Pharmacloud Market: Introduction

  • Pharmacloud systems store a patient’s prescription history, thus helping clinicians or pharmacists in accessing and managing drug prescription
  • This helps in eliminating adverse drug interactions, as these systems provide all the necessary information regarding prescription source and diagnoses, drug pharmacology, drug composition, usage and dosage specifications, pharmaceutical NHI codes, patient treatment dates, and prescription refill dates   

Key Drivers and Restraints of Global Pharmacloud Market

  • Increase in numbers of outpatient deaths and stringent health care regulations have driven health care providers and retail pharmacists to focus on improving their outpatient services. Pharmacists are regularly incorporating novel technology software in their day-to-day working to advance their prescription handling capability.
  • Pharmacy automation technologies and solutions have the potential to reduce medication errors and improve patient safety. These technologies can reduce medication error rates by preventing medication prescription errors, reducing adverse events, and facilitating rapid tracking and monitoring of adverse events. Potential benefits of automated technologies for health care providers and pharmacists include:
    • Reduced human errors
    • Reduced medication errors
    • Improved patient safety
    • Controlled dispensing process
    • Improving health care process efficiency
    • Reduced medical waste
    • Improved inventory management
    • Reduced costs
  • High cost of pharmacloud is preventing health care providers from installing the software. Health care providers have to deploy external resources to maintain and operate such advanced software. However, adoption of these systems is expected to increase in the near future with strict health care IT regulations.

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Cloud Deployment Type Segment to Lead Pharmacloud Market

  • In terms of deployment type, the global pharmacloud market can be divided into on-premise and cloud
  • On-premise deployment allows data accessibility in a single medical facility, such as a big hospital with various divisions and several pharmacies, while in cloud deployment, data is available on cloud or and can be accessed from anywhere outside the premises such as another hospital pharmacy
  • Patients in developed economies are increasingly opting for medical care solutions such as pharmacloud that offer ease of use and understanding by providing accurate prescription history. Availability of prescription data from anywhere reduce the need to maintain prescription paperwork and enhance patient compliance while reducing medication errors.

Retail & Community Pharmacies Segment to Offer Growth Opportunities

  • Based on end-user, the global pharmacloud market can be categorized into hospital & clinics and retail & community pharmacies
  • Retail & community pharmacies is estimated to be a highly lucrative segment. Data cloud requirements in pharmacies are expected to increase rapidly due to a surge in the number of large chain pharmacy stores in developed regions. Moreover, rise in demand for automated systems will assist in meeting pharmacy needs in developing regions.

North America to Lead Global Pharmacloud Market

  • The global pharmacloud market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a significant market for pharmacloud due to the presence of several key market players.
  • Due to increasing awareness about the benefits of pharmacy automation technologies, globally, small- and mid-sized health care institutes and pharmacists are steadily replacing their traditional pharmacy operation methods with these advanced technologies. Moreover, demand for these technologies is increasing in emerging regions such as Asia Pacific, the Middle East, and Africa. These markets are price sensitive. Development of affordable solutions to meet pharmacies’ dispensing and packaging needs will help vendors to gain market share in these regions.

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Key Players Operating in Global Pharmacloud Market

Key players operating in the global pharmacloud market are:

  • 8K Miles Software Services Limited
  • Prescriber360
  • Soham ERP Solutions Pvt. Ltd.
  • Okta, Inc.
  • Hitachi Vantara Corporation

Global Pharmacloud Market: Research Scope

Global Pharmacloud Market, by Deployment

  • On-premise
  • Cloud

Global Pharmacloud Market, by End-user

  • Hospital & Clinics
  • Retail & Community Pharmacies

Global Pharmacloud Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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