Pharmacy Management System Market, By Solution Type (Pharmacy Inventory Management System, Pharmacy Data Management System, Pharmacy Compounding Software System, Pharmacy Benefits Management System, and Pharmacy Revenue Cycle Management System and Others), By Component (Software, Hardware, and Services), By Deployment Mode (Cloud/Web-Based and On-Premise), By End User (Inpatient Pharmacies and Outpatient Pharmacies), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : May 2023

Code : CMI5753

Pages :145

Formats :

Excel and PDF

Industry : Pharmaceutical

Market Challenges And Opportunities

Restraints

Reluctance for adoption to hinder market growth

One of the key factors expected to hamper the growth of the global pharmacy management system market is the reluctance for adoption. For instance, many healthcare professionals/providers across the globe are reluctant to adopt and/or accept IT-based management solutions/software (such as pharmacy management system) despite their benefits. This is mainly attributed to the high initial capital investment. Thus, only large hospitals or pharmacies adopt or accept IT-based management solutions/software, driving the growth of the market.

Lack of skilled personals to hamper market growth

Another factor which is hampering the growth of the global pharmacy management system market is the lack of skilled personals. The lack of qualified specialists is one of the main problems, and thus, the system won’t function/work well without a professional’s assistance. Moreover, lack of awareness, especially in developing/underdeveloped countries, and high initial capital investment is expected to hamper the demand for pharmacy management system. Market players are working hard to stun these obstacles and increase market demands.

Rise in adoption of pharmacy management systems across the globe is expected to offer significant growth opportunities for players in the global pharmacy management system market. For instance, pharmacy management system enable pharmacists to streamlines their workflow as well as provide efficient, professional, and personalized care based on patients' needs/requirements. In September 2022, RedSail Technologies launched Axys, a cloud-based pharmacy management system, giving long-term care pharmacies a cutting-edge pharmacy management system that empowers them to expand their business while keeping patients at the centre of care.

Rise in burden of chronic and infectious diseases around the world is expected to offer significant growth opportunities for players in the global pharmacy management system market. For instance, the rising burden of chronic and infectious diseases increase the consumption of prescription drugs. Thus in turn is expected to increase demand for automated management solutions, like pharmacy management systems, driving the growth of the pharmacy management system market. According to the World Health Organization (WHO), chronic and infectious diseases are the leading cause of death and disability across the world.