Pune, July 09, 2024 (GLOBE NEWSWIRE) -- Medication Management Market Analysis:
“According to SNS Insider Research, The Medication Management Market size was valued at US$ 2.78 billion in 2023 and is anticipated to surpass US$ 6.29 billion, with a compound annual growth rate (CAGR) of 10.21% over the forecast period 2024-2032.”
Rising Number of Clinical Trails Around the World have Propelled the Medication Management Market
Many hospitals and healthcare facilities are adopting the implementation of electronic medication management systems to support all medications from order entry through administration and enhance patient safety. For example, an article in the Journal of Healthcare published in May 2022 presented increased rates of electronically documented at the time of ordering and a higher rate of electronic order entry alone for medication management that contributed to improving patient safety including computerized order writing. This, as a result, is likely to support the growth of the market in the coming years considering the advantages offered by medication management systems in the healthcare sector.
Also, there has been an increase in the number of clinical trials conducted over recent years. For example, until November 11th, 2022 there were over 4,357 clinical studies that have been registered as early phase I in the United States National Library of Medicine. Likewise, more than 52,010 Phase I clinical trials were registered alongside >72,422 Phase II clinical trials and approximately 41,923 Phase III were observed followed by around 30,205 Phase IV Clinical Trials being recorded as well. Moreover, the rise in several clinical trials that played an important role in the discovery and development of drugs is anticipated to contribute towards the growth of the medication management market over the forecast period.
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Major Players Analysis Listed in this Report are:
- A-S Medication Solutions (Allscripts Healthcare Solutions Inc.)
- Omnicell, Inc.
- ARxIUM
- McKesson Corporation
- Becton
- Dickinson and Company
- Talyst, LLC (Psychiatric Solutions, Inc.)
- Cerner Corporation
- BIQHS
- GE Healthcare (General Electric Company)
- NEXUS AG
- Other Players
This medication management system market growth is also influenced by enhancing the quality of treatment services related to increased investments in hospitals. The International Diabetes Federation states that Diabetic expenditures are expected to rise and reach up to USD 845 billion worldwide by the year, 2045. If untreated, chronic diseases such as diabetes, CVD, and neurological diseases in the world can have fatal consequences.
Medication Management Market Report Scope:
| Report Attributes | Details |
| Market Size by 2023 | US$ 2.78 Billion |
| Market Size by 2032 | US$ 6.29 Billion |
| CAGR | CAGR of 10.21% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| 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) |
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Segmentation Dynamics
In 2023, the inventory management segment led the market with a market share of 26.72%. Healthcare systems are grappling with limiting resource waste and cutting costs. Therefore, the increasing demand for automation of workflow standardization process and to achieve smooth operations regarding inventory procurement is expected to propel this segment.
Furthermore, the Clinical Decision Support System Solutions system is expected to grow at a higher rate during the forecast period. An increase in the demand to reduce healthcare expenditure, improve patient safety, and need for improving care quality is fuelling the growth of these applications largely offering high returns on investment (ROI) which has contributed towards its increased adoption by healthcare providers across developed nations with rapidly increasing chronic disease population while emerging economies being more enthusiastic adopting CDSS solutions.
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Key market players are expected to boost the growth of this segment during the forecast period. This includes news that Qiagen announced more than three million patient molecular profiles in the field of hereditary and oncological diseases have been interpreted through its clinical decision support platform, QIAGEN Clinical Insights (QCI), as recently as July 2022. The QCI portfolio - an end-to-end, universal solution that enables comprehensive secondary and tertiary analysis in molecular pathology or all clinical genetics labs for any next-generation sequencing (NGS) platform. This in turn is anticipated to drive the market segment more profoundly over the forecast period, due to the broad usage of such CDSS platforms.
Medication Management Market Key Segmentation:
By Type
- Software
- Computerized Physician Order Entry
- Clinical Decision Support System Solutions
- Electronic Medication Administration Record
- Inventory Management Solutions
- Others
- Services
- Medication Analytics
- Point-of-Care Verification
- ADE Surveillance
By Mode of Delivery
- On-Premise Solutions
- Web-Based Solutions
- Cloud-Based Solutions
By End Use
- Hospitals
- Pharmacies
- Others
Regional Analysis
North America held 52.03% of the major market share in 2023. The performance of the region was attributed to the extensive adoption of IT in healthcare, advancement with technology, and rise in prevalence associated with chronic as well as infectious diseases which have activity called for various written prescriptions consequently rewriting North America. The biggest medication management systems market with the largest size in the U.S. belongs to this region and is larger than those of all other Countries combined on a global scale. This is due to the significant knowledge about new technologies, a large number of small- and medium-sized asthma management players targeting multiple hospitals or pharmacies in this country area, as well as primary care provider scarcity.
A study published in the Journal of the American Medical Association predicts that there will be a shortage of nearly 91,500 doctors by 2021. Asia Pacific is expected to emerge as the fastest-growing market over the forecast period with a CAGR of 11.6%. Growth is anticipated to be driven by better healthcare infrastructure and facilities, an increase in spending on healthcare, a large patient pool as well as number of hospitals during the forecast period.
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Recent Developments
- In December 2021, Omnicell, Inc. has an agreement with ReCept Holdings, Inc., to use Omnicell's adherence tools for health systems and pharmacies. The deal is to purchase the business for a completely increased cash consideration of $10 0 million, subject again global adjustments. This acquisition will expand our portfolio of products and services to meet the critical demand for increased access, safety, & support around complex therapies.
- In July 2022, BD acquired Parata Systems. Parata further advances BDis Transformative Solutions strategy, by providing a broad portfolio of leading-edge pharmacy automation solutions that enable an expanding network of pharmacies to reduce costs, increase patient safety, and improve the overall patient experience for retail.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Medication Management Market Segmentation, By Type
8. Medication Management Market Segmentation, By Mode of Delivery
9. Medication Management Market Segmentation, By End Use
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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