Nov 29, 2019   SOURCE: PR NewsWire

Pharmacy Management Systems | World Market Analysis by Component, Deployment, Size & Geography (2019-2024)

DUBLIN, Nov. 29, 2019 /PRNewswire/ -- The "Pharmacy Management System Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

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Global Pharmacy Management System Market is poised to grow at a CAGR of 10.73% during the forecast period (2019-2024).

Key Highlights

    --  The American College of Clinical Pharmacy estimates that around 5
        billion prescriptions will be dispensed by 2021. The rising number of
        prescriptions increases the burden on pharmacists, which is expected to
        boost the adoption of automated solutions in workflow management.
    --  Vendor Lock-In is a major barrier to adoption of pharmacy management
        systems. Once onboarded, the vendor integrates all its offerings in the
        pharmacy's existing services. This co-existence creates a dependency
        which causes the pharmacists to onboard another vendor a complex task.

Market Trends

Inventory Management to Dominate the Market

    --  The pharmacy management software 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 saves staff time and reduces waste), increases pharmacy staff
        productivity by automating satellite inventory management, and
        standardize the scales to meet the growing needs of multi-site health
        systems.
    --  The number of pharmaceutical counterfeiting incidents have been
        increased by 25% from 2017 to 2018, where 961 counterfeiting incidents
        involved either customs seizures or police/health inspector raids.
        Implementing reliable inventory management across pharmaceutical supply
        chain can contribute in tracking illegal medicines and better drug
        selection choices.
    --  Mobile Medsoft offers Helix LTC Pharmacy Management System, whose
        inventory management system allows the pharmacy retailers to utilize
        just-in-time purchase of drugs, maximize inventory turn-over ratio as
        well as cash flow.
    --  In Texas and California, OSP Labs offers automation techniques in terms
        of stocking, numerical balances, monitoring and tracking, warehouse
        stock manifests, and dispensing updates for Inventory Management. This
        is done through the incorporation of barcodes that meet compliance
        requirement.
    --  In September 2019, The ACT Health Directorate awarded
        software-as-a-service provider TechnologyOne a four-year, USD 3.2
        million contract to replace its on-premise inventory management system.
        The integrated solution is designed to help the directorate improve user
        experience, simplify administration and enhance inventory processes.

North America to Occupy Major Share

    --  With the introduction of new healthcare acts and reforms, the US
        healthcare industry is undergoing significant transformations driven by
        new technology. Almost every aspect of healthcare is changing, from
        insurance coverage to healthcare data analytics for effective treatment
        plans.
    --  Illinois-based Best Rx offers pharmacy management software which
        prevents prescription drug abuse by synchronizing patient pickups of
        their medications on or around the same day every month.
    --  Texas-based Epicor Software Corporation helped Zitomer Pharmacy in New
        York to cut inventory by 15 % which improved their cash flow. It also
        improved billing operations, and helped in better management of nearly
        3,500 house-charge accounts.
    --  In October 2018 Refill management system of North America-based Micro
        Merchant Systems PrimeR interfaced with Retail Management Solutions'
        Star-Plus (and Star-Lite) POS System. This bi-directional interface with
        PrimeRx and Star-Plus allows for scanning the RX at the POS, stores the
        details of the person who picked up the Rx, and signature capture of
        HIPAA and the Rx.
    --  In February 2019, USA-based SRS Pharmacy Systems partnered with STRAND
        Clinical Technologies to innovate clinic building services. STRAND helps
        pharmacies to launch clinic services within their community.

Competitive Landscape

The studied market is highly fragmented with small and ambulatory hospitals as well as large hospitals adopting pharmacy management softwares.

    --  August 2019 - GE Healthcare launched India-based startup collaboration
        programme, Edison[X] will work with startups in India to develop
        solutions on the Edison platform for some of the healthcare challenges
        existing today such as improving patient outcomes and pharmacy practices
        as well as efficiency of clinical practice.
    --  June 2018 - To improve evidence-based care in free and charitable
        clinics using point-of-care testing results, Becton Dickinson and
        Company, partnered with Heart to Heart International (HHI) and the
        National Association of Free and Charitable Clinics (NAFC), to announce
        six grants to select clinics in the United States.
    --  March 2018 - Allscripts Healthcare Solutions revealed its new electronic
        health record (EHR), "Avenel", at the annual HIMSS conference. The
        mobile-first, cloud-based Avenel creates a community-wide shared patient
        record and uses machine learning, to reduce the time required for
        clinical documentation.

Key Topics Covered

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Burden on Pharmacists due to Rising Number of Prescriptions is Set to Encourage the Market Growth
4.4 Market Restraints
4.4.1 Vendor Lock-In is a Major Barrier to Adoption of Pharmacy Management System
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis

5 MARKET SEGMENTATION
5.1 By Component
5.1.1 Solutions
5.1.1.1 Inventory Management
5.1.1.2 Purchase Orders Management
5.1.1.3 Supply Chain Management
5.1.1.4 Regulatory and Compliance Information
5.1.1.5 Clinical and Administrative Performance
5.1.1.6 Other Solutions
5.1.2 Services
5.2 By Deployment
5.2.1 Cloud-based
5.2.2 On-premise
5.3 By Size
5.3.1 Small- and Medium-sized Pharmacies
5.3.2 Large Pharmacy
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Rest of the World

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 McKesson Corporation
6.1.2 Cerner Corporation
6.1.3 Becton Dickinson & Co.
6.1.4 GE Healthcare Inc.
6.1.5 Talyst LLC
6.1.6 Allscripts Healthcare Solution Inc.
6.1.7 Epicor Software Corporation
6.1.8 Omnicell Inc.
6.1.9 ACG Infotech Ltd.
6.1.10 Clanwilliam Health Ltd.
6.1.11 DATASCAN (DCS Pharmacy Inc.)
6.1.12 GlobeMed Ltd.
6.1.13 Health Business Systems Inc.
6.1.14 Idhasoft Ltd.
6.1.15 MedHOK Inc.

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/c2yuke

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