31-Jan-2023 | Zion Market Research
The global medication management market size was worth around USD 2.25 Billion in 2021 and is projected to grow to around USD 5.87 Billion by 2030, with a compounded annual growth rate (CAGR) of roughly 10.90% from 2022 to 2030.
Medication management refers to the services offered directly to or on behalf of the individual by an authorized healthcare professional towards monitoring the efficacy of drugs and compliance with a proper medication regimen which includes investigating potentially negative or unintended medical interactions, coordination with care providers, monitoring of necessary laboratory reports, and important habits & practices on the basis of licensed prescriber’s orders. Thus, it revolves around the administration, prescription, and monitoring of medications and their potential side effects, including medication management and support & training for the individual for enhancing the overall well-being of an individual.
The demand for medication management is expected to surge exponentially due to an increase in the cases of chronic diseases and a surge in the geriatric population across the globe. There has been an increase in the number of hospitals to cater to the growing population and the various diseases contracted by them. Thus, for effective management, tracking, and prescription of medication and drugs to people, more and more hospitals and clinics adopt innovative technologies including medication management systems so as to carry out systematic management in numerous healthcare processes.
Besides, the rise in need to reduce healthcare expenditure, the shortage of healthcare professionals, and the increase in focus towards decreasing medication errors in hospitals drive the growth of the global medication management market. In addition, rapid investments in the healthcare sector, growing initiatives from the government, and an increase in expenditure on healthcare information technology (HIT) create remarkable opportunities for the growth of the market. However, high costs associated with the implementation and service maintenance of software and the unavailability of proper healthcare infrastructure in underdeveloped and certain countries restrict the growth of the medication management industry to an extent.
The global medication management market is segmented based on software, mode of delivery, end-use, and region.
Based on end-use, the global market is bifurcated into hospitals, pharmacies, and other healthcare institutions. The hospitals segment held the dominating market share in 2021, holding about 71.1% of the market share, and is further expected to grow exponentially at a promising CAGR during the forecast period. The major reason for the growth of this segment is the heavy investment and upgradation undertaken by hospitals and to appreciably revamp their IT systems. This is mainly because clinics and hospitals are incessantly laying emphasis on untangling composite clinical processes, allocating appropriate medications, and enhancing overall workflow efficiency.
Based on the mode of delivery, the global market is bifurcated into on-premise, web-based, and cloud-based. The cloud-based solution segment held the largest market share in 2021, holding about 60.10% of the market share, and is further expected to grow at a significant CAGR during the forecast period. The major reason for the extensive adoption of cloud-based deployment solutions is that it favors convenient information sharing with clients and stakeholders even in remote places. Furthermore, they stress on data protection of the patient which further drives the growth of the segment during the forecast period. Apart from that, various cloud service providers offer innovative solutions that provide assurance and cover potential threats against data losses and thefts.
Geographically, in the global medication management market, the North American market accounted for the highest market share in 2021, holding about 52.3% of the market share, and is further predicted to grow exponentially at a remarkable CAGR during the forecast period. Increase in the cases of infectious & chronic diseases, a surge in the geriatric population, and the adoption of a sedentary lifestyle among millennials have subsequently increased the number of prescriptions in the region which drive the growth of the market. Besides, the prevalence of modern healthcare infrastructure, the increase in awareness about innovative technologies, and the adoption of effective medication management solutions by hospitals and pharmacies from numerous small and medium market players drive the growth of the market in this region.
This review is based on a report by Zion Market Research, titled “Medication Management Market By Software (Computerized Physician Order Entry (CPOE), Clinical Decision Support System Solutions, Medication Administration Software, Inventory Management Software, Other Software), By Mode of Delivery (On Premise, Web-Based, Cloud-Based), By End-Use (Hospitals, Pharmacies, Other Healthcare Institutions) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/medication-management-market
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651