Insights on the Pharmacy Information Systems Global Market to 2028 - North America Dominates the Industry
DUBLIN, Oct. 7, 2022 /PRNewswire/ -- The "Global Pharmacy Information Systems Market Research and Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global market for pharmacy information systems is projected to have a considerable CAGR of around 10.4% during the forecast period. The pharmacy information system is used to manage, and record the data related to the patient's medication and supply of drugs and other essentials related to pharmacy.
The data relating to the diagnosis of any disease is also stored for the future through PIS. In addition, it enables in managing patient profiles, processing and billing, workflow, accounts receivables, and inventory.
One of the key features of pharmacy information systems is, the information regarding the shortage of medicine and patient's medication can be easily generated and managed by the pharmacist in a digital format. The factors attributing to the growth of PIS includes an increase in demand of people for the better quality of healthcare services and growing adoption of cloud-based pharmacy information systems across various segments of the healthcare sector.
The increase in healthcare instruments manufacturers worldwide, rising funding, and technological advancements are also the factors that are contributing to the growth of the global PIS market. However, high initial cost, complex technological guidelines of pharmacy information systems software, scarcity of skilled professionals, and privacy & data breach are major restraining factors that affect the growth of this market. An increase in funding by the government and major players in drugs and medication R&D in emerging nations are the major opportunities for the pharmacy information systems market.
COVID-19 Impact on global Pharmacy Information Systems Market
The global pharmacy information systems market is positively impacted by the COVID-19 pandemic. Due to the growth in patients during the pandemic, the demand for effective healthcare management systems is increased, also to manage and record the data related to medicine supply and coming orders, the use and adoption of cloud-based pharmacy information systems are increased.
Additionally, it has witnessed that during the pandemic, most of the patients were connecting to their consultants for getting the enquiries and queries related to the medications through these systems. Hence, the overall growth in the PIS market has increased.
Segmental Outlook
The global pharmacy information systems market is segmented based on deployment, type, components, and end-user. Based on deployment, the market is sub-segmented into on-premises and cloud-based. Based on type, the market is categorized into outpatients and inpatients. By component, the market is classified as hardware and software, & services. Similarly, based on end-users, it is divided into physician offices, hospital & pharmacy, and paramedic services.
Among these, the PIS in the hospital segment is expected to be the fastest growing during the forecast period. The adoption of PIS in hospital pharmacy departments to record a large array of data, and to reduce the prescription burden from pharmacy professionals is gaining popularity, thus increases the demands for such type of software's, that will drive the market growth.
Cloud-Based Pharmacy Information Systems holds the largest market share in the market
Based on deployment type, the cloud-based PIS held the largest share in the market in 2020, and it is further projected to grow at significant CAGR during the forecast period. The adoption of cloud-based pharmacy information systems is increasing in various end-users such as physician offices, hospital & pharmacy, and paramedic services. These systems support large pharmacies to keep a record of the data related to patient's diagnosis and inventory, also this software's enables pharmacist to connect globally to other vendors as well as patients from their current locations.
Besides, information related to the prescriptions, medicines, can be shared among all users of the systems without any hurdle. The adoption of cloud computing in the healthcare field not only will make the healthcare system more efficient but also will allow an integrated healthcare information system to be deployed. The growing healthcare sectors due to the rising patients pool and burden of prescriptions will be expected to create huge demands for cloud-based PIS during the forecast period. The market will experience growth by increasing sales and demands.
Regional Outlook
Geographically, the global pharmacy information systems market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)).
Among these, Asia-Pacific will show a considerable growth rate during the forecast period. The growing healthcare sectors in emerging economies such as China, Japan, India, Brazil will drive the market growth. Besides, Government support and initiative in these countries encourage the adoption of new technology such as PIS.
North America Dominate the global Pharmacy Information System Market
Geographically, North America dominated the market in 2020, and it is further expected to maintain its dominance during the forecast period. The factors attributing to the growth of the market include technological advancements, better healthcare infrastructure, and government support in the region.
The adoption of cloud-based pharmacy information systems is higher in North America compared to any other region due to growing healthcare sectors and patient's pool. The presence of major market players and high expenditure by them for the technology development is the prime factor accelerating the market growth.
Market Players Outlook
The key players in the global pharmacy information system market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market are Allscripts Healthcare, LLC., Parata Systems, LLC, athenahealth, Inc, Carestream Health, Cerner Corp., eClinicalWorks, LLC, Epic Systems Corp., Mckesson Corp., Swisslog Holding AG, among others.
These market players adopt different marketing strategies such as mergers & acquisitions, R&D, product launches, and geographical expansions to generated more revenue and to remain competitive in the market. For instance, In Feb 2021, Parata Systems recently launched an enhanced Website as a comprehensive pharmacy automation system to improved patient outcomes. Additionally, the new website will also help pharmacy professionals find solutions for the challenges in their specific market segments.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global pharmacy information systems market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying 'who-stands-where' in the market
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of Covid on key players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Pharmacy Information Systems Market, By Deployment
5.1.1. On-Premises
5.1.2. Cloud-Based
5.2. Global Pharmacy Information Systems Market, By Type
5.2.1. Out Patients
5.2.2. In Patients
5.3. Global Pharmacy Information Systems Market, By Components
5.3.1. Hardware
5.3.2. Software& Services
5.4. Global Pharmacy Information Systems Market, By End-User
5.4.1. Physician Offices
5.4.2. Hospital & Pharmacy
5.4.3. Paramedic Services
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Russia
6.2.7. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korean
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
6.4.1. Latin America
6.4.2. Middle East& Africa
7. Company Profiles
7.1. Allscripts Healthcare, LLC
7.2. Astellas Pharma Inc.
7.3. athenahealth, Inc.
7.4. Carestream Health Inc.
7.5. Cerner Corp.
7.6. eClinicalWorks, LLC
7.7. Epic Systems Corp.
7.8. HansasoftOU
7.9. Mckesson Corp.
7.10. Medical Information Technology, Inc.
7.11. Netsmart Technologies, Inc
7.12. Parata Systems, LLC
7.13. ScriptPro LLC
7.14. Siemens AG
7.15. Swisslog Holding
For more information about this report visit https://www.researchandmarkets.com/r/ao9xtl
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