New York, May 10, 2023 (GLOBE NEWSWIRE) -- In 2022, the global medication management system market accounted for USD 2.5 billion and is expected to reach USD 7.4 billion in 2032. This market is estimated to register a CAGR of 11.7% between 2023 and 2032. The term "medication system market" refers to the administration, monitoring, and distribution of medications with the help of modern technology. These systems are designed to decrease medication errors, increase medication adherence and improve patient safety.
The market growth is driven by the continuing incidence of chronic disease, the aging population & the need to reduce healthcare expenditures. Market growth of medication management systems is also expected to continue in the becoming years. The market growth is driven by technological developments such as telemedicine, electronic health records (EHRs), and other innovations.
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Key Takeaway:
- Based on software, in 2022, the medication management system market was dominated by the inventory management software segment.
- Based on services, in 2022, the medication analytics segment dominated the largest market share.
- Based on the mode of delivery, in 2022 the cloud-based segment is the most lucrative in the medication management system market.
- Based on end-use, in 2022, the hospital's segment is dominated in the end-use segment of the medication management system market.
- In 2022, North America dominated the market with the highest revenue share of 49.6%.
- North America is expected to have the highest CAGR among all regions, owing to the adoption of AI for Medication Management Systems and differences in consumer mindsets.
Factors affecting the growth of the Medication Management System industry
There are several factors that can have an impact on the growth of the Medication Management System industry including:
- Aging population: The demand for medication management systems is rising due to the world's aging population. People generally need more prescriptions as they get older, and a medication management system can help them better manage their pharmaceutical regimens.
- Increasing prevalence of chronic diseases: Globally, chronic illnesses including diabetes, heart disease, and cancer are on the rise. Medication management systems are necessary since these illnesses frequently call for long-term medication maintenance.
- Technological advancements: Technological improvements including cloud computing, artificial intelligence, and mobile health are advantageous to the medication management system sector. These developments are simplifying medication management for patients and patient adherence monitoring for healthcare professionals.
- Government initiatives: Governments are putting more of an emphasis on cutting costs and improving healthcare outcomes. By increasing drug adherence and lowering medication errors, medication management systems can aid in achieving these objectives.
- Increasing healthcare costs: drug management systems can help cut expenses by increasing drug adherence and lowering medication mistakes. Healthcare prices are rising globally.
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Top Trends in Medication Management System Market
AI and machine learning technologies are increasingly being used in medication management systems in order to evaluate data and provide insights into medication use patterns, patient outcomes, and treatment efficacy. The COVID-19 pandemic has accelerated the use of medication management systems and telehealth platforms to provide remote medication management and monitoring. To increase patient involvement and medication adherence, pharmaceutical management systems are being developed with patient-centered features such as patient education materials and medication adherence reminders. A key component of medication management is patient engagement.
Market Growth
The need for effective medication management systems to lower medication errors the rising prevalence of chronic diseases & the expanding need for remote patient monitoring are some of the factors contributing to the market growth. Additionally, as healthcare practitioners explore strategies to treat patients remotely & lower the risk of infection transmission the COVID-19 pandemic has increased the demand for medication management systems. The market for medication management systems is anticipated to increase in the coming years as a result of the growing emphasis on personalized medicine and the rising adoption of electronic health records (EHRs).
Regional Analysis
North America is accounted as the most dominant market in the global medication management system market with a market share of 49.6%, during the forecasted period. North America has the largest market for medication management systems due to the expanding usage of healthcare IT solutions and the focus on patient safety. The United States is the region's biggest market and the source of the majority of the profits.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | US$ 2.5 Billion |
| Market Size (2032) | US$ 7.4 Billion |
| CAGR (from 2023 to 2032) | 11.7% |
| North America Revenue Share | 49.6% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Long-term pharmaceutical management is required for chronic diseases like diabetes, cancer, and heart disease. The rising incidence of chronic diseases is driving the demand for medication management systems to enhance patient safety and reduce medication mistakes. The world's population is aging, and older people commonly have multiple chronic conditions that necessitate taking multiple medications. drug management initiatives are therefore essential for ensuring that seniors adhere to their recommended drug regimes. Medication errors and non-adherence are expensive for healthcare systems. Medication management systems can assist save healthcare costs by lowering medication errors, preventing hospitalizations, and improving patient outcomes.
Market Restraints
In healthcare settings with low resources, specifically, the cost of setting up and maintaining medication management systems may preclude their implementation. Medication management systems require a robust healthcare IT infrastructure, including electronic health records (EHRs) and computerized physician order entry (CPOE) systems. Drug management systems may not be widely used in many underdeveloped countries due to a lack of healthcare IT infrastructure. Systems for managing medications retain private patient data, including health information and prescription history. The security and privacy of this data must be ensured.
Market Opportunities
Medication management systems that integrate with EHRs are highly sought after in order to assist healthcare practitioners in managing prescription orders, administration, and paperwork more successfully. The increased incidence of chronic diseases like diabetes and cardiovascular disease is driving the demand for medication management systems that can help medical professionals manage complex prescription regimens and improve treatment outcomes. There is an increasing need for medication management systems as more elderly people develop various chronic conditions and are more likely to require complicated prescription regimens.
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Report Segmentation of the Medication Management System Market
Software Insight
With the greatest revenue share of 29.2% and a predicted CAGR of 11.2% during the forecast period. Inventory management software is anticipated to be the most profitable in the worldwide pharmaceutical management system market. Inventory management software, a crucial component of pharmaceutical management systems, makes a substantial contribution to waste reduction and medication safety. To ensure that pharmaceuticals are available when needed, healthcare professionals can monitor medication usage, keep an eye on medication expiration dates, and maintain the proper inventory levels in medication management systems.
Services Insight
The Medication Management System Market share is dominated by the medication analytics segment with a share of 51.2%. Medication analytics involves analyzing, gathering & interpreting information about the management and use of medications. This data can be used to identify trends and patterns to evaluate the efficiency of medication regimens and to improve patients’ outcomes. To decrease medication errors, increase drug adherence also to increase patient safety, and optimize prescription regimens medication analytics can be utilized in the market for medication management systems.
Mode of Delivery Insight
The Medication Management System Market, with the largest revenue share of 46.8% and a projected CAGR of 10.6% during the forecast period. Cloud-based distribution refers to a delivery technique in which software applications and services are hosted on remote servers and accessed through the Internet as opposed to being installed on a user's local device. The market for medication management systems is seeing an increase in popularity for cloud-based distribution because of its many benefits including cost-effectiveness, security, accessibility, cooperation, and scalability.
End-Use Insight
the hospitals are expected to be the most lucrative in the global medication management system market, with the largest revenue share of 52.6% and a projected CAGR of 11.6% during the forecast period. Medication management systems let hospitals administer medications more precisely and effectively. Hospitals that use medication management systems benefit in a number of ways including, better communication increased productivity and patient safety, regulatory compliance, and lower costs.
Recent Developments of the Medication Management System Market
- In 2020, Pharmaceutical Strategies Group (PSG), a provider of data analytics and pharmacy consulting services, has been acquired by Omnicell, a top provider of prescription management solutions. The acquisition was made with the intention of enhancing Omnicell's analytical capabilities and growing its clientele.
- In 2020, BD announced the debut of BD HealthSight, a brand-new drug management platform. In order to increase pharmaceutical safety and lower medication errors, the platform combines the ordering, dispensing, and administration of medications into a single system.
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Market Segmentation
Based on Software
- Computerized Physician Order
- Clinical Decision Support System Solutions
- Inventory Management Software
- Administration Software
- Electronic Medication Administration Record
- Barcode Medication Administration
- Decentralized
- Pharmacy-based ADS
- Ward-based ADS
- Automated Unit-Dose Dispensing
- Automated Dispensing Systems
- Centralized
- Assurance System Software
- Other Software’s
Based on Services
- Medication Analytics
- Point-of-Care Verification
- ADE Surveillance
Based on Mode of Delivery
- On-premises
- Web-based
- Cloud-based
Based on End-Use
- Hospitals
- Pharmacy
- Other End-Uses
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The market for medication management systems is quite competitive with a number of significant firms & a large number of smaller businesses present. Becton, Dickinson and Company, Omnicell, McKesson Corporation, Allscripts & Cerner Corporation are a few of the prominent companies in the market for medication management systems. These companies provide a wide range of medication management record (eMAR) systems, medication dispensing systems, medication synchronization platforms, automated dispensing cabinets & other solutions.
Key Market Players:
Listed below are some of the most important Medication Management System industry players.
- Becton Dickinson and Company
- GE Healthcare
- McKesson Corporation
- QuadraMed Affinity Corporation
- Omnicell, Inc.
- Allscripts
- Cerner Corporation
- Other Key Players
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