Medication Management Market Insights
Market Research Future predicted that the global medication management market is set to reach the highest CAGR of 13.4% through the forecast period, 2018-2023.
Medication management focuses on improving medication use for the patient’s condition. Interventions may include medication alignment, medication management, patient / family education about medications, and patient medication configuration simulations.
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The growing geriatric population is one of the most important factors in the drug management market. Older people often have significant comorbidities that increase drug use and the risk of poor outcomes. According to a 2018 study published in Clinical Epidemiology, polypharmacy affects between 40% and 50% of older people in countries with high-income. Polypharmacy increases the risk of drug-related side effects in older people because more drugs are associated with a higher risk of harmful drug interactions. Several other factors, such as the emergence of funds in the healthcare sector and the need to reduce healthcare costs, are some of the drivers of the market.
However, the high costs of software implementation and service maintenance can hinder the market growth during the forecast period.
Medication Management Market Segmentation
The global drug management market is segmented based on systems, services, delivery methods, and end-user.
The global system-based medication management market is divided into computerized physician order entry systems, clinical decision support systems, administration software, inventory management systems, automated dispensing systems, and assurance systems. Administration software segment is further classified as Bar Code Drug Delivery Software (BCMA) and Electronic Drug Management Software (eMAR). The automatic distributor’s segment is further classified as centralized automated distribution systems and decentralized automated distribution systems (ADS). A centralized automated dosing system includes robots / dosing systems and automated carousels. The decentralized automated dispensing system (ADS) comprises automated decentralized unit dose metering systems, pharmacy-based decentralized automated dispensing systems, and service-based decentralized automated dispensing systems.
The services market segment is subdivided into point-of-care verification services and drug side effects monitoring.
The global market, on the basis of delivery mode, is divided into on-premise solutions, web-based solutions, and cloud-based solutions.
The market is segmented into pharmacies, hospitals, healthcare facilities, research institutes, and others, based on end-user.
Medication Management Market Regional Outlook
The United States has dominated the global drug management market. This growth can be ascribed to the rise in the elderly population and the presence of the main market players in the region.
Europe ranked second in 2017 due to the presence of developed economies such as the United Kingdom, Germany, France, and other countries in the region, which is an engine for market growth.
The Asia Pacific region is likely to see the fastest growth in 2017. Factors such as health technology sector growth, increasing market penetration in the region, and growing government support for foreign investment provide regional markets in the region. Asia Pacific.
In addition, the Middle East and Africa had the lowest share of the global drug management market due to the existence of low per capita income and poor economies, especially in the African region. The Middle East region is considered an important market for the Middle East and Africa region.
Medication Management Market Major Players
The leading players that are supporting the functioning of the global medication management market include General Electric Company, Siemens Ltd, Medical Information Technology, QuadraMed Affinity Corporation, Allscripts Healthcare Solutions, Cerner Corporation, Mckesson Corporation, Omnicell, Inc., Carefusion Corporation, Epic Systems Corporation, and Optum Inc.
Recent Updates
- Omnicell, Inc., a leading of medication management solutions for healthcare and pharmacy systems, has announced that Mercy, one of five US healthcare systems for Oklahoma, Arkansas, Missouri, and Kansas, will take over the management of medication in your service network through its Omnicell’s automation and intelligence solutions. Omnicell works with major healthcare systems, such as Mercy, and the company launches its vision for independent pharmacies, a step-by-step plan for developing a fully automated zero-error drug management infrastructure. Based on automation, data intelligence, and specialized services, the autonomous pharmacy will allow pharmacists, nurses, physicians, and pharmacist staff to focus on patient and physician satisfaction.
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