Rockville, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Rising Burden Of Written Prescriptions Worldwide And Rapidly Developing Telehealth Industry Are Boosting Target Market Growth
As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global sales of medication management systems is valued at US$ 3.33 billion in 2023 and is predicted to expand rapidly at a CAGR of 10% from 2023 to 2033.
Medication management includes medication monitoring & rechecking and making sure patients get assured outcomes. It is vital to thoroughly examine prescription medication and its potential side effects to establish treatment regimens and evaluate their safety and effectiveness.
Treatment mistakes can have unfavourable or catastrophic adverse effects of a patient, render the treatment useless, or even lead to a patient’s death. By lowering mortality and disease incidence rates, effective medication management services improve the safety and dependability of healthcare. Utilizing medications properly can improve health outcomes as well as patient safety.
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Cloud-based Medication Management Systems: Higher Protection against Theft and Robust Data Security
On-premise medication management systems are installed on the premises of the healthcare organization and are managed by the organization’s IT staff. These systems are used by healthcare organizations that prefer to have complete control over their data and systems.
Web-based medication management systems are hosted on the web and are accessed through a web browser. These systems are used by healthcare organizations that prefer to outsource their IT infrastructure and operations. Due to several security flaws in web-based and on-premises deployment, the deployment of cloud-based technologies is getting a lot of support.
Key Takeaways from Market Study
- The global market for medication management systems is projected to reach US$ 8.64 billion by 2033.
- Germany’s market is predicted to expand at a CAGR of 8% during the forecast period (2023-2033).
- Demand for medication management systems in China is expected to rise at an impressive CAGR of 9.5% during the forecast period.
- Sales of clinical decision support system solutions are predicted to increase at a high CAGR of 11.5% from 2023 to 2033.
Competitive Landscape
Key players in the medication management systems are continuously working to offer specialized solutions, engage in mergers and acquisitions, and create opportunities in underdeveloped commercial regions. Furthermore, businesses are spending huge amounts creating new platforms and products with improved and expanded capabilities as part of a commercialization strategy.
- Omnicell, Inc., a well-known supplier of medication management solutions and adherence tools for healthcare organisations and pharmacies, announced in December 2021 that it had signed a contract with ReCept Holdings, Inc. Subject to usual modifications, the deal seeks to buy its business for an aggregate total cash consideration of US$ 100 million. The acquisition will increase Omnicell's capabilities and service offerings, which will help it to better meet the urgent demand for better care coordination and improved access to complicated pharmaceuticals.
Key Companies Profiled
- Allscripts Healthcare Solutions, Inc.
- CareFusion Corporation
- Cerner Corporation
- GE Healthcare
- McKesson Corporation
- MEDITECH
- Omnicell, Inc.
- Optum, Inc.
- QuadraMed Corporation
- Siemens Healthineers
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Key Segments of Medication Management Systems Industry Research
- By Product:
- Inventory Management Solutions
- Clinical Decision Support System Solutions
- Computerized Physician Order Entry (CPOE)
- Medication Administration Software
- Automated Dispensing Systems
- Assurance System Software
- By Mode of Delivery :
- On-premise
- Web-based
- Cloud-based
- By Service :
- Medication Analytics
- Point-of-care Verification
- ADE Surveillance
- By End User :
- Hospitals
- Pharmacies
- Other Healthcare Institutions
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Winning Strategy
Key market players are employing competitive strategies such as technological progress, acquisitions and mergers, partnerships, collaborations, and alliances to broaden their client bases and geographic reach.
- In March 2022, Constellation Software and N. Harris Computer (a subsidiary) struck a deal for Constellation Software to pay US$ 700 million in cash and acquire a net asset of Allscripts Healthcare Solutions' hospitals and major medical practice businesses.
- Parata Systems was successfully acquired by BD (Becton, Dickinson and Company) in July 2022, according to the company's statement. By providing a portfolio of cutting-edge pharmacy automation solutions that enable a growing network of pharmacies to cut costs, improve patient safety, and improve the patient experience for retail, Parata advances BD's disruptive solutions approach.
The market for medication management systems is being driven by the rising need to decrease medication errors and the massive prevalence of written prescriptions globally.
Medication management systems market growth is accelerated by the increasing use of IT in the healthcare industry, the adoption of automated workflow management solutions due to the heavy workload placed on pharmacists, and the surge in hospital spending on new software for the effective management of healthcare processes.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global medication management systems market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of product (inventory management solutions, clinical decision support system solutions, computerized physician order entry (CPOE), medication administration software, automated dispensing systems, assurance system software), mode of delivery (on-premise, web-based, cloud-based), service (medication analytics, point-of-care verification, ADE surveillance), and end user (hospitals, pharmacies), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
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