The global medication managementmarket size reached US$ 2.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.60% during 2023-2028.
Medical management includes monitoring, medication reconciliation, and ensuring that patients achieve their desired results by designing treatment plans and supervising their safety and effectiveness. As part of the process, patients and their caregivers are educated and engaged about safety and adherence concerns about medications as well as adverse drug events. A medication management system, which is included in healthcare reform, enhances inventory management, dispensing of medicines, and the control of adverse drug events (ADE). Additionally, it suggests reminder and organization tools that are most comfortable for patients, leading to a significant improvement in both patient outcomes and safety. Utilizing medication management services correctly reduces the prevalence of disease and mortality rates, thereby making healthcare safer and more reliable.
Medication Management Market Trends:
The market is majorly driven by a considerable rise in investments by healthcare facilities to improve workflow and operational efficiency. This can be attributed to the escalating need to minimize medication errors and healthcare expenditures. In addition to this, the increased workload on healthcare providers for efficient management and preservation of the records is providing an impetus to the market. Moreover, the growing trend of automating workflow management solutions through the use of new technologies in the healthcare sector is resulting in a higher uptake of medication management solutions. The market is further propelled by the increasing geriatric population that is susceptible to numerous health conditions. Apart from this, an enhanced focus on value-based medicine is creating lucrative market opportunities for the key players. Some of the other factors contributing to the market include the growing prevalence of numerous chronic illnesses, rapid advancements in medical technology, significant player mergers and acquisitions (M&As), rising healthcare expenditure and extensive research and development (R&D) activities.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global medication managementmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on software, services, mode of delivery and end user.
Breakup by Software:
Computerized Physician Order Entry System
Clinical Decision Support System
Electronic Medication Administration Record (EMAR) Software
Barcode Medication Administration (BMA) Software
Inventory Management System
Automated Dispensing Systems
Centralized Automated Dispensing Systems
Robots/Robotic Automated Dispensing Systems
Decentralized Automated Dispensing Systems (Ads)
Pharmacy-Based Decentralized Automated Dispensing Systems
Ward-Based Decentralized Automated Dispensing Systems
Automated Unit-Dose Decentralized Automated Dispensing Systems
Breakup by Services:
Medication Analytics Services
Point-Of-Care Verification Services
Adverse Drug Event (ADE) Surveillance Services
Breakup by Mode of Delivery:
Breakup by End User:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allscripts Healthcare Solutions Inc., ARxIUM Inc., Becton Dickinson and Company, BIQ Health Solutions, Cardinal Health Inc., Mckesson Corporation, Omnicell Inc., Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation and Talyst LLC (Swisslog Healthcare). Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.
Base Year of the Analysis
Software, Services, Mode of Delivery, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Allscripts Healthcare Solutions Inc., ARxIUM Inc., Becton Dickinson and Company, BIQ Health Solutions, Cardinal Health Inc., Mckesson Corporation, Omnicell Inc., Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation and Talyst LLC (Swisslog Healthcare).
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Key Benefits for Stakeholders:
IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the medication management market from 2017-2028.
The research study provides the latest information on the market drivers, challenges, and opportunities in the global medication management market.
The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the medication management industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.
Key Questions Answered in This Report
The global medication management market was valued at US$ 2.7 Billion in 2022.
We expect the global medication management market to exhibit a CAGR of 8.60% during 2023-2028.
The emerging trend of automating workflow management solutions via the utilization of advanced technologies, along with the rising need for minimizing medication errors and healthcare expenditures, is primarily driving the global medication management market.
The sudden outbreak of the COVID-19 pandemic has led to the widespread adoption of medication management systems to reduce the increasing prevalence of the coronavirus disease and the mortality rates.
Based on the software, the global medication management market can be categorized into computerized physician order entry system, clinical decision support system, administration software, inventory management system, automated dispensing systems, and assurance system. Currently, computerized physician order entry system accounts for the majority of the total market share.
Based on the services, the global medication management market has been segregated into medication analytics services, point-of-care verification services, and Adverse Drug Event (ADE) surveillance services. Among these, medication analytics services currently hold the largest market share.
Based on the end user, the global medication management market can be bifurcated into pharmacies, hospitals, and others. Currently, hospitals exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global medication management market include Allscripts Healthcare Solutions Inc., ARxIUM Inc., Becton Dickinson and Company, BIQ Health Solutions, Cardinal Health Inc., Mckesson Corporation, Omnicell Inc., Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation and Talyst LLC (Swisslog Healthcare).
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