The Pharmacy POS Software Market was estimated at USD XX billion in 2021 and is projected to reach USD XX billion by 2028, growing at a CAGR of XX %.
A POS, or point-of-sale system, is the place where customers pay for goods and services at a store. The POS system, as a major component, is where everything comes together, including customer management, inventory management, sales, and so on. A POS system is made up of both software and hardware components. A scanner is used by pharmacy POS software to scan the product and look up the selling price in the inventory. It then changes the inventory to show the product as sold and calculates the final price including taxes and discounts. The system then communicates with the customer relationship management system and transacts with a merchant services account for credit cards and checks, followed by the printing of a sales receipt. This data is also recorded and kept in a database, which can be a company server or a cloud-based server.
Major Key Players for Pharmacy POS Software Market
- AdvancedRx (US)
- LS Retail (Iceland)
- Nuchange (India)
- VIP COMPUTER SYSTEMS INC. (US)
- BZQ Abacus (Australia)
- Transaction Data Systems Inc. (US)
- Micro Merchant Systems Inc. (US)
- Cashier Live LLC. (US)
- Prime Commerce (Vietnam)
- Best Pos (Pty) Ltd.
- Emporos POS (US)
Market Dynamics and Factors
The pharmacy POS software facilitates work by allowing the user to keep a digital record of transactions and retrieve information instantly. Furthermore, pharmacies see a large number of patients every day. The pharmacy POS software system collects and stores the data generated. Additionally, the data can be used to improve business operations in the future. The data reports may be evaluated to properly stock medicines and establish marketing plans to meet specific needs, resulting in the pharmacy POS software market growing over the forecast period. In addition, ePrescription is a significant feature of pharmacy POS software. It eliminates the risk of errors and provides patients with a user-friendly service. This tool also assists pharmacies with refill management.
Pharmacy POS Software Market Report Highlight
- By deployment, the cloud-based segment is anticipated to have the highest share of the pharmacy POS software market over the forecasted timeframe. Cloud-based POS systems allow for remote access and can handle tasks like inventory management, order distribution, and more. Pharmacy stores can be managed from anywhere in the world with cloud-based POS systems. Furthermore, it provides automatic upgrades and fewer upfront expenditures, resulting in the segment's growth.
- By size, the small and medium-size pharmacy segment is expected to dominate the pharmacy POS software market during the analysis timespan. With the growing number of pharmacies and the need to keep accurate records of transactions, inventory, and customer orders, small and medium-sized pharmacies are implementing pharmacy POS software.
- The North American region is expected to lead the development of the pharmacy POS software market over the analysis period. The US healthcare industry is undergoing enormous transformations as a result of new healthcare acts and reforms, which are fueled by modern technologies. From insurance coverage to healthcare data analytics for optimal treatment strategies, almost every element of healthcare is evolving. There are approximately 29,000 pharmacy & drug store businesses in the USA thus, strengthening the expansion of the market.
Key Industry Development
In August 2021, Micro Merchant Systems announced a collaboration with Benasource LLC. With this coalition, pharmacies will have unique access to the all-inclusive PrimeRx™ system which enables key benefits such as improved workflow capability, enhanced pharmacy performance, and better patient care.
In August 2021, Advanced Rx collaborated with RavkooTM Inc to incorporate Ravkoo’s its Software-as-a-Service approach with Advanced Rx pharmacy management solutions, Ravkoo will be available to clients of enterprises that use Advanced Rx programs, enabling patients, physicians, and pharmacies.
Pharmacy POS Software Market Segmentation
- Small And Medium-Size Pharmacy
- Large Pharmacy
- Health Care Systems
For this report, Introspective Market Research has segmented the Pharmacy POS Software Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM