Medication Management Market by Software (Diagnostic Devices (Hearing Screening Devices), Surgical Devices (Powered Surgical Instruments), End-use (ENT Clinics) and Region (Asia Pacific, Europe, North America, Middle East, and Africa, Latin America), and forecast period-2022 – 2030

Report ID - MRC_846 | Pages - 243 | Category - Healthcare and Pharma

Medication Management Market Insights:

Medication Management Market was valued at USD 2.4 Billion in 2021, registering a CAGR of 11.5% during the forecast period (2022-2030), the market is projected to be worth USD 6.5 Billion by 2030.  Medication management is a strategic technique that enhances inventory management, distribution of medicines, and prevention of Adverse Drug Events (ADE). Effective medication management helps in reducing the illness and death rates due to medical errors, especially in the aged population, by monitoring and tracking multiple prescriptions. For instance, the American Society of Consultant Pharmacists reported that the average annual prescriptions of individuals aged between 65 to 69 years old are nearly 14 prescriptions and the same for individuals aged between 80 to 84 years old are 18 prescriptions. Thus, it is essential to manage multiple medicine consumption or polypharmacy to decrease the risks of drug interactions caused by medicine errors.

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In the context of medication errors, a report published by World Health Organization in 2017 stated that global medication errors cost USD 42 billion annually.  Medication errors are also anticipated to increase the risks associated with adverse drug events in the population which boosts the need of employing a medication management system. Thus, the increased need for improvements in the medication management system is expected to reduce human error with medication delivery in healthcare facilities. Based on region, North America is expected to contribute the largest share to the growth of the medication management market owing to the rising adoption of technology in healthcare, increased number of prescriptions per person, and large presence of leading market players.

Medication Management Market Dynamics:

Medication management is a strategically-designed technology that helps to improve the therapeutic outcome of patients by optimizing drug therapy. The benefits of medicine management adoption in healthcare facilities are reduction of medication errors and the overall healthcare cost, efficient procurement of medicines, and standardization of workflow.

Driver:

The increased workload and difficulties in clinical operations faced by healthcare professionals and rising costs of medical facilities are expected to increase the demand for automated solutions such as medication management. Additionally, the surge in the numbers of the aged population, increased technological advancement in healthcare facilities, and rising incidences of chronic diseases such as cardiovascular diseases, type-2 diabetes, cancer, and others are expected to drive the medication management market growth during the forecast period.

Restraint:

The lack of awareness and availability of automated solutions such as medication management systems especially in developing countries such as Mexico, India, and Brazil obstruct the growth of the medication management market. Also, the factors such as high costs of maintenance and implementation of such advanced systems, difficulties in the adoption of medication management systems, reluctance from medical professionals, and shortage of IT specialists in the medical field are expected to hamper the growth of the medication management market.

Opportunity:

The surge in the demand for reduced costs of operations in medical facilities combined with increased demand for remote patient monitoring and a growing focus on value-based medicine from major market players are expected to create profitable opportunities for the growth of the medication management market.                                                                 

COVID-19 Analysis of Medication Management Market:

The medication management market has been significantly impacted due to the COVID-19 pandemic in many different parts of the world. The factors such as poor supply chain, shutdowns of hospitals and clinics, reduced hospital visits for other chronic diseases, and economic slowdown is the major impacts of COVID-19 on hampered the growth of the medication management market. Shipments were impacted during the initial lockdown due to a labor shortage and the closure of a manufacturing facility. However, the global circumstances have stabilized. As a result, it is determined that COVID-19’s overall impact on the medication management market is moderate. Post covid-19 there was a positive impact on the medication management market as the healthcare facilitators shift the focus to value-based medical diagnosis for improving the wide application of the drug intervention.

Medication Management Report Coverage:

Report AttributesReport Details
Study Timeline2016-2030
Market Size in 2030 (USD Billion)6.5 Billion
CAGR (2022-2030)11.5%
By Product TypeComputerized Physician Order Entry, Clinical Decision Support System, Administration Software (Electronic Medication Administration Record (EMAR) And Barcode Medication Administration (BMA)), Inventory Management, Automated Dispensing Systems (ADS) [Centralized(Robots, Carousels), Decentralized Automated Dispensing Systems (Pharmacies-based ADS, Ward-based ADS, Automated Unit-Dose Dispensing)], Assurance System Software
By ServicesMedication Analytics, Point-of-Care Verification, and ADE Surveillance
By Mode of DeliveryOn-premises, Web-based, and Cloud-based
By End-use Hospitals, Pharmacies, and Others
By GeographyNorth America– (U.S., Canada, Mexico

Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe)

Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific)

Latin America- (Brazil, Argentina, Chile, Rest of Latin America)

Middle East and Africa- (GCC, Turkey, Israel, Rest of MEA)

Key PlayersAllscripts, Becton, Dickinson and Company (CareFusion), Siemens Healthcare Private Limited, GE Healthcare, Talyst, LLC., McKesson Corporation, Cerner Corporation, QuadraMed Affinity Corporation, Omnicell, Inc., Cardinal Health

Medication Management Market Segment Analysis:

By Product Type

The product type is segmented into computerized physician order entry, clinical decision support system, inventory management, administration software, automated dispensing systems (ADS), and assurance system software. The administration software is further sub-segmented into electronic medication administration record (EMAR) and barcode medication administration (BMA). In 2021, the inventory management segment contributed the largest revenue share of 28.5%. The factors such as organized procurement of inventory, standardization of workflow, and reduced difficulties related to stockout or overstock are expected to support the growth of the inventory management segment. Furthermore, the clinical decision support system segment is also expected to witness substantial growth over the forecast period due to increased healthcare quality, improved patient satisfaction, and cost-effectiveness.

Medication Management Market Size

By Services

The services segment is divided into medication analytics, point-of-care verification, and ADE surveillance. The medication analytics segment is expected to grow with the fastest CAGR in 2021 owing to the rising demand for the advanced healthcare system, enhanced preventive medicines, and accurate diagnosis of patients. Medication analytics consists of software such as electronic health records (EMRS), master patient indexes, and electronic prescription services that help in patient healthcare data collection.  Furthermore, the ADE surveillance segment is also anticipated to exhibit the fastest growth during the forecast period. The factors such as improved time efficiency, early detection of adverse drug events, and low-cost devices are expected to support the ADE surveillance segment growth.

By Mode of Delivery

Based on the mode of delivery, the segment is divided into on-premises, web-based, and cloud-based. In 2021, the cloud-based segment is anticipated to contribute the largest revenue share of 58.1% owing to the benefits such as easy access to information in remote locations, high data security, and increased introduction of supporting rules and protocols. The factors such as reduced risks of data theft, losses and security lapses are expected to increase the demand for cloud-based medication management systems. Additionally, the on-premises and web-based segments are also expected to fuel the growth of the medication management market due to the cost-effectiveness and ease of integration.

By End-use  

The end-user segment is categorized into hospitals, pharmacies, and others. The hospitals’ segment contributed the largest market revenue of 70.5% in the medication management market. The factors such as augmented technological advancement adoption, rising capital expenditures and increased clinical processes are driving the growth of the hospital segment. Furthermore, the pharmacies segment is also anticipated to witness significant growth in the forecast period owing to the factors such as favorable reimbursement policies, easy access to medications, and effective management of prescriptions are expected to augment the growth of the pharmacies segment during the forecast period. Hence, the above-mentioned segments are expected to boost the growth of the medication management market owing to the increased number of prescriptions per individual and growing demand for simplified software solutions in clinical operations management.

medication management market by end use

By Region

The regional segment includes Asia Pacific, Europe, North America, Middle East, and Africa, Latin America. North America accounted for the largest market share of 52.2% of the increased market growth in 2021. The factors such as the high adoption of technology in healthcare, the growing awareness of medication management systems, and increased numbers of prescriptions are anticipated to support the dominance of the North American region in the medication management market.

Asia Pacific is anticipated to witness the fastest CAGR growth of over 11.5% during the forecast period. The presence of a large patient pool prescribed with multiple chronic diseases such as type-II diabetes, cardiopulmonary diseases, high blood pressure, and others is expected to support the increased demand for medication management. Additionally, the surge in the number of hospitals and rising healthcare expenditure are expected to boost the growth of the medication management market in the Asia Pacific region.

Medication Management Market Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Application launches have accelerated the growth of the Sample Preparation market. Key players in the market include-

  • Allscripts
  • Becton, Dickinson and Company (CareFusion)
  • Siemens Healthcare Private Limited
  • GE Healthcare
  • Talyst, LLC.
  • McKesson Corporation
  • Cerner Corporation
  • QuadraMed Affinity Corporation
  • Omnicell, Inc.
  • Cardinal Health

Table of Content

  1. Introduction
    • Market Introduction
    • Market Research Methodology
      • Research Process
      • Primary Research
      • Secondary Research
      • Data Collection Technique
      • Data Sources
    • Market Estimation Methodology
      • Limitations of the Study
    • Product Picture of Medication Management
    • Global Medication Management Market: Classification
    • Geographic Scope
    • Years Considered for the Study
    • Research Methodology in brief
    • Parent Market Overview
    • Overall Medication Management Market Regional Demand
    • Research Programs/Design
    • Market Breakdown and Data Triangulation Approach
    • Data Source
    • Secondary Sources
    • Primary Sources
    • Primary Interviews
    • Average primary breakdown ratio
  2. Market Dynamics
    • Drivers
      • Drivers
    • Restraints
      • Restraints
    • Opportunity
      • Impact forces on market dynamics
      • Impact forces during the forecast years
    • Industry Value Chain
      • Upstream analysis
      • Downstream analysis
      • Distribution Channel
      • Direct Channel
      • Indirect Channel
    • Potential Customers
    • Manufacturing/Operational Cost Analysis
    • Pricing Analysis by Region
    • Key Technology Landscape
    • Regulatory Analysis
    • Porter’s Analysis
      • Supplier Power
      • Buyer Power
      • Substitution Threat
      • Threat from New Entry
      • Competitive Rivalry
    • PESTEL Analysis
    • Political Factors
    • Economic Factor
    • Social Factors
    • Technological Factor
    • Environmental Factors
    • Legal Factor
    • Covid-19 impact on Global Economy
    • Covid-19 impact on Medication Management demand
    • Post-Covid Impact on Medication Management Market Demand
    • Impact Analysis of Russia-Ukraine Conflict
  3. Global Medication Management Market Segmentation, by Revenue (USD Billion), (2022-2030)
    • By Product Type
      • Computerized Physician Order Entry
      • Clinical Decision Support System
      • Inventory Management
      • Administration Software
        • Electronic Medication Administration Record(EMAR)
        • Barcode Medication Administration (BMA)
      • Automated Dispensing Systems (ADS)
        • Centralized
          • Robots
          • Carousels
        • Decentralized Automated Dispensing Systems
          • Pharmacies-Based ADS
          • Ward-Based ADS
          • Automated Unit-Dose Dispensing
        • Assurance System Software
      • By Services
        • Medication Analytics
        • Point-of-Care Verification
        • ADE Surveillance Aquaculture
      • By Mode of Delivery
        • On-premises
        • Web-based
        • Cloud-based Intranasal
      • By End-use
        • Hospitals
        • Pharmacies
        • Others
  1. Global Medication Management Market Overview, By Region
    • North America Medication Management Market Revenue (USD Billion), by Countries, (2022-2030)
      • US
        • By Product Type
        • By Services
        • By Mode of Delivery
        • By End-use
      • Canada
      • Mexico
    • Europe Medication Management Market Revenue (USD Billion), by Countries, (2022-2030)
      • France
      • UK
      • Spain
      • Russia
      • Italy
      • BENELUX
    • Asia Pacific Medication Management Market Revenue (USD Billion), by Countries, (2022-2030)
      • China
      • Japan
      • Australia
      • South Korea
      • India
      • ASEAN
  1. Latin America Medication Management Market Revenue (USD Billion), by Countries, (2022-2030)
    • Brazil
    • Argentina
    • Chile
  2. Middle East and Africa Medication Management Market Revenue (USD Billion), by Countries, (2022-2030)
    • GCC
    • Turkey
    • South Africa
  3. Global Medication Management Market Revenue: Competitive Analysis, 2021
    • Key strategies by players
    • Revenue (USD Billion and %), By manufacturers, 2021
    • Player Positioning by Market Players, 2021
  4. Competitive Analysis
    • Allscripts
      • Business Overview
      • Business Financials (USD Billion)
      • Product Category, Type, and Specification
      • Main Business/Business Overview
      • Geographical Analysis
      • Recent Development
      • Swot Analysis
    • Becton, Dickinson and Company (CareFusion)
    • Siemens Healthcare Private Limited
    • GE Healthcare
    • Talyst, LLC.
    • McKesson Corporation
    • Cerner Corporation
    • QuadraMed Affinity Corporation
    • Omnicell, Inc.
    • Cardinal Health
  5. Market Research Findings & Conclusion

Disclaimer

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