulting to a net worth of $174.58 billion in 2029 with a compound annual growth rate (CAGR) of 15.4%. Growth during this forecast period will primarily be fueled by the growing implementation of Electronic Health Records (EHR) systems, increased need for unified healthcare solutions, pharmacy growth, amplified investments in healthcare IT infrastructure, and the demand for tailored medicine. Emerging trends over this period will involve the embracement of cloud-based solutions, refined advancements in AI and machine learning, the utilization of blockchain, amalgamation with Electronic Health Records (EHR), and the creation of mobile apps.

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What are the leading drivers of growth in the pharmacy management system market?

The escalating expense of medication errors is anticipated to boost the expansion of the pharmacy management system market. Medication errors, which are inaccuracies occurring in the prescription, dispensing, and administration stages of medication resulting in potential and actual patient harm, are on the rise. Factors like complex medication regimes, communication gaps among healthcare providers, and technological shortcomings in medicine administration systems contribute to these errors. A pharmacy management system can help diminish these errors by automating the prescription steps, verifying accurate patient data management, conducting drug interaction checks, providing immediate access to patient medication records, and improving the accuracy and safety of medication dispensing. For example, the global cost of medication errors according to the World Health Organization in March 2024, declared by a US government agency, ranges from $42 to $100 billion annually. Consequently, the escalating cost of such errors is fueling the growth of the pharmacy management system market.

What are the key segments defining the pharmacy management system market?

The pharmacy management system market covered in this report is segmented –

1) By Component: Software, Hardware, Services

2) By Deployment: Web Based, On Premise

3) By End User: Inpatient Pharmacies, Outpatient Pharmacies

Subsegments:

1) By Software: Prescription Management Software, Inventory Management Software, Medication Therapy Management (MTM) Software, Point-Of-Sale (POS) Systems, Drug Interaction Or Drug Database Software, Pharmacy Workflow Management Software, Reporting And Analytics Software

2) By Hardware: Automated Dispensing Machines (ADM), Barcode Scanners And Printers, Pharmacy Kiosks, Labeling And Packaging Equipment, Tablet And Capsule Counter Machines, Temperature Monitoring Devices

3) By Services: Installation And Integration Services, Training And Support Services, Consulting Services, Maintenance Services, Cloud Hosting And Data Management Services

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Who are the key players steering the development of the pharmacy management system market?

Major companies operating in the pharmacy management system market are McKesson Corporation, Cardinal Health Inc., Oracle Corporation, Siemens Healthcare AG, Becton, Dickinson and Company (BD), GE HealthCare Technologies Inc., Epic Systems Corporation, Omnicell Inc., Epicor Software Corporation, Agfa-Gevaert NV, NextGen Healthcare Information Systems LLC, Veradigm LLC, Computer Programs and Systems Inc., Clanwilliam Health Limited, ScriptPro LLC, Swisslog Healthcare AG, LS Retail ehf., ARxIUM Inc., PioneerRx LLC, MedHOK LLC, SafeCare Group, Octal IT Solution LLC, Liberty Software Inc., Datascan Pharmacy Inc., Supplylogix LLC

What are the key trends shaping the future of the pharmacy management system market?

Leading companies in the pharmacy management system market are innovating with advanced solutions such as cloud-based pharmacy management systems in order to boost data accessibility, strengthen real-time collaboration, guarantee data security, and minimize operational costs for pharmacies. A cloud-based pharmacy management system allows for updates in real-time, remote access, and smooth linkage with other healthcare systems, resulting in precise and secure management of pharmacy operations. To cite an example, RedSail Technologies, an American healthcare technology firm, introduced and put into use Axys by Integra in September 2022, a state-of-the-art cloud-based pharmacy management system designed specifically for long-term care. Axys, with its instinctive and accessible design, cuts down the need for extensive training, something that is advantageous for pharmacies experiencing regular staff turnover. The innovative system offers improved insight into pharmacy operations by providing advanced reporting features for one or multiple locations.

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Which regions are most influential in expanding the pharmacy management system market?

North America was the largest region in the pharmacy management system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacy management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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