Global Pharmacy Information Systems Market, By Type (Inpatient Pharmacy Information Systems and Outpatient Pharmacy Information Systems), Component (Services, Hardware, and Software), Deployment Model (Cloud Based, On-Premise, and Web Based), Application (Physician Offices, Hospital and Pharmacy, Paramedic Services, and Others) – Industry Trends and Forecast to 2031.
Pharmacy Information Systems Market Analysis and Size
The pharmacy information systems market is witnessing significant growth driven by advancements in technology. The latest methods and technologies, such as AI-driven analytics and blockchain for secure data management, are revolutionizing medication management and patient care. These innovations enhance efficiency, accuracy, and patient safety, driving widespread adoption and fostering continuous growth within the pharmacy information systems market.
The global pharmacy information systems market size was valued at USD 11.68 billion in 2023 and is projected to reach USD 26.72 billion by 2031, with a CAGR of 10.90% during the forecast period 2024 to 2031. This indicates that the market value. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2024 to 2031
|
|
Base Year
|
2023
|
|
Historic Years
|
2022 (Customizable to 2016-2021)
|
|
Quantitative Units
|
Revenue in USD Billion, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Type (Inpatient Pharmacy Information Systems, and Outpatient Pharmacy Information Systems), Component (Services, Hardware, and Software), Deployment Model (Cloud Based, On-Premise, and Web Based), Application (Physician Offices, Hospital and Pharmacy, Paramedic Services, and Others)
|
|
Countries Covered
|
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
|
|
Market Players Covered
|
Carestream Health (U.S.), Parata Systems, LLC (U.S.), Swisslog Holding AG (Switzerland), eClinical Works (U.S.), Athenahealth (U.S.), Oracle (U.S.), BestRx (U.S.), Epic Systems (U.S.), eClinicalWorks (U.S.), Allscripts Healthcare Solutions (U.S.), ScriptPro LLC (U.S.), McKesson Corporation (U.S.)
|
|
Market Opportunities
|
|
Market Definition
Pharmacy information systems (PIS) are computer-based systems designed to manage and streamline pharmaceutical operations within healthcare settings. They encompass functionalities such as medication dispensing, inventory management, patient records, and billing. PIS ensure accuracy in medication dispensation, monitor drug interactions, and enhance communication between healthcare professionals. These systems optimize workflow efficiency and promote patient safety by providing comprehensive pharmaceutical management solutions.
Pharmacy Information Systems Market Dynamics
Drivers
- Increasing Telepharmacy and Remote Patient Monitoring
The rising adoption of telepharmacy and remote patient monitoring, particularly in rural or underserved regions, is driving demand for pharmacy information systems. These systems facilitate telepharmacy services, remote medication counseling, and medication adherence monitoring via mobile apps. For instance, a pharmacy information system that integrates with telehealth platforms enables pharmacists to provide real-time consultations and monitor patient’s medication adherence remotely, enhancing access to pharmacy services in remote areas.
- Rising Focus on Population Health Management
Pharmacy information systems drive the market by enabling healthcare organizations to focus on population health management. These systems offer tools for medication adherence tracking, population analytics, and targeted interventions, improving health outcomes across communities. For instance, a pharmacy information system could analyze medication adherence data to identify at-risk populations and implement interventions, such as medication counseling or reminders, to address medication-related issues and enhance population health.
Opportunities
- Growing Digitization of Healthcare
The pharmacy information systems market is driven by the broader trend of digitization in healthcare. These systems enable pharmacies to manage patient data, prescriptions, inventory, and billing electronically, contributing to efficiency and accuracy. For instance, systems such as Epic Willow and Cerner Millennium Pharmacy streamline workflows, allowing pharmacists to access patient records instantly, reducing medication errors, and enhancing overall patient care, thereby accelerating market growth.
- Rise of Specialty Pharmacy
The surge in specialty medications necessitates sophisticated pharmacy information systems to manage complex regimens and ensure compliance. For instance, systems such as Therigy facilitate the management of specialty pharmacy operations, including patient assessments, therapy initiation, and ongoing monitoring. These tailored solutions optimize workflows, improve patient outcomes, and enable pharmacies to meet the stringent requirements of specialty medication handling, driving the adoption of specialized pharmacy information systems.
Restraints/Challenges
- Data Security Concerns
Data security concerns, exacerbated by the sensitive nature of patient information and the need to comply with regulations such as HIPAA, hinder the pharmacy information systems market. The complexity of maintaining robust security measures and legal compliance creates barriers to market growth, as healthcare organizations prioritize minimizing the risk of data breaches and unauthorized access.
- High Cost of Implementation and Maintenance
The high costs associated with implementing and maintaining pharmacy information systems act as a significant barrier for smaller pharmacies and healthcare facilities with limited budgets. This financial constraint hampers market growth as it restricts the adoption of such systems, limiting their penetration and potential for widespread use within the industry.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In April 2023, BD introduced the BD Prevue II System, an innovative ultrasound device facilitating precise IV placement. Its specialized probe and real-time needle depth markers fulfill a critical need in IV access. The system integrates the BD Cue Needle Tracking System, ensuring clear visualization of needle trajectory and compatibility with BD Cue Needle Tracking-enabled catheters
- In February 2023, Nova Scotia, in partnership with Nova Scotia Health Authority (NSHA) and IWK Health (IWK), announced a groundbreaking 10-year agreement with Oracle to implement an integrated electronic care record. The 'One Person One Record' (OPOR) initiative aims to streamline patient information access for over one million Nova Scotians, empowering clinicians with real-time health data and enhancing patient care
- In February 2021, Parata Systems launched an enhanced Website, revolutionizing pharmacy automation. Tailored to specific market segments, it offers a comprehensive portfolio of solutions to optimize patient outcomes. The platform simplifies access for pharmacy professionals, enabling them to address diverse challenges efficiently and promote improved patient health
Pharmacy Information Systems Market Scope
The market is segmented on the basis of type, component, deployment model, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Inpatient Pharmacy Information Systems
- Outpatient Pharmacy Information Systems
Component
- Services
- Hardware
- Software
Deployment Model
- Cloud Based
- On-Premise
- Web Based
Application
- Physician Offices
- Hospital and Pharmacy
- Paramedic Services
- Others
Pharmacy Information Systems Market Regional Analysis/Insights
The market is analysed and market size insights and trends are provided by country, type, component, deployment model, and application as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific is anticipated to dominate in pharmacy information systems market growth, fueled by increasing health consciousness and a surge in demand for advanced medical technologies. This region's proactive adoption of healthcare innovations and pharmacy management systems underscores its pivotal role in shaping the industry's trajectory in the forecast period.
North America is anticipated to dominate in the pharmacy information systems market's rapid development, propelled by technological innovations, robust healthcare infrastructure, and governmental backing. These factors collectively foster an environment conducive to the efficient adoption and advancement of pharmacy information systems in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.
Competitive Landscape and Pharmacy Information Systems Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
- Carestream Health (U.S.)
- Parata Systems, LLC (U.S.)
- Swisslog Holding AG (Switzerland)
- eClinical Works (U.S.)
- Athenahealth (U.S.)
- Oracle (U.S.)
- BestRx (U.S.)
- Epic Systems (U.S.)
- eClinicalWorks (U.S.)
- Allscripts Healthcare Solutions (U.S.)
- ScriptPro LLC (U.S.)
- McKesson Corporation (U.S.)
SKU-