The global Pharmacy Information System market size was valued at USD 15.45 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 10.8% during the forecast period, reaching a value of USD 34.70 billion by 2030.
Pharmacy Information System market research report by Future Data Stats, offers a comprehensive view of the market's historical data from 2018 to 2021, capturing trends, growth patterns, and key drivers. It establishes 2022 as the base year, analyzing the market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2023 to 2030, leveraging data analysis techniques to project the market's growth trajectory, emerging opportunities, and anticipated challenges.
MARKET OVERVIEW:
A Pharmacy Information System, often referred to as a PIS, plays a pivotal role in modern healthcare. This system integrates various elements of pharmacy management, streamlining tasks such as prescription processing, inventory management, and patient data. It ensures that pharmacists have the necessary information at their fingertips, helping them dispense medications accurately and efficiently.
Furthermore, a Pharmacy Information System is designed to enhance patient safety. By maintaining a comprehensive database of drug interactions and allergies, it helps prevent potential adverse reactions, ultimately contributing to better patient care and overall well-being. In essence, it serves as the backbone of a well-organized and safe pharmaceutical practice.
MARKET DYNAMICS:
The ever-evolving healthcare landscape demands greater efficiency and accuracy in pharmacy management. As a result, the adoption of Pharmacy Information Systems is on the rise, driven by the need for streamlined prescription processing, inventory control, and enhanced patient care. Secondly, the global push toward digitization and the integration of technology in healthcare is creating a favorable environment for the growth of this market.
However, amidst these drivers, there are restraints to consider. Data security and privacy concerns continue to be a significant challenge, as these systems store sensitive patient information. Ensuring the protection of this data against cyber threats and breaches is a pressing issue. Additionally, the initial investment required for the implementation of Pharmacy Information Systems can act as a restraint for smaller healthcare facilities.
PHARMACY INFORMATION SYSTEM MARKET SEGMENTAL ANALYSIS
BY TYPE:
Inpatient Pharmacy Information Systems are tailored to meet the unique needs of hospital settings. The primary driver for their adoption is the increasing complexity of inpatient medication management. These systems offer a comprehensive solution for tasks like prescription verification, medication dispensing, and patient record maintenance. In addition, the demand for real-time access to patient data within hospitals has created a significant push towards implementing Inpatient Pharmacy Information Systems. This ensures healthcare professionals have the most up-to-date information at their disposal, enhancing patient care and reducing the risk of medication errors.
Conversely, Outpatient Pharmacy Information Systems are instrumental in community pharmacies and retail settings. A dominant driver for these systems is the growing emphasis on patient-centric care. Outpatient Pharmacy Information Systems enable pharmacists to provide personalized services and medication management to individuals. With features like medication synchronization, automated refills, and patient counseling support, these systems improve medication adherence and patient outcomes.
BY COMPONENT:
Services are a pivotal component of the Pharmacy Information System market. A significant driver for the demand in services is the need for seamless integration and ongoing support. Service providers play a crucial role in implementing and maintaining these systems, ensuring their efficiency and reliability. As healthcare facilities continually seek to improve operational efficiency and patient care, the importance of comprehensive service offerings within the Pharmacy Information System market remains dominant.
Hardware, including servers, terminals, and other physical equipment, also plays a key role in this market. The driver for hardware adoption stems from the constant evolution of technology. As Pharmacy Information Systems become more sophisticated, there is a need for robust and reliable hardware to support their functions. The demand for advanced computing power and data storage solutions is driving the growth of the hardware component.
Software, perhaps the most critical component, is driven by the need for innovation and adaptability. Pharmacy Information System software is essential for functions like prescription processing, inventory management, and patient data integration. The ever-changing healthcare landscape and regulatory requirements necessitate software that can evolve and adapt.
BY DEPLOYMENT MODEL:
The adoption of Cloud-Based Pharmacy Information Systems is driven by the need for flexibility and scalability. Healthcare providers increasingly opt for cloud solutions, allowing them to access critical pharmacy information from anywhere, at any time. The cloud model supports remote access, which is particularly valuable in the context of telemedicine and remote patient care.
Their appeal lies in data control and security. Many healthcare facilities, particularly large institutions, favor the On-Premise model as it allows them to maintain full control over their pharmacy data and ensures compliance with data security regulations. The need for data sovereignty, especially concerning sensitive patient information, keeps the On-Premise deployment as a dominant factor in the Pharmacy Information System market.
The Web-Based deployment model, offering a blend of accessibility and control, is also a significant driver. It allows healthcare facilities to access pharmacy information through web browsers while maintaining some level of data control. This model caters to organizations looking for a balance between cloud flexibility and on-premise control.
BY APPLICATION:
In Physician Offices, the driver for Pharmacy Information System adoption is the increasing demand for efficient prescription processing and medication management. These systems streamline the workflow within physician practices, allowing healthcare professionals to provide timely and accurate prescriptions. As the healthcare landscape places a higher emphasis on patient care and safety, Pharmacy Information Systems become a dominant factor in enhancing these aspects within physician offices.
Hospitals and Pharmacies are at the forefront of the Pharmacy Information System market. The primary driver in this setting is the need for comprehensive patient data integration, medication management, and enhanced patient safety. These systems ensure that healthcare providers have access to up-to-date information, reducing the risk of medication errors and improving overall patient care. With the ever-evolving healthcare landscape, the adoption of Pharmacy Information Systems continues to be a dominant factor within hospital and pharmacy applications.
Paramedic Services also benefit from Pharmacy Information Systems, primarily driven by the need for quick access to patient medication records and critical information. These systems enable paramedics to make informed decisions in emergency situations, contributing to improved patient outcomes. As the importance of rapid response and precise medical interventions remains paramount in paramedic services, Pharmacy Information Systems become a vital and dominant factor within this application.
REGIONAL ANALYSIS:
North America, for instance, is a key player, driven by the region's advanced healthcare infrastructure and emphasis on technological innovation. The dominant factor here is the need for efficient healthcare systems that enhance patient care and medication management. Europe follows suit, with a strong focus on patient safety and regulatory compliance, making Pharmacy Information Systems a dominant factor in this region.
Meanwhile, the Asia Pacific region exhibits substantial growth potential, driven by the expansion of healthcare facilities and the adoption of digital healthcare solutions. The dominant factor here is the growing demand for streamlined pharmacy operations and medication safety. In Latin America, the emphasis on healthcare accessibility and affordability is driving the adoption of Pharmacy Information Systems, making them a dominant factor in this region.
In the Middle East and Africa, the dominant factor is the rapid development of healthcare infrastructure and a push for quality patient care. Pharmacy Information Systems are essential for ensuring efficient medication management and data integration, aligning with the region's healthcare growth ambitions.
COVID-19 IMPACT:
The dominant factor in this context was the urgent need for healthcare facilities to enhance their medication management and data integration processes, driven by the demands of the pandemic. Hospitals and pharmacies were under immense pressure to ensure accurate prescription processing and maintain patient records efficiently while dealing with the surge in patient numbers and the need for remote access to healthcare information. This accelerated the adoption of Pharmacy Information Systems as an essential tool in the fight against the pandemic, not only to improve patient care but also to safeguard healthcare workers and reduce the risk of medication errors during a critical time.
INDUSTRY ANALYSIS:
Mergers and acquisitions:
- In January 2023, Allscripts acquired HealthFusion for $1.1 billion. This acquisition will allow Allscripts to expand its PIS offerings to include HealthFusion's cloud-based platform.
- In March 2023, Cerner acquired Kantar Health for $3.7 billion. This acquisition will give Cerner access to Kantar Health's data and analytics capabilities, which can be used to improve the effectiveness of its PIS solutions.
Product new launches:
- In February 2023, Epic launched a new version of its PIS software that includes new features such as integrated patient portals and telemedicine capabilities.
- In April 2023, Meditech launched a new PIS solution that is specifically designed for small and medium-sized hospitals.
- In May 2023, Allscripts launched a new cloud-based PIS platform that is designed to be easy to use and affordable.
KEY MARKET PLAYERS:
- Cerner Corporation
- Epic Systems Corporation
- McKesson Corporation
- Siemens Healthineers
- Allscripts Healthcare Solutions
- BD (Becton, Dickinson and Company)
- Oracle Corporation
- eClinicalWorks
- NextGen Healthcare
- Omnicell
- ScriptPro
- Carestream Health
- Swisslog Healthcare
- ARxIUM
- Talyst (Omnicell)
- CPSI (Computer Programs and Systems, Inc.)
- Health Business Systems
- Liberty Software
- BestRx
- SoftWriters
- InstyMeds
- Rxeed
- QS/1
- WinRx
- Speed Script
- others
Table of Contents
- Executive Summary
- Market Overview
- Market Segmentation
- By Type
- By Component
- By Deployment Model
- By Application
- By Geography
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends
- Competitive Landscape
- Company Profiles
Pharmacy Information System Market Segmentation
By Type:
- Inpatient Pharmacy Information Systems
- Outpatient Pharmacy Information Systems
By Component:
- Services
- Hardware
- Software
By Deployment Model:
- Cloud Based
- On-Premise
- Web Based
By Application:
- Physician Offices
- Hospital and Pharmacy
- Paramedic Services
- Others
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RESEARCH METHODOLOGY
With a collective industry experience of about 70 years of analysts and experts, Future Data Stats encompasses the most infallible research methodology for its market intelligence and industry analysis. Not only does the company dig deep into the innermost levels of the market, but also examines the minutest details for its market estimates and forecasts.
This approach helps build a greater market-specific view of size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identifying key growth factors and the future course of the market. The research proceeds are the results of high-quality data, expert views & analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.
Future Data Stats offers its clients exhaustive research and analysis, based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models distill the data & statistics and enhance the accuracy of our recommendations and advice.
With Future Data Stats calibrated research process and 360° data-evaluation methodology, the clients receive:
- Consistent, valuable, robust, and actionable data & analysis that can easily be referenced for strategic business planning
- Technologically sophisticated and reliable insights through a well-audited and veracious research methodology
- Sovereign research proceeds that present a tangible depiction of the marketplace
With this strong methodology, Future Data Stats ensures that its research and analysis is most reliable and guarantees sound business planning.
The research methodology of the global market involves extensive primary and secondary research. Primary research includes about 24 hours of interviews and discussions with a wide range of stakeholders that include upstream and downstream participants. Primary research typically is a bulk of our research efforts, coherently supported by extensive secondary research. Over 3000 product literature, industry releases, annual reports, and other such documents of key industry participants have been reviewed to obtain a better market understanding and gain enhanced competitive intelligence. In addition, authentic industry journals, trade associations’ releases, and government websites have also been reviewed to generate high-value industry insights.
Primary Research:
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Primary Research
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Desk Research
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Company Analysis
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• Identify key opinion leaders • Questionnaire design • In-depth Interviews • Coverage across the value chain
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• Company Website • Company Annual Reports • Paid Databases • Financial Reports
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• Market Participants • Key Strengths • Product Portfolio • Mapping as per Value Chain • Key focus segment
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Primary research efforts include reaching out to participants through emails, telephonic conversations, referrals, and professional corporate relations with various companies that make way for greater flexibility in reaching out to industry participants and commentators for interviews and discussions.
The aforementioned helps to:
- Validate and improve data quality and strengthen the research proceeds
- Develop a market understanding and expertise
- Supply authentic information about the market size, share, growth, and forecasts
The primary research interview and discussion panels comprise experienced industry personnel.
These participants include, but are not limited to:
- Chief executives and VPs of leading corporations specific to an industry
- Product and sales managers or country heads; channel partners & top-level distributors; banking, investments, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research:
A broad array of industry sources for the secondary research typically includes, but is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for a competitive scenario and shape of the industry
- Patent and regulatory databases to understand technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles, web-casts, and other related releases to evaluate the market
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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PRIMARY SOURCES |
DATA SOURCES |
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• Top executives of end-use industries • C-level executives of the leading Parenteral Nutrition companies • Sales manager and regional sales manager of the Parenteral Nutrition companies • Industry Consultants • Distributors/Suppliers
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• Annual Reports • Presentations • Company Websites • Press Releases • News Articles • Government Agencies’ Publications • Industry Publications • Paid Databases
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Analyst Tools and Models:
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BOTTOM-UP APPROACH |
TOP-DOWN APPROACH |
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· Arriving at · Arriving at · Market Share · Key Market Players |
· Key Market Players · Market Share · Arriving at · Arriving at |
Pharmacy Information System Market Dynamic Factors
Drivers:
- Growing emphasis on patient safety and medication management.
- Adoption of digital healthcare solutions for streamlined pharmacy operations.
- Advancements in healthcare infrastructure and technology.
- The need for efficient prescription processing and data integration in healthcare settings.
Restraints:
- Data security and privacy concerns.
- Initial investment costs for system implementation.
- Regulatory compliance challenges in the healthcare sector.
- Resistance to change within traditional healthcare settings.
Opportunities:
- Developing user-friendly and cost-effective solutions.
- Expanding healthcare sectors in emerging economies.
- Addressing security concerns to boost system adoption.
- Evolving healthcare landscape creating demand for innovative systems.
Challenges:
- Integrating systems with existing healthcare infrastructure.
- Ensuring interoperability among different Pharmacy Information Systems.
- Maintaining data accuracy and avoiding medication errors.
- Meeting evolving regulatory and compliance requirements in healthcare.
Frequently Asked Questions
