A pharmacy management system is an important tool equipped with powerful and user-friendly pharmacy management services. These systems assist pharmacists in managing complex tasks such as dispensing medicines, inventory management, and point of sales functions.
According to a report by The Insight Partners, the Pharmacy Management System market was valued at US$ 16,056.04 million in 2019 and is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach US$ 39,223.60 million by 2027.
The global pharmacy management system market is driven by factors such as developing the healthcare IT industry, increasing the number of pharmacies globally and improving healthcare infrastructure in developing countries. However, limitations such as downtime, high cost, and system incompatibilities associated with the pharmacy management system are anticipated to restrain the market growth during the forecast period. Moreover, rising demand for pharmacy management system in APAC and European countries are likely to deliver substantial growth opportunities to improve market share for industry players in the near future.
In the Asia Pacific, development has been made significantly to offer better healthcare services. The government supports the developments through various strategies, initiatives, and programs that assist pharmacists and other healthcare professionals in enhancing their businesses. For instance, in Australia, digital health policy has been planned under the program, the Australian Digital Health Agency Medicine Safety Program. The program is a part of the National Digital Health Strategy. Under this program, several actions have been planned for the years 2019 to 2022. Improvement in technology is likely to enhance the growth of the market in the coming years.
In 2019, the large pharmacies segment held the largest share of the market. Large pharmacies can be chaotic workplaces if not managed appropriately. Systematic administration of these large-sized chains can be managed through pharmacy management systems. Besides, the pharmacies offering clinical consultation eliminating doctor visits for various patients are also a result of these pharmacy chains being able to offer these services due to perfection in its regular chores eased with pharmacy management solutions.
Despite accuracy, speed, safety, and management benefits provided by pharmacy management systems, factors such as consolidation and carry forward of manually entered incorrect data, downtime due to software failure, and lack of compatibility between systems offered by different manufacturers are among the major limitations associated with these systems.