The global medication management market size was USD 2.25 billion in 2021, and by 2030 it is expected to be worth USD 5.87 billion with a CAGR of 10.90%.
Medication Management Market
The global medication management market size was worth around USD 2.25 Billion in 2021 and is projected to grow around USD 5.87 Billion by 2030, with a compounded annual growth rate (CAGR) of roughly 10.90% from 2022 to 2030. The report analyzes the global high-throughput screening market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the enterprise data management market.
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Medication management refers to the services that include the initial assessment of a patient’s need for medications, provisions for prescriptions, and monitorization of medical records based on the patient’s use of medications by a prescriber or qualified health professionals. Thus, it includes effective monitoring and reconciliation of medications, delivering optimum outcomes to patients. A detailed review of prescribed drugs is undertaken to develop proper treatment plans, keeping the potential side effects in mind, and functionally monitoring the drug’s efficacy and safety of the patients.
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Increase in the adoption of new technologies in hospitals and rise in the need to reduce healthcare costs to drive the growth of the market
There has been a remarkable surge in the number of hospitals across the globe due to an increase in the cases of chronic diseases and a surge in the geriatric population across the globe. This has enabled more and more hospitals to heavily invest in innovative technologies and software to carry out efficient management in numerous healthcare processes. Thus, an increase in the adoption of medication management software due to the shortage of healthcare professionals and the increased workload on pharmacists drive the growth of the market. In addition, a surge in the need to appreciably reduce overall healthcare costs and decrease medication errors in hospitals and clinics creates a notable demand for medication management software. Furthermore, striking growth in the number of prescriptions for various drugs and rapid IT adoption in the healthcare sector further bolster the growth of the global medication management market during the forecast period.
Lack of awareness and high costs of advanced software and systems restrict the growth of the market
High costs associated with the implementation and service maintenance of software and advanced systems might impede the growth of the market during the forecast period. Besides, a lack of awareness about the perks of adopting medication management systems, particularly in underdeveloped and developing countries can further restrict the growth of the market to a certain extent.
Increase in investment in the healthcare sector to offer remunerative opportunities for the growth of the market
There has an exceptional growth in investment in the healthcare sector from prominent players in the market so as to facilitate and enhance workflow, along with the exponential development of advanced medical technology. In addition, with the prevalence of favorable government initiatives, expenditure in healthcare information technology (HIT) and the adoption rate of drug distribution systems have surged relentlessly, creating ample opportunities for the growth of the global medication management market.
Unavailability of proper healthcare infrastructure in underdeveloped and certain developing countries may act as a challenge to market growth
It is extremely important for every country to have a proper healthcare infrastructure to effectively treat and give necessary treatment and assistance to the citizens based on the respective diseases or outbreaks they encounter. However, inefficient healthcare infrastructure in underdeveloped and certain developing countries and decreased awareness about medical management may act as a formidable challenge to the growth of the medical management industry.
The global medication management market is segmented based on software, mode of delivery, end-use, and region.
Based on software, the global industry is divided into computerized physician order entry (CPOE), clinical decision support system solutions, medication administration software, inventory management software, and other software. The inventory management segment held the largest market share in 2021, occupying about 28.7% of the market share, and is further predicted to grow at a significant CAGR during the forecast period.
The major reason for the growth of this segment is the growth in medication and the costs related to its production as it accounts for a crucial part of pharmacy and hospital budgets. Besides, there has been a gradual increase in the adoption of healthcare systems to appreciably minimize spending and reduce the total amount of waste of resources. In addition, an increase in the requirement for systematic procurement of inventory, well-organized processes, and a surge in demand for standardization of workflow drive the growth of the segment during the forecast period. Furthermore, the prevalence of government initiatives and regulations towards the integration of IT in the healthcare sector plays a major role in the expansion of both the segment and the medication management industry. For instance, the inception of the Health Information Technology for Economic and Clinical Health (HITECH) Act from governments encourages the adoption of IT in the global healthcare industry.
Based on mode of delivery, the global market is bifurcated into on-premise, web-based, and cloud-based. The cloud-based solution segment held the dominating market share in 2021, occupying about 60.10% of the market share, and is further predicted to cite a healthy CAGR during the forecast period.
There has been a remarkable surge in the adoption of cloud-based technology among various market players due to the regularity of security apprehensions in on-premises and web-based deployment. Apart from that, cloud-based deployment solutions enable the seamless sharing of information with clients even in remote locations resulting in increased demand among companies in the medication management industry. Furthermore, an increase in emphasis on maintaining patient data protection and the establishment of various laws related to it further expand the growth of the segment during the forecast period.
|Medication Management Market Research Report
|Market Size in 2021
|USD 2.25 Billion
|Market Forecast in 2030
|USD 5.87 Billion
|Compound Annual Growth Rate
|CAGR of 10.90%
|Number of Pages
|Value (USD Billion), and Volume (Units)
|Key Companies Covered
|Cerner Corporation, GE Healthcare, McKesson Corporation, Medication Management Systems Inc., Siemens Healthcare Private Limited, Optum, Inc., Medical Information Technology, Inc., Omnicell Inc, Talyst, LLC, QuadraMed Affinity Corporation, BIQHS, Allscripts, Healthcare Solutions, ARxIUM, BD, Wiegand AG, NEXUS AG, Genoa, Cardinal Health among other global players.
|By Software, By Mode of Delivery, By End-Use, And By Region
|North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)
|North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|2016 to 2020
|2022 - 2030
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The North American region is expected to dominate the market during the forecast period
The North American region held the largest market share in 2021, holding about 52.3% of the market share, and is further predicted to grow exponentially at a positive CAGR during the forecast period. The major reason for the growth of the medication management industry in this region is an increase in the number of cases of life-threatening and chronic diseases, a rise in the geriatric population, and the adoption of a sedentary lifestyle, especially among millennials in this region drives the growth of the market.
These problems ultimately lead to an increase in the number of prescriptions which further requires efficient management and tracking. Besides, increased awareness about the latest technologies, rapid adoption of IT in healthcare, and persistent technological advancements in the region drive the growth of the market in this region. Furthermore, the scarcity of initial care physicians and extensive adoption of effective medication management solutions by various small and medium players bolster the growth of the market in the region.
The global medication management market is dominated by players such as:
The major factors influencing the growth of the global medical medication management market include an increase in the adoption of new technologies in hospitals, a rise in the need to decrease healthcare costs, decrease in medication errors, streamline workflows, and rise in the cases of chronic diseases among people across the globe.
According to the report, the global medication management market size was 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.
The global medication management market is expected to be driven by the North American region. This is mainly due to the increase in the geriatric population, adoption of a sedentary lifestyle among millennials, presence of advanced healthcare infrastructure, increased number of prescriptions, and extensive adoption of IT in healthcare in the region driving the growth of the market in this region.
The major players in the global medication management industry include Cerner Corporation, GE Healthcare, McKesson Corporation, Medication Management Systems Inc., Siemens Healthcare Private Limited, Optum, Inc., Medical Information Technology, Inc., Omnicell Inc, Talyst, LLC, QuadraMed Affinity Corporation, BIQHS, Allscripts, Healthcare Solutions, ARxIUM, BD, Wiegand AG, NEXUS AG, Genoa, Cardinal Health among other global players.