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Medication Management Market Segments: By Software Type (CPOE, CDSS, Medication Administration Software, Inventory Management, ADS, and Others); By Service (Medication Analytics Services, ADE Surveillance Services, and Point-Of-Care Verification Services); By Mode of Delivery (Web-Based, Cloud-Based and On-Premises); By End User (Hospitals, Pharmacy, and Others); and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
[ 170 + Pages Research Report ] Medication Management Market to surpass USD 6 Billion by 2030 from USD 1.68 Billion in 2018 at a CAGR of 11.20% throughout the forecast period, i.e. 2019-30.
Medication tracking enables medications to be electronically monitored and validated for prescription, administration, and supply. An integrated method known as drug management is designed to control and sustain the medicine management cycle. The drug control method for the prescription, delivery, and distribution of medications is used in hospitals. The use of the framework for drug control helps to reduce the error rates in the administration of medicines. In recent years, there has been an increase in the development of new drugs and medications, the maintenance of the administration of these medications, and the use of a prescription management system for clinical decisions.
Global Medication Management Market to surpass USD 6 Billion by 2030 from USD 1.68 Billion in 2018 at a CAGR of 11.20% throughout the forecast period, i.e. 2019-30. The rise in the incidence of illnesses is the main factor driving the drug management market. The use of drugs has increased this rise in illnesses, which in turn has increased the rate of drug prescriptions. Thus, the drug control system plays an important role in the healthcare sector in controlling the availability and supply of medicines and medications. The growth of the drug management market is also being increased by the rising number of geriatric populations suffering from chronic diseases. Owing to the growing demand for remote patient monitoring services, the industry has seen strong demand for computerized physician order entry systems over the last few years.
Global Medication Management Market is segmented by software type into computerized physician order entry (CPOE), clinical decision support system (CDSS), inventory management, administration software, automated dispensing system (ADS), and others. The greater market share in 2019 was accounted for by the CDSS segment owing to the growth of the clinical decision support system solutions segment are the increasing need to minimize human errors, increasing demand to minimize healthcare spending, need for improvement in the standard of treatment, the chronic disease population, and greater adoption rate in emerging economies.
Global Medication Management Market is segmented by service adverse drug experience (ADE) surveillance, medication analytics, and point-of-care verification services. Medication analytics service is expected to hold a major market share of XX% in 2018 and also likely to be the fastest-growing category in the medication management market in the coming years. The key factors such as the growing demand for the advanced healthcare system, drug analytics services accounted for the largest market share. It is also anticipated that demand for Ade monitoring services will increase at a significant rate during the forecast period.
Global Medication Management Market is segmented by Mode of Delivery into web-based solutions, cloud-based solutions, and on-premise solutions. Some of the factors responsible for the growth of the web-based solution segment are low maintenance and IT infrastructure requirements. The web-based systems accounted for the largest share in the market for drug management among all distribution types. Furthermore, cloud-based solutions are expected to develop at the fastest rate during the forecast period.
Rising Number of Clinical Trials
Increased population aging, increased demand for mHealth technology, increased prevalence of chronic diseases, increased spending on health care, and initiatives by government associations to improve regulatory standards are some of the factors driving the growth of the market for medication management. MHealth systems provide efficient remote monitoring of patients and are inherently cost-effective. Increased use of mobile devices has also contributed to the adoption of mHealth technology. Furthermore, in the treatment and control of a disease, this technology has a range of applications.
Enormous Data Mounting from Healthcare Industry
The key growth factors for the medication management market are the rapid rise in the aging population, demand for reduced healthcare costs, technological innovation, and increased demand for remote patient monitoring services. Furthermore, the growing prevalence of chronic diseases is also driving market development. The growth of the drug management market is also facilitated by an increased focus on value-based medicine, growing demand for the advanced healthcare system, and increasing assistance from government organizations.
High Implementation Costs
When left untreated and responsible for the leading causes of death worldwide, chronic conditions such as diabetes can have life-threatening effects on the cardiovascular, renal, and nervous systems. However, due to a lack of knowledge of drug management systems in developing countries, higher costs associated with drug management systems are another factor hindering the development of the demand for drug management systems.
A-S Medication Solutions
Global Medication Management Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Medication Management Market in North America held the largest market share of USD 1.68 Billion in the year 2018 due to the robust implementation of healthcare IT, technological development, an increase in the incidence of infectious and chronic diseases, and an increase in the number of prescriptions in the area are main factors responsible for the dominance of the area. Also, the European market is rising considerably. The increase in healthcare practices in this region is the factor that characterizes this development. China and India are countries in the Asia-Pacific region that contribute significantly to the market growth due to factors such as rising rates of infectious diseases, rapid development in the healthcare sector, large populations, and increased knowledge among people.
Global Medication Management market, which is highly competitive, consists of several major players. Companies, such as General Electric Company, QUALCOMM Incorporated hold a substantial market share in the Global Medication Management market. Other players analyzed in this report are Cerner Corporation, Siemens AG, McKesson Corporation, Allscripts Healthcare Solutions Inc., Epic Systems Corporation, and Becton Dickinson and Company among others
Recently, various developments have been taking place in the market. For instance, in January 2018, GE, Roche entered into the partnership to develop an integrated digital diagnostics platform to improve oncology and critical care treatment.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Global Medication Management Market Segments:
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