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
- Soham ERP Solutions Pvt. Ltd.
- Okta, Inc.
- Hitachi Vantara Corporation
Global Pharmacloud Market: Research Scope
Global Pharmacloud Market, by Deployment
Global Pharmacloud Market, by End-user
- Hospital & Clinics
- Retail & Community Pharmacies
Global Pharmacloud Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players 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.