PUBLISHER: The Business Research Company | PRODUCT CODE: 1436476
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436476
Medication management systems are used to organize and manage patient data, especially in practices with high patient volumes and complex prescription needs.
The medication management system market includes solutions used for tracking and validating medicines administered to patients during medical care. These systems aim to reduce dispensing errors and improve operational efficiency. They manage patients' data due to the increasing number of clinical practices and lengthy prescription times. These automated software solutions provide and manage the administration of medicines to patients.
The main types of products in medication management systems are computerized physician order entry, clinical decision support system solutions, electronic medication administration records, inventory management solutions, and others. Computerized Provider Order Entry (CPOE) refers to the process of providers entering and sending treatment instructions, which includes medication, laboratory, and radiology orders. The various delivery modes include web-based, cloud-based, and on-premise. The various types of end-users include pharmacies, hospitals, and others.
The medication management system market size has grown exponentially in recent years. It will grow from $2.95 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%. The growth during the historical period can be attributed to the utilization of data, the emergence of telemedicine, a focus on patient engagement, innovative solutions, the increase in chronic diseases, and the development of healthcare infrastructure.
The medication management system market size is expected to see rapid growth in the next few years. It will grow to $7.36 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The anticipated growth in the forecast period is influenced by several factors: the potential for market growth, regulatory changes affecting the industry, economic considerations, the competitive landscape, evolving consumer behavior, and global health challenges. Key trends expected during this period encompass the impact of COVID-19, increasing demands for interoperability between healthcare systems, the utilization of data analytics and insights in healthcare decision-making, efforts to contain healthcare costs, and a continued shift towards patient-centric care within the healthcare sector.
The anticipated rise in medical expenses is set to drive the expansion of the medication management system market in the future. Medical costs encompass expenses incurred by individuals for medical treatment as well as hospitals' expenditures on equipment and maintenance. Hospitals are increasingly adopting medication management systems due to their effectiveness in cost reduction and efficiency improvement. For example, in December 2023, the Centers for Medicare & Medicaid Services, a US government agency responsible for health insurance, reported a 4.1% increase in national health expenditure to $4.5 trillion in 2022, amounting to $13,493 per person and accounting for 17.3% of GDP. Furthermore, national health spending is projected to reach $6.2 trillion by 2028. Consequently, the surge in medical costs is propelling the growth of the medication management systems market.
The increasing elderly population is anticipated to drive the expansion of the medication management system market in the years ahead. The term "aging population" denotes a demographic trend characterized by a larger percentage of people in older age groups within a population, typically aged 65 and above. Medication management systems tailored for the elderly enhance medication adherence, safety, and overall health outcomes by offering automated reminders, dosage tracking, and real-time monitoring. For instance, by August 2022, the number of Australians aged 65 and over is projected to rise by 54%, reaching 6.66 million by 2041, up from an estimated 4.31 million in 2021. Similarly, the population of Australians aged 85 and above is expected to surge by 140%, from 534,000 in 2021 to 1.28 million by 2041. Therefore, the increasing aging population is a key driver of the medication management system market.
In the medication management system market, there's a notable surge in the adoption of new product innovations. Leading companies in this field are prioritizing the launch of inventive products to uphold their competitive advantage. For instance, Omnicell Inc., a US-based firm specializing in healthcare technology tools and medication management solutions, introduced Omnicell One in 2021. This fresh system aims to bolster medication inventory control, minimize wastage, enhance patient safety, and effectively handle drug diversion. Omnicell One achieves these objectives by automatically updating medication statuses within the system, encompassing availability and usage metrics. This capability equips healthcare facilities with real-time insights to optimize their medication management procedures. This emphasis on innovation underscores the industry's dedication to advancing medication management systems to address the ever-evolving healthcare demands.
Leading companies in the medication management system market are employing a strategic partnership approach by establishing a two-year pharmaceutical informatics fellowship. This strategy involves companies utilizing each other's strengths and resources to achieve mutual benefits and success. For instance, in July 2022, Omnicell Inc., a healthcare technology company in the US specializing in medication management solutions, collaborated with Vanderbilt University Medical Center, a US-based medical facility, to introduce a new two-year pharmaceutical informatics fellowship. Part of the MS-ACI program, this fellowship offers a professional pathway for pharmacy-trained fellows. These individuals will have the chance to engage in various pharmacy and informatics initiatives at Vanderbilt while pursuing a master's degree in applied clinical informatics and collaborating with Omnicell. The primary objective of this strategic partnership is to promote talent development and innovation in pharmaceutical informatics, yielding benefits for both organizations and propelling advancements in the field.
In July 2022, Becton and Dickinson, a US medical technology firm, purchased Parata Systems for about $1.525 billion. This acquisition bolsters BD's medication management capabilities, introducing a range of new innovations across various care environments such as acute care health facilities, retail pharmacies, long-term care, and home settings. Parata Systems, a US company focusing on medication management and pharmacy automation solutions, was the subject of this acquisition.
Major companies operating in the medication management system market report are McKesson Corporation, Optum Inc., Cardinal Health Inc., Siemens Healthcare Private Limited, Becton Dickinson and Company, GE Healthcare, Baxter International Inc., B. Braun Melsungen AG, Cerner Corporation, Epic Systems Corporation, Hospira Inc., Omnicell Inc., Genoa Healthcare LLC, Allscripts Healthcare Solutions Inc., Ginkgo Bioworks Inc., Swisslog Healthcare (US) Inc., Nexus AG, Clarest Health Inc., QuadraMed Affinity Corporation, AdhereHealth LLC, Hero Health Inc., ARxIUM Inc., Talyst LLC, Jini Health Inc., CareRight Technologies LLC, Wiegand AG, eMARneek, BIQHS, CARI Health, Impruvon, Vivante Health, Virta Health, Nanodropper Inc., Healthera Ltd.
North America was the largest region in the medication management system market in 2023. The regions covered in the medication management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medication management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medication management system market consists of sales of web-based ordering systems, perpetual inventory systems, automatic dispensing systems, medication ordering, reporting systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medication Management System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medication management system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medication management system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medication management system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.