In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Medication Management Market Report
The global medication management market by revenue is expected to grow at a CAGR of over 15.15% during the period 2020–2026.
With the high adoption of IT in the healthcare industry globally, there will be an increase in the adoption of medication management systems. The demand for these systems is increasing due to the growing need for remote patient monitoring services across healthcare. The increasing role of digital health, demand for pharmacy automation solutions, and active involvement of vendors will contribute to the growth of the medication management market.
The following factors are likely to contribute to the growth of the medication management system market during the forecast period:
• Increasing Acquisitions & Agreements Among Vendors
• Role Of Digital Health in Medication Management
• Reduction In Medication Errors and Healthcare Costs
• Rising Demand for Enormous Data Mounting from Healthcare Industry
The study considers the medication management market’s present scenario and its market dynamics for the period 2020?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
MEDICATION MANAGEMENT MARKET SEGMENTATION The global medication management market research report includes a detailed segmentation by software type, delivery mode, end-User, geography. CPOE is an integral and key component of medication management within hospital settings. Providers are increasingly adopting CPOE because of the Medicare and Medicaid incentive programs for meaningful use of electronic health records. The use of CPOE has increased steadily over time. Many EHR products now come being equipped with CPOE modules that enabling physicians to enter patient data electronically.
Web and cloud-based solutions are expected to contribute to and improve several aspects of the healthcare sector. Medicine orders can be quickly digitized directly into a single, web-based application that supports customized workflows. Many companies are developing web and cloud-based medication management systems such as CareMeds, Omnicell, PipelineRx, etc.
Medication management in hospitals is vitally important to the delivery of safe care. Hospitals are using telemedicine to improve their link to pharmacy services at any time, improving medication systems for patients. Electronic medications management systems support all the stakeholders within the process and provide the patient-centric care model. Such developments are contributing to the rising uptake of medication systems in hospitals.
Market Segmentation by Software Type
• Computerized Physician Order Entry (CPOE)
• Clinical Decision Support System (CDSS)
• Automated Dispensing Systems (ADS)
• Drugs Inventory Management System (DIMS)
Market Segmentation by Delivery Mode
• Web & Cloud-Based
Market Segmentation by End-User
GEOGRAPHICAL INSIGHTS In North America, the constant development in the healthcare IT sector is surging the adoption of digital solutions such as medication systems. The rapid increase in the number of older people’s medicines leads to a sharp rise in adverse drug reactions (ADRs). With the advent of COVID-19, these systems became highly essential across the region. The North American region will likely show increasing growth in the industry owing to growing advancements during the forecast period.
Market Segmentation by Geography
• North America
o South Korea
• Latin America
• Middle East & Africa
o South Africa
o Saudi Arabia
INSIGHTS BY VENDORS Most of the leading players are focusing on implementing various strategies to boom in the market. Manufacturers compete directly with several companies in the medication management automation solutions market. The medication management industry is intensely competitive. The players are anticipated to lucrative growth opportunities with the rising demand for systems in the global industry. Key vendors have a wide geographical reach, diversified product portfolio, and a strong focus on innovation and research activities. Major key players accounting for the significant share in the market are Cerner Corporation, BD, Omnicell, McKesson Corporation, Epic Systems, and United Health Group.
• Epic Systems Corporation
• Cerner Corporation
• McKesson Corporation
• UnitedHealth Group
Other Prominent Vendors
• GE Healthcare
• ICU Medical
• iRx Reminder
• Medical Information Technology
• NextGen Healthcare
• Plexus Technology Group
• Swisslog Healthcare
KEY QUESTIONS ANSWERED: 1. At what CAGR is the Medication Management market projected to grow in the forecast period (2021-2026)?
2. What is the impact of the COVID-19 in the Medical Management Market?
3. Which region holds the largest share in the Market?
4. What are the new developments in the Medication Management Systems market?
5. Who are the top key players in the Medication Management Market?
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Chronic Disease Prevalence
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