Medication Management Market – Global Industry Analysis And Forecast (2022-2029)

Medication Management Market size was valued at US$ 2.92 Bn. in 2021 and the total Medication Management revenue is expected to grow at 19.5% through 2022 to 2029, reaching nearly US$ 12.14 Bn.
Medication Management Market Overview:
Medication management means monitoring, medication reconciliation, and assuring patients achieve their desired results. To design treatment plans and monitor their safety and effectiveness, it is necessary to conduct a thorough examination of prescribed medication and its potential side effects. Treatment errors can result in unpleasant or serious side effects make the medication ineffective or even result in patient death. Effective drug management services reduce disease and mortality rates, making healthcare safer and more reliable. Getting the right usage of medicines has the potential to enhance not just patient outcomes but also patient safety. Increased hospital expenditure to improve workflows is fuelling the growth of the medication management system market.


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In this report, the Medication Management market's growth reasons, as well as the market's many segments (Product Type, Mode of Delivery, End User, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Medication Management market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Medication Management market situation.
Medication Management Market Dynamics:
Improved medication management is a high priority for healthcare organizations

The most significant reason for a healthcare organization to focus on improving its medication management system is to improve patient care. An excellent medication management program may help patients receive the right medicines at the right time for the right causes, as well as assist patients to take their medications correctly. When all of these actions are taken, the risk of adverse drug events (ADEs) or other medication-related problems is reduced, and the chances of successful treatment rise. Another reason why healthcare institutions should prioritize medication management is that there are financial benefits potentially significant ones to strengthening a system. Such advantages have the potential to not only cover the costs of making the necessary changes to achieve program improvements, but also to provide a significant return on investment for a healthcare organization. There are also significant potential financial rewards for patients.

The rapid increase in the number of prescriptions globally is expected to drive even greater use of medication management solutions in healthcare facilities.

The rise in challenges faced by healthcare professionals for efficient management of clinical operations, streamlined workflow, and reduced healthcare costs drive the demand for automated solutions in healthcare facilities. Rapid expansion in prescriptions has raised the responsibility of healthcare practitioners to properly manage patients' prescriptions and reduce pharmaceutical mistakes. Thus, an increase in the number of prescriptions is one crucial factor driving the market growth. In addition, a shortage of pharmacists and healthcare professionals will further boost the adoption of IT solutions in healthcare facilities. Hospitals are increasing their expenditures to improve clinical procedures and are acquiring new software to manage workflow, which is projected to drive market growth.

Increased R&D Activities will open up the door for market growth

The continuing R&D initiatives in the medication management market will result in noticeable changes during the forecast period. The usage of new technology to develop fresh products and services is ensuring the medication management market's prospective growth. The increased inclination of a large part of the population for medication management will open up new avenues of growth for the medication management market.

Restraint for the Medication Management Market

However, the Medication management market will be hampered by inadequate healthcare infrastructure in developing nations. Some people are extremely allergic to medicines. The allergic reaction is strong and sudden, and it might result in difficulties breathing and a decrease in blood pressure (anaphylactic shock). These may impact the growth of the market. In addition, the lack of knowledge about medical management would have an impact on market growth.
Medication Management Market Segment Analysis:
By Product Type, the Computerized provider order entry (CPOE) segment is the process through which clinicians enter and submit treatment instructions – such as medicine, laboratory, and radiology prescriptions – using a computer program rather than paper, fax, or phone. Instead of writing prescriptions by hand, doctors may use this technology to order medicines, tests, consultations, and other medical products and services online. Medication mistake rates can be reduced by up to 86 % when a CPOE module is paired with a clinical decision support system.

By Mode of Delivery, the cloud-based solution segment has held 53.2 percent of the Medication Management Market in 2021. Several businesses are working on cloud-based deployment solutions to facilitate information sharing with clients and other stakeholders. Access to information in remote locations is anticipated to be a significant element driving demand for commercially available cloud solutions. Furthermore, the focus on patient data privacy and the implementation of related regulations are expected to boost the market in the coming years.

By End User, the hospital segment held the largest share of the medication management market and is one of the most important end-users of IT systems in 2021. In recent years, hospitals have begun to invest a lot of money in the procurement and upgrade of their IT systems. They are concentrating on increasing workflow efficiency, safely delivering medicine, and streamlining complicated healthcare operations. These techniques have allowed hospitals to dominate the market.

The pharmacy segment is expected to grow with a CAGR of 37 percent over the forecast period. Some of the primary factors driving the development of medication management in pharmacies are an increase in the number of prescriptions and a shortage of pharmacists. The use of automated technologies in pharmacies is intended to reduce pharmacist effort and help in the effective management of patient prescriptions. Furthermore, the increased prevalence of chronic and infectious illnesses is expected to increase the number of prescriptions filled by pharmacies. These are expected to boost demand for automated management during the forecast period.
Medication Management Market Regional Insights:
In North America, the medication management market is predicted to grow significantly in terms of revenue during the forecast period. Rising medication management implementation across the region will be a critical growth driver. The increasing requirement for medication management due to the rising prevalence of chronic diseases may bring in innovations in this specific area creating a playfield of chances for the North American medication management market.
In the Asia Pacific region, the Medication Management Market is expected to develop significantly throughout the forecast period, owing to a growing geriatric population, increasing disposable income, and an increase in health expenditure, particularly in countries such as India, China, Singapore, Thailand, and others.

The objective of the report is to present a comprehensive analysis of the Medication Management market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Medication Management market dynamics, and structure by analyzing the market segments and projecting the Medication Management market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Medication Management market make the report investor’s guide.
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Global Medication Management Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 2.92   Bn.


Forecast Period 2022 to 2029 CAGR:
19.5%
Market Size in 2029:
US $ 12.14 Bn.


 Segments Covered:
by Product Type
• Computerized Physician Order Entry
• Clinical Decision Support System Solutions
• Electronic Medication Administration Record
• Inventory Management Solutions
• Other Product Types


by Mode of Delivery
• Web-based
• Cloud-based
• On-premise


by End User
• Pharmacies
• Hospitals
• Others



Medication Management Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Medication Management Market Key Players
• Talyst
• Hospira, Inc.
• Baxter International, Inc.
• B.Braun Melsungen AG
• Meditech
• Omnicell, Inc.
• Quadramed Corporation
• Optum Inc.
• Cerner Corporation
• Mckesson Corporation
• Siemens Healthcare (Subsidiary Of Siemens Ag)
• GE Healthcare
• Carefusion Corporation
• Allscripts Healthcare Solutions, Inc.
• Medical Information Technology, Inc.
• Epic Systems Corporation
• Becton Dickinson and Company
• ARxIUM, BD
• Medication Management Systems Inc.
• BIQHS
• Wiegand AG
• NEXUS AG
• Genoa
• Cardinal Health
FAQs:
1. Which is the potential market for Medication Management in terms of the region?
Ans. In the APAC region, a growing geriatric population, increasing disposable income, and an increase in health expenditure are potential for market growth.

2. What is expected to drive the growth of the Medication Management market in the forecast period?
Ans. The rapid increase in the number of prescriptions globally is expected to drive even greater use of medication management solutions in healthcare facilities.

3. What is the projected market size & growth rate of the Medication Management Market?
Ans. The medication Management Market size was valued at US$ 2.92 Bn. in 2021 and the total Medication Management revenue is expected to grow at 19.5% through 2022 to 2029, reaching nearly US$ 12.14 Bn.

4. What segments are covered in the Medication Management Market report?
Ans. The segments covered are Product Type, Mode of Delivery, End User, and Region.