Medication Management System Industry Overview
The global medication management system market size was valued at USD 2.3 billion in 2021 and is projected to expand at a CAGR of 11.2% from 2022 to 2030. Growth can be attributed to a rise in investment by hospitals to improve workflow, rapid advancement in medical technology, and an increase in focus on reducing medication errors. Additionally, the global adoption of IT in the healthcare sector is a factor that will fuel market growth over the forecast period.
The outbreak of COVID-19 had a positive impact on the market. The present pandemic is putting a significant burden on healthcare institutions all across the world. To control the spread of the infection, social distance and lockdowns were employed. Patients with chronic diseases unable to access healthcare facilities for routine treatment and medication administration suffered. Retail pharmacy stores provided these patients with convenient and rapid access. During this pandemic, the involvement of community pharmacists at these centers in managing chronic health issues and promoting drug adherence was critical in reducing the load on overburdened health systems throughout the world.
Gather more insights about the market drivers, restraints, and growth of the Global Medication Management System Market
The increased demand to decrease medication errors and the rising number of prescriptions around the globe are driving the medication management system industry. The medication management system market is expected to grow due to rising IT adoption in the healthcare sector, increased adoption of automated workflow management solutions due to increased workload on pharmacists, and increased investment by hospitals in order to purchase new software for efficient management of healthcare processes.
Medication management services are provided under healthcare reforms, and these management systems have a high adoption rate because they are recognized to reduce medication errors and healthcare expenditures. Additionally, significant player mergers and acquisitions, an aging population, high rates of chronic illness, and rising healthcare spending all benefit the medication management system industry. Furthermore, in the foreseeable future, the market potential in emerging nations and a growing emphasis on value-based medicine provide lucrative prospects for market players.
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Medication Management System Industry Segmentation
Grand View Research has segmented the global medication management market on the basis of software, service, mode of delivery, end use, and region:
Medication Management System Software Outlook (Revenue, USD Million, 2016 - 2030)
- Computerized Physician Order
- Clinical Decision Support System Solutions
- Inventory Management Software
- Administration Software
- Automated Dispensing Systems
- Assurance System Software
- Other Software
Medication Management System Services Outlook (Revenue, USD Million, 2016 - 2030)
- Medication Analytics
- Point-of-Care Verification
- ADE Surveillance
Medication Management System Mode of Delivery Outlook (Revenue, USD Million, 2016 - 2030)
- On-premises
- Web-based
- Cloud-based
Medication Management System End-Use Outlook (Revenue, USD Million, 2016 - 2030)
- Hospitals
- Pharmacy
- Others
Medication Management System Regional Outlook (Revenue, USD Million, 2016 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Market Share Insights:
March 2022: Constellation Software, through N. Harris Computer (subsidiary), concluded its agreement for the acquisition of a net asset of Allscripts Healthcare Solutions’ hospitals and large physician practices business for a payment of USD 700 million in cash.
April 2017: McKesson Corporation acquired CoverMyMeds LLC, which is one of the fastest-growing healthcare technology companies in the U.S.
Key Companies profiled:
Some prominent players in the global Medication Management System Industry include
- Allscripts
- Becton
- Dickinson and Company (CareFusion)
- GE Healthcare
- Talyst, LLC.
- McKesson Corporation
- Cerner Corporation
- QuadraMed Affinity Corporation
- Omnicell, Inc.
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