PHARMACY MANAGEMENT SYSTEM MARKET ANALYSIS

Pharmacy Management System MarketSize and Trends

The global pharmacy management system market was valued at US$ 53 Bn in 2022 and is forecast to reach a value of US$ 114.66 Bn by 2030 at a CAGR of 10.2% between 2023 and 2030. The global pharmacy management system market is experiencing strong growth due to the rising incidence of medication errors and rise in burden on pharmacists. Moreover, rise in adoption of pharmacy management systems and rise in burden of chronic and infectious diseases around the world is expected to boost the growth of the market. However, factors such reluctance for adoption and lack of skilled personals are expected to hamper the market growth.

Global Pharmacy Management System Market Trends:

Inventory management is a recent trend

Pharmacy management system provides a more effective way to manage inventory and focuses on lowering the inventory costs through automated usage-based reordering, improves expiration date tracking (which helps reduce waste), increases pharmacy staff productivity by automating satellite inventory management, and standardize the scales to meet the growing needs of multi-site health systems. Therefore, there is an increase in demand for inventory management system. This trend is expected to continue over the forecast period.

Increase in awareness is another trend

Pharmacy management system enable pharmacists to streamlines their workflow, drug dispensing, and patient medication adherence. These systems also helps in optimizing operational efficiency, leveraging actionable data points, reducing costs, compliance risks, and drug dispensing errors. In addition, the system also helps simplify daily tasks such as inventory (or drug stock) management, customer management, and billing. This trend is also expected to continue over the forecast period, driving the growth of the pharmacy management system market.