Dublin, July 29, 2022 (GLOBE NEWSWIRE) -- The "Global Medication Management System Market Size, Share & Trends Analysis Report by Software, by Mode Of Delivery (On-premise, Web-based, Cloud-based), by End-use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global medication management system market size is expected to reach USD 6.3 billion by 2030. The market is expected to expand at a CAGR of 11.2% from 2022 to 2030. A rise in the number of prescriptions globally, increase in investments by hospitals for workflow management, advanced technologies, and rise in government reforms and policies boosting the integration of IT in healthcare are estimated to drive market growth.
A rise in challenges faced by healthcare professionals for efficient management of clinical operations, streamlined workflow, and reduced healthcare costs drive the demand for automated solutions in healthcare facilities. Rapid growth in prescriptions has increased the burden on care providers to efficiently manage prescriptions of patients and minimize medication errors. Thus, increase in the number of prescriptions is one crucial factor driving the market growth. In addition, a shortage of pharmacists and healthcare professionals will further boost the adoption of IT solutions in healthcare facilities.
Also, according to a 2017 report by WHO, medication errors cost USD 42 billion per year globally. According to these numbers, there is a raising need for medication management systems as an essential component of comprehensive healthcare infrastructure. The population is at risk of adverse drug events due to the possibility of human error in delivering medication, which can be reduced by employing a medication management system. This would boost the worldwide medication management system market growth.
Reforms, policies, and initiatives are being taken by governments to increase the adoption of healthcare IT across the globe, which is expected to drive market growth. For instance, the German National Medication Plan is an initiative directed toward enhancing medication management software in hospitals and pharmacies in Germany.
To extend the geographic reach and client bases, key market players are using competitive strategies such as technology advancement, acquisitions and mergers, agreements, collaboration, and partnerships. For instance, in March 2022, Constellation Software, through N. Harris Computer (subsidiary), concluded its agreement for the acquisition of a net asset of Allscripts Healthcare Solutions' hospitals and large physician practices business for a payment of USD 700 million in cash.
Medication Management System Market Report Highlights
- The inventory management solutions segment held a majority of revenue share in the market in 2021 due to the rising need to reduce issues such as stockout and overstock.
- The hospitals segment held the largest revenue share in 2021 owing to the rise in investments by hospitals to upgrade their IT infrastructure.
- The cloud-based solutions segment dominated the market owing to greater data security.
- North America dominated the market owing to high adoption of healthcare IT and technological advancements.
Key Topics Covered:
Chapter 1. Research Methodology
Chapter 2. Executive Summary
Chapter 3. Medication Management Market Variables, Trends & Scope
Chapter 4. Medication Management Market: Software Estimates & Trend Analysis
Chapter 5. Medication Management Market: Mode of Delivery Estimates & Trend Analysis
Chapter 6. Medication Management Market: End-Use Estimates & Trend Analysis
Chapter 7. Medication management: Regional Estimates & Trend Analysis, By Software, Mode of Delivery, and End-use
Chapter 8. Competitive Landscape
Companies Mentioned
- Allscripts
- Becton, Dickinson and Company (CareFusion)
- GE Healthcare
- Talyst, LLC.
- McKesson Corporation
- Cerner Corporation
- ARxIUM
- QuadraMed Affinity Corporation
- Omnicell, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/mlu2u7
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