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The pharmacy management system is referred to as software that assists, automates, and enhances the workflow at pharmacies. Reviewing physician orders and preparing medications, controlling the inventory, and making drug orders, billing and insurance management, counselling the customer, and identifying incompatibilities are some of the major tasks conducted at a pharmacy. A pharmacy management system can help streamline the workflow, thereby, boosting efficiency and minimising the scope of errors.
Innovation in Pharmacy Management Bolsters Market Growth
In June 2024, Lumistry, an innovative leader in pharmacy technology, introduced its cutting-edge software as a service platform. This software unlocks its Second Screen for pharmacies and its Digital Counter for patients. Lumistry's platform provides an ecosystem of integrated and interoperable tools that address the challenges faced by independent pharmacies. The platform enables pharmacies to manage prescriptions, appointments, messaging (SMS, email, and mobile app notifications), forms, and tasks in one comprehensive and unified dashboard. This interoperable ecosystem streamlines and automates a major part of work and communications, which is conventionally done with outdated, manual, and paper-based approaches. The Lumistry® platform offers easy patient access to prescription management, appointment scheduling, and more with their personalised mobile app and patient portal, allowing them to communicate and work digitally with their pharmacy at all times.
Additionally, in June 2024, Prime Therapeutics LLC and Magellan Rx Management (Prime/MRx) introduced Pharmacy Match, a technology-enabled specialty pharmacy solution designed to enhance specialty pharmacy services. The launch is poised to significantly impact the market as specialty medications occupy a large market share, but they are not as easily available to patients. Currently, specialty drugs are managed with sophistication making it difficult for patients to avail most of them. The newly launched software simplifies the management process and assists patients in accessing treatments more easily with its cloud-based technology platform while lowering costs for healthcare plans.
The market is witnessing several trends and developments to improve the current scenario. Some of the notable trends are as follows:
| Key Trends | Impact |
| Increased Demand for Specialty Drugs | The rising demand for specialty drugs is one of the major market trends. The market is experiencing increased demand for specialty drugs due to their efficacy in treating complex medical conditions like cancer and autoimmune diseases. |
| Technological Advancement | The increasing integration of advanced technologies like artificial intelligence and data analytics is being integrated into pharmacy management systems to enhance decision-making and enhance patient outcomes. |
| Increasing Digital Pharmacies | The market is witnessing a trend of emerging digital pharmacies and telehealth services in the United States. The growth of digital pharmacies is poised to improve access to medications and increase convenience and efficacy. |
| High Focus Cost Management | The pharmacy management system market growth in the United States is influenced by rising drug costs. This creates a need for pharmacy management systems to reduce prices and improve patient care. |
Market Breakup by Component
Market Breakup by End User
Market Breakup by Region
Market Share by Component to Witness Substantial Growth
The cloud-based component is projected to lead the market with the highest CAGR of 10.6%, driven by the increasing preference for scalable and cost-effective solutions in pharmacy management. Software components follow closely with a CAGR of 10.2%, reflecting the growing demand for integrated pharmacy management systems. Services, with a CAGR of 9.2%, show steady growth due to the ongoing need for support and maintenance of pharmacy systems. Hardware components, with a CAGR of 8.6%, exhibit slower growth, as the market gradually shifts towards cloud-based and software-driven solutions.
Market Share by End User
Retail pharmacies are expected to lead the market with a CAGR of 10.6%, driven by the expansion of pharmacy chains and the adoption of advanced pharmacy management systems. Hospital pharmacies follow with a CAGR of 10.2%, reflecting the growing need for efficient medication management and patient safety solutions. Long-term care pharmacies (with a growth rate of 9.2%) show steady growth due to the increasing demand for specialized pharmacy services for aging populations. Other end users include various healthcare facilities and small pharmacies, reflecting the broader adoption of pharmacy management systems.
The market growth is significantly driven by the presence of a well-established healthcare infrastructure and rapid advancement in the region. The Far West region is expected to dominate the regional market share with the highest CAGR of 11.1%, driven by increasing investments in healthcare infrastructure and digital transformation in pharmacies. The Rocky Mountain region follows with a CAGR of 10.4%, reflecting the growing adoption of advanced technologies in pharmacy management. The Southwest, Southeast, and New England regions show robust growth with CAGRs of 9.9%, 9.5%, and 8.9%, respectively, supported by the expansion of healthcare services and pharmacy chains. The Mideast and Plains regions exhibit moderate growth with CAGRs of 8.3% and 7.7%, respectively, driven by the modernisation of pharmacy operations. The Great Lakes region experiences the slowest growth at a CAGR of 7.2%, indicating a more conservative adoption of new technologies. The regional growth is highly influenced by the presence of major pharmaceutical companies, bolstering the region’s leadership. The presence of a large patient pool and favourable reimbursement policies that enable individuals to access affordable OTC treatments, resulting in increased demand, propels the market growth.
The key features of the market report comprise patent analysis and strategic initiatives by the leading players. The major companies in the market are as follows:
McKesson Corporation
Headquartered in Texas, USA, established in 1833, McKesson is a leading American healthcare company offering comprehensive supply chain solutions. Its portfolio in the automatic pill dispenser market includes devices that streamline medication dispensing in hospitals and pharmacies. The company's technology integrates with health systems to reduce errors and improve patient outcomes.
Cerner Corporation
Cerner Corporation, headquartered in Missouri, USA, established in 1979 is a leading healthcare technology company providing innovative health information technology (HIT) solutions. Its products are integrated with electronic health records (EHRs), ensuring seamless medication management for hospitals and pharmacies, while improving patient care and reducing medication errors.
Becton Dickinson and Company
Headquartered in New Jersey, USA, and established in 1897, BD is a global medical technology leader specialising in advancing healthcare by developing innovative devices, including its automatic pill dispensers to improve medication management in healthcare settings. BD’s portfolio includes medication delivery and management systems, supporting hospital and outpatient environments with a focus on patient safety.
Talyst LLC
Talyst, LLC is headquartered in Washington, USA, and was established in 2002. It specialises in pharmacy automation systems, offering solutions that streamline medication management across hospitals and long-term care facilities. Its automatic pill dispensers enhance inventory control and patient safety, while its cloud-based platforms provide real-time monitoring and analytics for healthcare providers.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered |
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