Report Scope & Overview:
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.
To get more information on Medication Management Market - Request Sample Report
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.
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
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.
The market for medication management systems in emerging nations has enormous potential.
Putting More Emphasis on Value-Based Medicine to Encourage Market Development
Infrastructure and knowledge gaps exist in developing nations.
IMPACT OF COVID-19
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.
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.
The point-of-care verification, medication analytics, and ADE (adverse drug events) surveillance segments of the industry are each described below.
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.
KEY MARKET SEGMENTS:
Automated Dispensing Systems (ADS)
Assurance System Software
By Mode of Delivery
Need any customization research on Medication Management Market - Enquiry Now
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
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.
|Market Size in 2022||US$ 2.44 Billion|
|Market Size by 2030||US$ 5.62 Billion|
|CAGR||CAGR of 11% From 2023 to 2030|
|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
1.1 Market Definition
1.3 Research Assumptions
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
4.3.2 Impact on major economies
126.96.36.199 United Kingdom
188.8.131.52 South Korea
184.108.40.206 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
11. Medication Management Market Segmentation, By Mode of Delivery
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Omnicell, Inc.
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.3 Cerner Corporation
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
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The 3D Printing Medical Device Software Market Size was valued at USD 10.69 billion in 2022 and is expected to reach USD 39.48 billion by 2030 and grow at a CAGR of 17.66% over the forecast period 2023-2030
In 2022, The Skin Cancer Treatment Market size amounted to USD 9.98 Billion & is estimated to reach USD 18.06 Billion by 2030 and increase at a compound annual growth rate of 7.7% between 2023 and 2030.
The size was valued at USD 448.25 Million in 2022 and is expected to reach USD 618.20 Million By 2030 and grow at a CAGR of 4.1% over the forecast period of 2023-2030.
In 2022, The Compression Therapy Market size amounted to USD 3.54 Billion & is estimated to reach USD 5.31 Billion by 2030 and increase at a compound annual growth rate of 5.2% between 2023 and 2030.
The Artificial Intelligence in Genomics Market Size was valued at USD 464.50 million in 2022, and is expected to reach USD 13096 million by 2030 and grow at a CAGR of 51.8% over the forecast period 2023-2030.
The Digital PCR-dPCR Market size was valued at US$ 419.25 Million in 2022 and is projected to reach US$ 2196.40 Million by 2030, with a growing CAGR of 23% during the forecast period 2023-2030.
Hi! Click one of our member below to chat on Phone