Industry Background:
Pharmacy management software is defined as the software which not only stores data but also maintains the medication use process within pharmacies. Numerous benefits of using pharmacy management software in the hospital such as multitasking workstations, customizable reports, weekly price updates, customized labels, prescription delivery management, patient eligibility checks, inventory management, payment reconciliation, auto updates, among others. Government has implemented pharmacy management software. For instance, in 2017, the Australian Commission on Safety and Quality (Australia) has released report focusing on the barcode and other scanning technologies which are widely used in dispensing software in order to improve patient safety in hospitals. Hence, rising awareness among consumer regarding the benefit of Pharmacy management software and increasing usage of pharmacy management software in the various application is projected to drive the global pharmacy management software market over the forecast period.
This growth is primarily driven by Rising Awareness among consumer regarding the Benefit of Software Such as Long-Term Cost Savings Associated with these Systems and Growing incidence of medication errors such as dispensing errors in hospital.
Globally, a noticeable market trend is evident Increasing Investments in Long-Term Care by Pharmacies and Increasing Number of Long-Term Care Facilities in Treatment. The Health Care Technology sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Omnicell Technologies (United States), Swisslog Holding AG (Switzerland), Oracle Corporation (United States), McKesson Corporation (United States), SupplyLogic, Inc. (United States), Arxium Inc. (Canada), BestRx Pharmacy Software (United States), Computer-Rx (United States), Rx30 (United States) and ZAMAN IT (Bangladesh) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In December 2018, the Omnicell Technologies (United States) company has launched XR2 as a Service and IV Compounding Workflow Management, which provides fully web-based software suite. Hence, this launch will increase the product portfolio of the company
Market Drivers
- Rising Awareness among consumer regarding the Benefit of Software Such as Long-Term Cost Savings Associated with these Systems
- Growing incidence of medication errors such as dispensing errors in hospital
Market Trend
- Increasing Investments in Long-Term Care by Pharmacies and Increasing Number of Long-Term Care Facilities in Treatment
Restraints
- Issue related to High Cost Associated with the Implementation of Pharmacy Management Software
Opportunities
Rising Medical Tourism in Developing Countries such as India and China and Government Initiative to Implement Pharmacy Management Software in hospital
Challenges
The problem regarding the Installation Update of Software and Lack of Trained Employees in order to Use the Software at Each Location
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Pharmacy Management Software Study Sheds Light on
The Pharmacy Management Software Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Pharmacy Management Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Pharmacy Management Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.