Global Clinical Pharmacy Services Market, By Function (Drug Therapy Monitoring, Selection of Drug Therapy, Management of Drug Interactions, Provision of Drug Information, Patient Medication Counseling, Pain Management, Others), End-Users (Hospitals, Community Pharmacy, Clinics, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
In recent years, the clinical pharmacy services market is anticipated to grow rapidly due to the rising prevalence of various chronic and lifestyle diseases. Due to this rising prevalence rate, the demand for patient care is also increased, which include patient medication counseling, management of drug therapy and drug interactions, pain management, nutrition management and others, hence, as a result, clinical pharmacy services are introduced in the market.
- Data Bridge Market Research analyses that the clinical pharmacy services market is expected to grow at a CAGR of 6.50% during the forecast period.
Market Definition
Clinical Pharmacy Services (CPS) are professional services offered by pharmacists who use their skills and knowledge to play an active role in patient health by interacting effectively with both patients and other healthcare providers. Pharmacists have begun to play an increasingly essential part in the patient care process, minimizing prescription errors, lowering drug therapy costs, and enhancing patient health.
Clinical Pharmacy Services Market Dynamics
Drivers
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The rise in prevalence of chronic diseases
The increasing prevalence rate of chronic diseases will act as major driver influencing the market’s growth rate. The rising rate of chronic disorders demands proper patient care in hospitals and hence, propelling the market’s growth rate.
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Increasing investment for healthcare infrastructure
Another significant factor influencing the growth rate of clinical pharmacy services market is the rising healthcare expenditure which helps in improving its infrastructure.
Furthermore, the rising demand for high quality treatment and diagnosis of diseases will act as major driver influencing the clinical pharmacy services market’s growth rate. The increasing number of government initiatives to spread awareness about services will increase the demand for clinical pharmacy services and further propel the market’s growth rate. Another significant factor resulting in the expansion of market is the increase in number of geriatric population. Furthermore, continuously changing lifestyle and advancement in medical technology are the major drivers that will enhance the growth of market. Rapid urbanisation and rise in disposable incomes in developing and developed countries will influence the growth rate of the clinical pharmacy services market.
Opportunities
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Rise in R&D activities
The increasing number of research and development activities will provide beneficial opportunities for the clinical pharmacy services market growth. Moreover, the increasing demand from emerging markets and favourable government policies will further flourish the clinical pharmacy services market’s growth rate in the future.
Restraints/Challenges
On the other hand, the lack of awareness about the benefits associated with services will obstruct the market growth. Also, miss use of patient data and lack of infrastructure in low-income countries will challenge the clinical pharmacy services market. However, the dearth of skilled professionals and emergence of unfavourable conditions due to COVID-19 outbreak will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.
This clinical pharmacy services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the clinical pharmacy services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Clinical Pharmacy Services Market
Since its emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. COVID-19's effects are being felt all over the world. The COVID-19 pandemic has accelerated the growth of clinical pharmacy services market. Clinical pharmacy services played a critical role in preventing and controlling the COVID-19 epidemic in public health. Pharmacists all over the world, particularly in developed countries, have acted quickly and effectively to protect public health by establishing professional protective and service guidance for pharmacy staff and services, creating and updating drug formularies, addressing drug shortages, providing public education for infection prevention and management, and participating in drug evaluation and clinical studies.
Global Clinical Pharmacy Services Market Scope
The clinical pharmacy services market is segmented on the basis of function and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Function
- Drug Therapy Monitoring
- Selection of Drug Therapy
- Management of Drug Interactions
- Provision of Drug Information
- Patient Medication Counseling
- Pain Management
- Others
Based on function, the clinical pharmacy services market is segmented into drug therapy monitoring, selection of drug therapy, management of drug interactions, provision of drug information, patient medication counseling, pain management and others.
End-Users
- Hospitals
- Community Pharmacy
- Clinics
- Others
Clinical pharmacy services market has also been segmented based on the end-users into hospitals, community pharmacy, clinics and others.
Clinical Pharmacy Services Market Regional Analysis/Insights
The clinical pharmacy services market is analysed and market size insights and trends are provided by country, function and end-users as referenced above.
The countries covered in the clinical pharmacy services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the clinical pharmacy services market because of the growing patient pool and well-established healthcare infrastructure in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the region's surging healthcare expenditure and high-quality medical facilities.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The clinical pharmacy services market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for clinical pharmacy services market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the clinical pharmacy services market. The data is available for historic period 2010-2020.
Competitive Landscape and Clinical Pharmacy Services Market Share Analysis
The clinical pharmacy services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to clinical pharmacy services market.
Some of the major players operating in the clinical pharmacy services market are Cigna, CVS Health, UnitedHealth Group, Anthem, Inc., Centene Corporation, SS&C Technologies, Inc., Kaiser Foundation Health Plan, Inc., McKesson Corporation, MedImpact Direct, LLC., Micro Merchant Systems, Inc., Prime Therapeutics LLC, Rite Aid Corp., TrialCard Incorporated and Walgreens Boots Alliance, Inc., among others.
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