The Medication Management Market Size was valued at USD 2.44 billion in 2022 and is expected to reach USD 5.62 billion by 2030, and grow at a CAGR of 11% over the forecast period 2023-2030.
Medication management is a method that makes sure the patient knows the rationale behind the prescriptions and takes them correctly and on-time. It also emphasizes enhancing the patient's utilisation of drugs to treat their ailment. Medication rebalancing, medication therapy management, patient and family education on drugs, and patient-specific medication setup simulations are just a few examples of interventions.
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Medication management is a process for tracking, monitoring, and reconciling a person's prescriptions. Over-the-counter drugs, dietary supplements, vitamins, and other traditional therapy are some of the pharmaceutical management considerations. This procedure ensures patient adherence and helps prevent unfavorable drug combinations, side effects, and other complications. Medication management is a crucial component of individualised care since it aids in achieving the care plan's objective and achieving targeted health results.
DRIVERS
Technological Advancements Driving Market Growth
Healthcare Reforms Include Medication Management Services, Fueling Growth
The demand for medication management systems is accelerating due to the ageing population growth and the high prevalence of chronic illness.
Systems for Managing Prescription Drugs Lower Healthcare Costs
RESTRAINTS
The market's growth is hampered by a lack of adoption of medication management systems.
The market's growth would be constrained by high implementation and maintenance costs.
OPPORTUNITIES
The market for medication management systems in emerging nations has enormous potential.
Putting More Emphasis on Value-Based Medicine to Encourage Market Development
CHALLENGES
Infrastructure and knowledge gaps exist in developing nations.
Costly implementation
The COVID-19 epidemic had a favourable effect on the market. The current pandemic is placing a heavy pressure on medical facilities all across the world. Lockdowns and social isolation were used to stop the infection's spread. Patients with chronic illnesses who couldn't go to medical centers for standard care and prescription administration suffered. These patients have quick and easy access thanks to retail pharmacies. Community pharmacists' participation in these centers’ management of chronic health conditions and promotion of medication adherence during this pandemic was crucial in easing the pressure on the world's overworked healthcare systems.
By Software
The market leader and contributor to the biggest revenue share was the inventory management segment. The cost of medications and related expenses makes up a sizable amount of hospital and pharmacy budgets. Healthcare systems are working to save costs and waste as much as possible. Therefore, it is projected that the growing requirement for workflow standardization, streamlined procedures, and effective inventory procurement would help to the expansion of this industry.
The adoption of the Health Information Technology for Economic and Clinical Health (HITECH) Act has led to a rise in the integration of IT software in healthcare systems. The goal of this law is to aid healthcare providers in providing better treatment. Government policies that support IT integration in healthcare are therefore a key factor in industry expansion.
By Services
The point-of-care verification, medication analytics, and ADE (adverse drug events) surveillance segments of the industry are each described below.
By End-users
One of the major end users of IT solutions and the segment with the biggest revenue share is healthcare. In recent years, hospitals have begun making significant financial investments in the acquisition and modernization of their IT systems. They are concentrating on enhancing workflow effectiveness, safely delivering medication, and streamlining intricate clinical procedures. Hospitals now hold the highest market share thanks to these procedures.
A CAGR is anticipated for the category during the forecast period as pharmacy continues to be a key end-user of IT solutions. Some of the major causes of the expansion of medication management solutions in pharmacies are an increase in the number of prescriptions and a lack of pharmacists.
By Mode of Delivery
The market leader and source of the biggest revenue share was the segment of cloud-based solutions. For simple information exchange with clients and other stakeholders, a number of firms are creating cloud-based deployment solutions. Demand for commercially available cloud solutions is likely to be significantly influenced by the ease with which information may be accessed in remote locations using such solutions. In addition, the market is projected to grow in the next years due to the emphasis on patient data privacy and the adoption of regulations related to it.
Due to several security flaws in web-based and on-premises deployment, cloud-based technology deployment is getting a lot of popularity. Cloud service providers also provide solutions that address different threats and provide protection against data loss and theft. As a result, this market segment accounts for a sizeable portion of the market. The second-largest market share for medication management systems was held by web-based solutions. This can be linked to doctors increasingly favoring web-based technologies over cloud-based ones because they are more affordable.
By Software
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
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With the biggest market share, the North American market led the world market for medication management. Europe, APAC, and Row were next. The APAC area has the greatest potential for growth over the next few years. This market will be driven in part by the urgent need for modernizing the healthcare infrastructure as a result of the ageing population rise and rising prevalence of chronic diseases. Medical treatment management market expansion is anticipated to be led by nations like South Korea, China, and Singapore in the APAC region.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Major key players are Omnicell, Inc., Allscripts, Cerner Corporation, Becton Dickinson and Company (CareFusion), McKesson Corporation, Quadra Med Affinity Corporation, GE Healthcare, and other players.
| 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 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • 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) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Omnicell, Inc., Allscripts, Cerner Corporation, McKesson Corporation, Becton Dickinson and Company (CareFusion), Quadra Med Affinity Corporation, GE Healthcare, and other players. |
| DRIVERS | • Technological Advancements Driving Market Growth • Healthcare Reforms Include Medication Management Services, Fueling Growth • The demand for medication management systems is accelerating due to the ageing population growth and the high prevalence of chronic illness. |
| RESTRAINTS | • The market's growth is hampered by a lack of adoption of medication management systems. • The market's growth would be constrained by high implementation and maintenance costs. |
Ans: The Medication Management Market size was valued at US$ 2.44 billion in 2022.
With the biggest market share, the North American market led the world market for medication management.
Medication Management Market is divided into three segments and they are By Software, By Services, By End-users, and By Mode of Delivery
The market's growth is hampered by a lack of adoption of medication management systems are the restraints of the market.
Ans: The Medication Management market is growing at a CAGR of 11% over the forecast period 2023-2030.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
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
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Medication Management Market Segmentation, By Software
8.1 Computerized Physician Order Entry
8.2 Clinical Decision Support System
8.3 Administration Software
8.4 Inventory Management
8.5 Automated Dispensing Systems (ADS)
8.6 Assurance System Software
9. Medication Management Market Segmentation, By Services
9.1 Medication Analytics
9.2 Point-of-Care Verification
9.3 ADE Surveillance
10. Medication Management Market Segmentation, By End-users
10.1 Hospitals
10.2 Pharmacy
10.3 Others
11. Medication Management Market Segmentation, By Mode of Delivery
11.1 On-premises
11.2 Cloud-based
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Omnicell, Inc.
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Allscripts
13.3 Cerner Corporation
13.4 Becton
13.5 McKesson Corporation
13.6 Dickinson and Company (CareFusion)
13.7 Quadra Med Affinity Corporation
13.8 GE Healthcare.
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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