PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1252700
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1252700
Medication Management Market size was valued at USD 2,407.8 million in 2022, expanding at a CAGR of 12.8% from 2023 to 2030.
Medication management is the term used to describe the services that include initial evaluation of a patient's need for medications, prescription provision, and monitoring of medical records based on the patient's use of medications by a prescriber or certified health professionals. As a result, it offers patients the best results through efficient medication tracking and reconciliation. In order to create effective treatment plans and effectively monitor the drug's efficacy and patients' safety, a thorough review of prescribed medications is conducted.
Medication management software improves inventory control, medication distribution, and adverse drug events management (ADE). There has been a severe scarcity of doctors, nurses, and pharmacists in recent years. Hence, there has been an increase in the implementation of medication management software to maintain effective workflow. The industry for medication management systems is being driven by the rising global prescription rate and the increased requirement to reduce pharmaceutical errors. The market for medication management systems is predicted to expand as a result of rising IT adoption in the healthcare industry, increased adoption of automated workflow management solutions as a result of an increase in pharmacist workload, and increased hospital investment in order to acquire new software for effective management of healthcare processes.
Medication management is provided as part of healthcare reforms, and because these management systems are known to lower medication errors and healthcare costs, they are widely used. The sector for prescription management systems also benefits from substantial player mergers and acquisitions, an ageing population, high incidence of chronic illness, and increased healthcare spending. Additionally, significant opportunities for market players are anticipated in the near future due to the market potential in developing countries and the increased emphasis on value-based medicine.
The Global Medication Management Market is segmented based on product type, mode of delivery, end-user, and Region.
Based on the product type, the Inventory Management segment is expected to dominate the market during the forecast period. This is due to the cost of medications and related expenses makes up a sizable amount of hospital and pharmacy budgets. Healthcare systems are working to save costs and waste as much as possible. Furthermore, it is projected that the growing requirement for workflow standardization, streamlined procedures, and effective inventory procurement would help to the expansion of this industry.
Based on the mode of delivery, in 2022, Cloud-based dominated the industry and accounted for XX% of global revenue. For simple information exchange with clients and other stakeholders, a number of firms are creating cloud-based deployment solutions. Demand for commercially available cloud solutions is likely to be significantly influenced by the ease with which information may be accessed in remote locations using such solutions. In addition, the market is projected to grow in the next years due to the emphasis on patient data privacy and the adoption of regulations related to it.
North America is expected to have a large market share in the Medication Management market owing to the increased adoption of technology in healthcare, technical innovation, a growth in the incidence of infectious and chronic diseases, and a rise in the number of prescriptions in the region were important factors for the region's dominance. The market for medication management systems is the biggest in the world and in the area in the United States. This can be ascribed to increased knowledge of new technology, the existence of numerous small- and medium-sized businesses that provide drug management solutions to various hospitals and pharmacies, and a lack of primary care physicians.
In October 2022, Specialty Pharmacy Services, a turnkey product with specialised services to set up, run, and optimise a speciality pharmacy programme, was introduced by Omnicell, Inc.
In February 2022, The Optum Specialty Fusion, a first-of-its-kind specialised medication management solution, was launched by Optum to streamline patient care for those with complex diseases and reduce the price of pricy speciality medications.
This proposed research study on the Medication Management market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Medication Management market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Medication Management market
Impact of COVID-19 on Medication Management market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Medication Management market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Medication Management market, we have also included competitive landscape and key innovator analysis for the Medication Management market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Medication Management market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Medication Management market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows:
GE Healthcare
BD
QuadraMed Affinity Corporation
ARxIUM
Talyst LLC
Cerner Corporation
McKesson Corporation
Medication Management Systems Inc.
Siemens Healthcare Private Limited
Optum Inc.
Medical Information Technology Inc.
Omnicell Inc
BIQHS
Allscripts
Healthcare Solutions
Computerized Physician Order Entry
Clinical Decision Support System Solutions
Electronic Medication Administration Record
Inventory Management Solutions
Others
GLOBAL MEDICATION MANAGEMENT MARKET, BY MODE OF DELIVERY
Web-based
Cloud-based
On-premise
Pharmacies
Hospitals
Others
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA