Market Size of United States Pharmacy Management System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.38 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Pharmacy Management System Market Analysis
The US Pharmacy Management System Market is expected to witness a CAGR of 9.38% during the forecast period. The ongoing innovations, the launch of automated dispensing systems, and the burden on pharmacists due to the increasing number of prescriptions are expected to drive market growth.
- The pharmaceutical management system (PMS) platform helps pharmacists with drug regulation and manages various stakeholders involved in the value chain. PMS allows pharmacists to provide efficient, professional, and personalized care (based on the patient's requirements) and streamline the workflow by bridging the communication gap, providing legitimate drugs, and reducing the incidences of drug counterfeits.
- The pharmacy management systems enable the pharmacist to provide quality service, with subsequent implications for patient care. PMS manages the pharmaceutical inventory and selects suitable medicine for the illness mentioned to the pharmacist.
- According to the National Community Pharmacists Association's latest publication, independent community pharmacies account for 34% of the market share in the United States. In addition, according to the National Community Pharmacists Association (NCPA), there were 22,500 independent community pharmacies last year.
- Moreover, the report suggested that independent community pharmacies offered various services. For instance, nearly 79% of the respondents provided medication synchronization services, 73% provided medication therapy management, 84% provided flu immunizations, 80% offered non-flu immunizations, and 53% performed blood pressure monitoring.
- Due to the outbreak of COVID-19, the global supply chain and demand for multiple medical supplies were majorly disrupted. The pharmacy management system witnessed a staggering growth rate until 2020. With the rising concerns over the availability of chronic and general medicines, the demand is expected to grow further as various players are investing and collaborating to cater to their requirements.
US Pharmacy Management System Industry Segmentation
The pharmacy management software system effectively manages inventory and focuses on lowering the investing costs through automated usage-based reordering, improves expiration data tracking, increases pharmacy staff productivity by automating satellite inventory management, and regulates the scales to meet the growing needs of the multi-site health system.
The US Pharmacy Management System Market is segmented by Component (Solutions (Inventory Management, Purchase Order Management, Supply Chain Management, Regulatory and Compliance Information, and Clinical and Administrative Performance) and Services), Deployment (Cloud and On-premise), and Type (Retail Pharmacy, Hospital, and Pharmacy). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Component | ||||||||
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| Services |
| By Deployment | |
| Cloud-based | |
| On-premise |
| By Type | |
| Retail Pharmacy | |
| Hospital Pharmacy | |
| Other Types (Assisted Living and Specialty Pharmacies) |
United States Pharmacy Management System Market Size Summary
The United States Pharmacy Management System market is poised for significant growth, driven by ongoing innovations and the increasing demand for automated dispensing systems. These systems are essential in alleviating the workload on pharmacists due to the rising number of prescriptions. Pharmacy management systems (PMS) play a crucial role in enhancing the efficiency and quality of care provided by pharmacists. They facilitate better communication, ensure the availability of legitimate drugs, and help in reducing drug counterfeiting. By managing pharmaceutical inventory and streamlining workflows, PMS supports pharmacists in delivering personalized and professional care, ultimately improving patient outcomes. The market is characterized by a substantial presence of independent community pharmacies, which offer a range of services, including medication synchronization, therapy management, and immunizations.
The competitive landscape of the US Pharmacy Management System market is moderately active, with both local and international players participating. Strategic acquisitions and partnerships are common as companies seek to expand their market reach and enhance their service offerings. The retail pharmacy sector is increasingly focusing on providing a seamless customer experience, akin to traditional retail, which has led to investments in online pharmacies and advanced fulfillment centers. The market is expected to attract more players as it continues to expand, offering numerous opportunities for growth. Key industry players, such as McKesson Corporation and Cerner Corporation, are actively involved in driving innovations and strategic collaborations to meet the evolving demands of the pharmacy management landscape.
United States Pharmacy Management System Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Component
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2.1.1 Solutions
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2.1.1.1 Inventory Management
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2.1.1.2 Purchase Orders Management
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2.1.1.3 Supply Chain Management
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2.1.1.4 Regulatory and Compliance Information
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2.1.1.5 Clinical and Administrative Performance
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2.1.1.6 Other Solutions
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2.1.2 Services
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2.2 By Deployment
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2.2.1 Cloud-based
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2.2.2 On-premise
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2.3 By Type
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2.3.1 Retail Pharmacy
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2.3.2 Hospital Pharmacy
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2.3.3 Other Types (Assisted Living and Specialty Pharmacies)
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United States Pharmacy Management System Market Size FAQs
What is the current United States Pharmacy Management System Market size?
The United States Pharmacy Management System Market is projected to register a CAGR of 9.38% during the forecast period (2024-2029)
Who are the key players in United States Pharmacy Management System Market?
McKesson Corporation, Cerner Corporation, Becton Dickinson and Co., GE Healthcare Inc. and Talyst LLC are the major companies operating in the United States Pharmacy Management System Market.
