Medication Management Market will register a CAGR of almost 13.4% by 2023
The global medication management market is expected to exhibit a strong 13.4% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global medication management market is mainly driven by the growing geriatric population and the growing awareness about medication management, which has led to a raft of new products in the market.
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The report assesses the probabilities of the market’s various growth trajectories through the 2018-2023 forecast period and delivers a detailed analysis of the market’s major growth drivers and restraints. The leading factors enabling growth of the medication management market are assessed in detail in the report. The major restraints hampering the market growth are also profiled in the report, providing a complete overview of the market. The leading players operating in the global medication management market are also profiled in the report, providing readers with a complete overview of the competitive landscape of the market.
Medication management is a key part of healthcare services and tracks medication from its acquisition in hospitals to its consumption by the patient. The medication management market has emerged as a major part of the healthcare sector mainly due to the growing geriatric population around the world. Geriatrics often have multiple prescriptions and thus need to remember their dosages accurately. They may also suffer from memory disorders, making them unreliable in terms of sticking to their medication schedule. This has led to a growing number of medication management products coming into the market in recent years. The growing geriatric population in the U.S., Canada, and Western Europe is likely to be the major driver for the global medication management market over the forecast period. The growing geriatric population in Asia Pacific countries such as Japan, China, and India is also likely to be a key driver for the global medication management market over the forecast period.
Rising investment in healthcare IT is also likely to be a major driver for the global medication management market over the forecast period. Healthcare IT solutions have become increasingly important over the last few years, as data-driven decision making has become increasingly popular in the healthcare sector. On the other hand, the high costs of installing and maintaining medication management systems could constrict the market’s chances of further growth over the forecast period.
Competitive Analysis:
Leading players in the global medication management market include Siemens Ltd., QuadraMed Affinity Corporation, Optum Inc., Omnicell Inc., Medical Information Technology Inc., McKesson Corporation, General Electric Company, and Allscripts Healthcare.
In January 2020, Medisafe, a leading provider of medication management solutions, announced the inclusion of pharmacy services in its range of services. This includes the ability for patients to refill their prescriptions as well as having them delivered to their doorstep.
Segmentation:
The global medication management market is segmented based on systems, services, mode of delivery, end user, and region.
By systems, the global market for medication management is segmented into computerized physician order entry systems, clinical decision support systems, administration software, inventory management systems, automated dispensing systems and assurance systems. The administration software segment is further classified as electronic medication administration records (eMAR) software and bar code medication administration (BCMA) software. The automated dispensing systems segment is further classified as centralized automated dispensing systems and decentralized automated dispensing systems (ADS); centralized automated dispensing system includes robots/robotic automated dispensing systems and carousels, while decentralized automated dispensing system (ADS) includes pharmacy-based decentralized automated dispensing systems, ward-based decentralized automated dispensing systems and automated unit-dose decentralized automated dispensing systems.
By services, the global medication management market is divided into point-of-care verification services and adverse drug effects (ADE) surveillance services.
By mode of delivery, the market is divided into web-based solutions, on-premise solutions, and cloud-based solutions.
Based on end user, the market is segmented into hospitals, pharmacies, and others.
Regional Analysis:
The global medication management market is dominated by North America, followed by Europe, due to the high prevalence of polypharmacy in the region and the presence of several leading healthcare players. Asia Pacific is likely to be the fastest growing regional market over the forecast period due to the growing healthcare sector in the region and the growing geriatric population.
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