Medication Management Market Size to Reach Revenues of USD 4,517.87 Million by 2026 - Arizton
CHICAGO, Aug. 10, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global medication management market report.
The medication management market is expected to grow at a CAGR of over 15.15% during the period 2020−2026.
Key Highlights Offered in the Report:
- The global medication management market is anticipated to witness an incremental and absolute growth of over USD 2,580 million and around 133.20%, respectively during the forecast period.
- Computerized physician order entry is likely to witness to an incremental growth of about USD 940 million and automated dispensing systems will witness an absolute growth of more than 177.50% during the forecast period.
- Based on delivery mode, is anticipated to witness an incremental and absolute growth of over USD 1,465 million and more than 140%, correspondingly during the forecast period.
- Hospitals will witness an incremental growth of over USD 1,208 million and pharmacy will witness an absolute growth of around 140% during the forecast period.
- In 2020, North America dominated the market and is likely witness the highest incremental growth of over USD 1,151 million during the forecast period.
- Europe is expected to have the fastest growth compared to other regions and is anticipated to witness an absolute growth of around 183% with the highest CAGR of around 19% during the forecast period.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by software type, delivery mode, end-user, and geography
- Competitive Landscape – 6 key vendors and 18 other vendors
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Medication Management Market – Segmentation
- CPOE is an integral and key component of medication management within hospital settings. Providers are increasingly adopting CPOE because of the Medicare and Medicaid incentive programs for meaningful use of electronic health records. CPOE accounted for the highest revenue share of 40.45% in the global medication management system market in 2020.
- Web and cloud-based solutions are expected to contribute to and improve several aspects of the healthcare sector. Medicine orders can be quickly digitized directly into a single, web-based application that supports customized workflows. Many companies are developing web and cloud-based medication management systems such as CareMeds, Omnicell, PipelineRx, etc.
- Medication management in hospitals is vitally important to the delivery of safe care. Hospitals are using telemedicine to improve their link to pharmacy services at any time, improving medication systems for patients. Electronic medications management systems support all the stakeholders within the process and provide the patient-centric care model.
Medication Management Market by Software Type
- Computerized Physician Order Entry (CPOE)
- Clinical Decision Support System (CDSS)
- Automated Dispensing Systems (ADS)
- Drugs Inventory Management System (DIMS)
- Others
Medication Management Market by Delivery Mode
- Web & Cloud-Based
- On-Premises
Medication Management Market by End-User
- Hospitals
- Pharmacies
- Others
Medication Management Market – Dynamics
The effectiveness of information technology (IT) in resolving medication problems has been prevalent. IT has powerful capabilities for managing large amounts of data, implementing decision support mechanisms, such as checking medication details and monitoring drug-drug interactions. It also has the ability to access patient health records. With the rise in the role of IT, patients are becoming increasingly engaged in health care, and this development is supported by the growth of IT in society. One set of important IT tools used within the healthcare domain is Electronic Decision Support Systems (EDSS) tools that support the management of medical evidence and its presentation to healthcare practitioners at the point of care to enable evidence-based decisions. Some IT tools target medication ordering tasks such as Computerized Physician Order Entry (CPOE) or electronic prescribing (e-prescribing). Other systems support pharmacists' clinical roles of reviewing medication orders and dispensing medicines.
Key Drivers and Trends fueling Market Growth:
- Acquisitions & Agreements Among Vendors
- Role of Digital Health in Medication Management
- E-Medication & Electronic Medication Management
- Reduction in Medication Errors & Healthcare Costs
Medication Management Market – Geography
North America emerged as the leading region in the medication management market, contributed by factors such as increasing elderly population, prevalence of chronic illnesses, increasing medication errors, adoption of healthcare IT solutions, rise in prescriptions and hospitalization rates, increase in government funding and healthcare expenditure, as well as growing awareness of technological developments. Advancements and increased use of digital health technologies with the growing number of emerging and leading players entering the medication management field are contributing to the growth of the market in this region. North America accounted for a share of 52.57% in the medication management market in 2020. Increasing concerns of medication errors and monitoring the misuse and overuse of drugs leading to serious adverse drug events has increased the implementation of medication management in North America.
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Medication Management Market by Geography
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- APAC
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- Turkey
Major Vendors
- Omnicell
- Epic Systems Corporation
- BD
- Cerner Corporation
- McKesson Corporation
- UnitedHealth Group
Other Prominent Vendors
- ArbiMed
- ARxIUM
- Cureatr
- DrFirst
- GE Healthcare
- Genoa
- Healthcom
- ICU Medical
- iRx Reminder
- Medical Information Technology
- Medicine-On-Time
- NextGen Healthcare
- PipelineRx
- Plexus Technology Group
- SmartMed
- Swisslog Healthcare
- Talyst
- WellSky
Explore our healthcare & lifesciences profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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