Global Medication Management System Market By Software, By Mode of Delivery, By End-user, By Region, Industry Analysis and Forecast, 2020 - 2026
- February 2021 •
- 236 pages •
- Report ID: 6046679 •
- Format: PDF
The Global Medication Management System Market size is expected to reach $5.7 billion by 2026, rising at a market growth of 20.1% CAGR during the forecast period. Medication management helps in enabling the process of administration, prescribing, and supply of medicines which can be monitored & authenticated electronically. Over the past few years, there is considerable growth in the global medication management market. This is attributed to the growing incidence of chronic diseases and swift growth in the elderly population The high demand for computerized physician order entry systems has increased over years owing to the increasing demand for remote patient monitoring services.
Factors like rising investment by hospitals in order to enhance workflow, technological advancement in medical field, and awareness about decreasing medication errors have contributed to market growth. Moreover, the market growth is expected to propel due to the high adoption of IT in the healthcare industry across the globe.
Aspects such as dispensing of medicines, inventory management, and controls Adverse Drug Events (ADE) can be enhanced using medication management storage. The shortage of healthcare professionals and pharmacists has considerably increased. Therefore, the adoption of medication management software has been witnessing a surge in order to ensure effective workflow.
Software Type Outlook
Based on Software, the market is segmented into Clinical Decision Support System Solutions, Computerized Physician Order Entry (CPOE), Inventory Management Solutions, Electronic Medication Administration Record, and Other Software. Among all these systems, the computerized physician order entry systems segment acquired the maximum growth in the market. This is attributed to the rising demand for remote patient monitoring services and advanced healthcare systems. Moreover, the clinical decision support system is anticipated to grow at the highest rate due to the increasing chronic diseases & rising geriatric population.
Mode of Delivery Outlook
Based on Mode of Delivery, the market is segmented into Cloud-based, Web-based and On-premise. In 2019, the cloud-based solution segment procured the maximum share of the medication management system market. A large number of players are focusing on developing cloud-based deployment solutions that can facilitate easy information that can be shared with clients and stakeholders. The prime factor that supports the growth of the global medication management system market is the easy access of information in remote locations using such solutions. The global market is expected to witness bright growth prospects due to the increasing focus on patient data protection & the advent of laws regarding it.
Based on End-user, the market is segmented into Hospitals, Pharmacies and Other end-users. In 2019, Hospitals segment obtained the maximum revenue share in the medication management system market & as it is one of the major end-users of IT solutions. In past years, hospitals have increased their funds in the purchase and upgrades of their IT systems.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2019, North America emerged as the leading region of the medication management system market. The major factors that propel the growth of the regional market are increasing rates of infectious & chronic diseases, rising adoption of IT in healthcare, technological development and a surge in the number of prescriptions. Moreover, the increasing awareness about new technologies and the existence of a large number of small & medium-scale players offering medication management solutions to several hospitals and pharmacies.
The major strategies followed by the market participants are Acquisitions and Partnerships. Based on the Analysis presented in the Cardinal matrix; UnitedHealth Group, Inc. and Siemens AG are the forerunners in the Medication Management System Market. Companies such as Omnicell, Inc., AllScripts Healthcare Solutions, Inc., McKesson Corporation, Becton, Dickinson and Company, Kuka AG, and General Electric (GE) Co. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AllScripts Healthcare Solutions, Inc. (A-S Medication Solutions), Siemens AG, Becton, Dickinson and Company, Cerner Corporation, General Electric (GE) Co. (GE Healthcare), McKesson Corporation, UnitedHealth Group, Inc. (Optum, Inc.), Omnicell, Inc., Kuka AG (Talyst, LLC), and ARxIUM, Inc.
Recent strategies deployed in Medication Management System Market
Partnerships, Collaborations, and Agreements:
Jan-2021: Omnicell extended its partnership with WVU Medicine, provider of advanced heart, vascular, thoracic, cancer, pediatric, and neurological care. This expansion aimed to use the Company’s industry-leading medication inventory management platform to enhance pharmacy supply chain management all over the West Virginia-based health network.
Dec-2020: ARxIUM announced that it has been selected as the vendor of choice by UNC Health Care. The former company would further centralize and increase pharmacy operations of its Shared Services Center. The collaboration includes the installation of ARxIUMs pharmacy inventory management software, RxWorks Pro, and high-density inventory storage, FastFind carousels, for better serving pharmacies in the health systems network.
Nov-2020: Omnicell partnered with Allegheny Health Network (AHN), a non-profit, 13-hospital academic medical system. The partnership focused on providing central pharmacy dispensing and medication management at the point of care over the 13 hospital locations in western Pennsylvania. Under this partnership, AHN converted its prevailing medication management systems, with the opportunity to extend to Omnicell’s industry-leading platform, automation, and technology-enabled services.
Jul-2020: Cerner Corporation came into partnership with Holon Solutions, an advanced precision information delivery company. The partnership focused on providing accelerated, seamless clinical decision support at the point of care. Together, the companies deployed patented technology that automatically delivers appropriate patient information from Cerner’s EHR-agnostic HealtheIntent population health platform straight to clinicians in their workflow to inform care decisions.
Dec-2019: OptumRx collaborated with Diplomat, a provider of specialty pharmacy and infusion services. Together the companies support enhanced health outcomes and decreased prescription drug costs along with helping lower the overall total cost of care. Diplomat helped in bringing expertise in managing specialty medications, which cure patients with complex diseases, like oncology and immunology. It also offers specialized infusion therapies delivered in convenient and clinically appropriate settings in all 50 states and Washington, D.C.
Oct-2019: Omnicell came into a partnership agreement with Med Center Health, a provider of more access to innovative healthcare to simplify and safeguard its medication management process. Following the partnership, the companies upgraded the health system to Omnicell XT Automated Dispensing Cabinets to assist in enhancing security and nurse-pharmacy workflows.
Sep-2019: McKesson collaborated with TrakCel, the software developer for cell and gene therapy supply chain tracking and orchestration systems. Under this collaboration, both the companies integrated their supply chain tracking and patient access services to allow a more efficient track for the industry to create the next generation of commercial therapies.
Sep-2019: Swisslog Healthcare partnered with Pharmony, a Belgium-based technology company providing cloud-based medication management services. Under this partnership, the companies aimed to offer integrated software and automation experience to community pharmacies in Europe. With the integration of Pharmony SaaS capabilities with Swisslog Healthcare solutions, the companies offer pharmacy owners powerful tools to manage operations more efficiently.
Mar-2019: Omnicell collaborated with Stormont Vail Health, an extensive medical facility in the city of Topeka, Kansas. Under this collaboration, Stormont selected Omnicell’s automated medication management platform to assist in improving safety and efficiency in the central pharmacy and patient care areas. The health system implemented IV robotics to support an in-house sterile compounding operation, along with the Omnicell XT Series Automated Dispensing Cabinets to simplify workflows in patient care areas.
Jan-2019: Veradigm, a division of Allscripts entered into a partnership with Microsoft. Following the partnership, the companies aimed to develop a new product that would assist the researchers in conducting studies through AllScripts cloud-based electronic health record. The partnership helped Allscripts to widen their cloud-based EHR by including automated match-making between patients, study protocols, and suppliers who can qualify for studies.
Acquisition and Mergers:
Jan-2021: Optum announced that it would acquire Change Healthcare, a provider of revenue and payment cycle management and clinical information exchange solutions. This acquisition focused on effectively simplify key clinical, administrative, and payment processes through which healthcare providers and payers depend to serve patients.
Nov-2020: Becton, Dickinson acquired the medical business assets of Cubex. Cubex designs cloud-based software offerings for advanced medication management. Under this acquisition, Becton Dickinson expanded its medication management capabilities into the care continuum space and provides extensive integration with electronic health records.
Oct-2020: Omnicell took over Pharmaceutical Strategies Group’s (PSG) 340BLink business. The acquisition added a comprehensive and differentiated portfolio of software-enabled services and solutions utilized by some eligible hospitals, clinics, health systems, and entities to organizes compliance and capture 340B drug cost savings on outpatient prescriptions written by the eligible entity’s pharmacy or a contracted pharmacy partner.
Jun-2019: Allscripts came into agreement to acquire ZappRx, a digital health company. This acquisition will diversify Allscripts’ health IT offerings beyond EHR technology. With the addition of ZappRx’s team and technology, Allscripts will broaden its solution offerings and will deliver great value to its clients.
Jun-2019: McKesson acquired Echo, a medication management company. The app by Echo enables patients to enter their medication information and the name of their National Health Service physician. Afterward, the prescription is approved by their doctor, and then Echo sends it for free through mail. The acquisition was a part of its digital health strategy that focuses on offering convenient ways for customers to organize their health online.
Apr-2017: Omnicell completed its acquisition of InPharmics, a Mississippi-based technology and services company. The acquisition expanded the offering of Omnicell’s Performance Center.
Apr-2017: Siemens acquired Medicalis Corporation based in San Francisco and Kitchener, Ontario. Through this acquisition, Siemens expanded its Population Health Management (PHM) portfolio and help healthcare providers to effectively connect between PHM at the health system level and the departmental level.
Scope of the Study
Market Segments covered in the Report:
• Clinical Decision Support System Solutions
• Computerized Physician Order Entry (CPOE)
• Inventory Management Solutions
• Electronic Medication Administration Record
• Other Software
By Mode of Delivery
By End User
• Other end-users
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• AllScripts Healthcare Solutions, Inc. (A-S Medication Solutions)
• Siemens AG
• Becton, Dickinson and Company
• Cerner Corporation
• General Electric (GE) Co. (GE Healthcare)
• McKesson Corporation
• UnitedHealth Group, Inc. (Optum, Inc.)
• Omnicell, Inc.
• Kuka AG (Talyst, LLC)
• ARxIUM, Inc.
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