Medication Management Market to Cross USD 5.62 Billion by 2030 due to Rising Chronic Disease Burden and Advancements in Medication Dispensing Systems | Research by SNS Insider

According to SNS Insider’s research, the medication management market is poised for remarkable expansion, driven by a synergistic interplay of technological advancements, rising chronic disease burden, government initiatives, a growing aging population, and a shift towards patient-centric healthcare.

Pune, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that in 2022, the size for Medication Management Market was assessed at USD 2.44 billion, with a projected growth to USD 5.62 billion by 2030. It is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 11% during the forecast period spanning from 2023 to 2030.

Market Overview

Medication management refers to the comprehensive process of overseeing and optimizing the use of medications by individuals to achieve specific health outcomes. This involves a collaborative approach among healthcare professionals, including physicians, pharmacists, and nurses, to ensure that medications are prescribed, dispensed, and taken in a manner that maximizes effectiveness while minimizing potential risks and adverse effects. The goal of medication management is to enhance patient safety, improve adherence to prescribed regimens, and ultimately contribute to better health outcomes.

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Market Analysis

The integration of cutting-edge technologies, such as automation, artificial intelligence, and machine learning, has revolutionized medication dispensing systems. Automated dispensing cabinets, robotic dispensing systems, and smart pill dispensers are enhancing accuracy, reducing errors, and optimizing medication administration processes. The surge in adoption of these advanced systems is a primary driver fostering market growth. The global prevalence of chronic diseases is on the rise, placing an unprecedented burden on healthcare systems. Effective medication management plays a pivotal role in the treatment and management of chronic conditions, including diabetes, cardiovascular diseases, and respiratory disorders. The escalating need for efficient medication adherence solutions to curb the impact of chronic diseases is fueling the expansion of the medication management market. Governments worldwide are increasingly recognizing the significance of a robust healthcare infrastructure. Investments in healthcare technology, including medication management solutions, are being prioritized to enhance patient care and optimize resource utilization. Incentive programs, subsidies, and regulatory support are acting as catalysts, encouraging healthcare providers to adopt advanced medication management systems.

Major Players Listed in this Report are:

  • Omnicell, Inc.
  • Allscripts
  • Cerner Corporation
  • Becton Dickinson and Company (CareFusion)
  • McKesson Corporation
  • Quadra Med Affinity Corporation
  • GE Healthcare & Other Players

Medication Management Market Report Scope:

Report Attributes Details
Market Size in 2022  US$ 2.44 Billion
Market Size by 2030  US$ 5.62 Billion
CAGR  CAGR of 11% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2020-2021
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Key Takeaway from Medication Management Market Study

  • The CPOE segment, which involves the electronic entry of medication orders by healthcare providers, streamlines the prescription process, minimizing errors and improving workflow efficiency. This segment is expected to maintain its dominance due to the increasing adoption of electronic health records and the emphasis on reducing prescription-related mistakes.
  • Simultaneously, Medication Analytics, encompassing the analysis of medication-related data to derive actionable insights, is gaining prominence. This segment aids healthcare providers in making informed decisions regarding medication usage, ensuring optimal therapeutic outcomes.

Recent Developments

  • In a recent development, healthcare technology startup FeelBetter has successfully raised $5.9 million in a funding round aimed at advancing its innovative AI-enabled medication management platform. The funding round saw enthusiastic participation from a diverse group of investors, reflecting a growing interest in solutions that leverage artificial intelligence to enhance healthcare processes.
  • In a strategic collaboration, Signify Health and Cardinal Health have announced a partnership aimed at advancing in-home medication management solutions. This partnership brings together Signify Health's expertise in comprehensive home-based care and Cardinal Health's extensive experience in healthcare solutions to create a holistic approach to medication management within the comfort of patients' homes.

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Market Dynamics Analysis

The dynamics of the medication management market are intricately shaped by a confluence of drivers, restraints, challenges, and threats, all of which play a pivotal role in steering the trajectory of this crucial healthcare sector. At the forefront of the driving forces is the relentless advancement in technology, particularly in the realms of electronic health records (EHRs) and digital healthcare solutions. The adoption of sophisticated medication management systems, integrated with EHRs, not only enhances accuracy in prescription management but also streamlines the overall healthcare workflow, fostering efficiency and minimizing errors. Additionally, the escalating global burden of chronic diseases propels the demand for robust medication management solutions, as healthcare providers seek innovative ways to optimize patient outcomes. On the flip side, the market grapples with formidable restraints, such as the high initial costs associated with implementing cutting-edge medication management technologies. The financial burden, coupled with the resistance to change within traditional healthcare systems, poses a significant challenge to widespread adoption. Furthermore, interoperability issues and concerns regarding the security of patient data act as additional impediments, demanding comprehensive solutions to safeguard sensitive health information. Amidst these dynamics, the market is confronted with multifaceted challenges, including the need for standardized protocols across healthcare institutions and regions to ensure seamless interoperability.

Medication Management Market Segmentation:

By Software

  • Computerized Physician Order Entry
  • Clinical Decision Support System
  • Administration Software
  • Inventory Management
  • Automated Dispensing Systems (ADS)
  • Assurance System Software

By Services

  • Medication Analytics
  • Point-of-Care Verification
  • ADE Surveillance

By End-users

  • Hospitals
  • Pharmacy
  • Others

By Mode of Delivery

  • On-premises
  • Cloud-based

Key Regional Developments

The medication management market exhibits dynamic regional variations influenced by factors such as healthcare infrastructure, regulatory environments, and technological adoption. In North America, for instance, the market is characterized by a high level of technological integration, with a strong emphasis on electronic health records and automated prescription systems. Europe follows suit, with a focus on interoperability among healthcare systems to enhance medication safety. In contrast, emerging markets in Asia-Pacific and Latin America are witnessing a gradual shift towards advanced medication management solutions. The adoption of these technologies is influenced by the growing awareness of patient safety and the increasing burden of chronic diseases. The regional dynamics of the market highlight the need for tailored strategies that align with the unique healthcare landscapes of different geographical areas.

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Impact of Recession on Medication Management Market Growth

The ongoing global recession has presented both challenges and opportunities for the medication management market. While economic uncertainties may lead to budget constraints in healthcare spending, there is an increased awareness of the cost-effectiveness of advanced medication management solutions. Healthcare providers are under pressure to optimize resources and enhance operational efficiency, driving the demand for technologies that streamline medication-related processes. Moreover, the recession has underscored the importance of preventive healthcare, prompting healthcare systems to invest in solutions that ensure medication adherence and reduce the likelihood of costly complications. As the industry navigates through the economic downturn, innovative and cost-effective medication management solutions are likely to witness sustained demand.

Table of Contents – Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

8. Medication Management Market Segmentation, By Software

9. Medication Management Market Segmentation, By Services

10. Medication Management Market Segmentation, By End-users

11. Medication Management Market Segmentation, By Mode of Delivery

12. Regional Analysis

13. Company Profiles

14. Competitive Landscape

15. Conclusion

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