The Medication Management System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medication Management System Global Market Report 2024, The medication management system market size has grown exponentially in recent years. It will grow from $2.95 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%. The growth in the historic period can be attributed to data utilization, emergence of telemedicine, patient engagement focus, pioneering solutions, rising chronic diseases, healthcare infrastructure development.
The medication management system market size is expected to see rapid growth in the next few years. It will grow to $7.36 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to market growth potential, regulatory changes, economic factors, competitive landscape, consumer behavior, global health challenges. Major trends in the forecast period include interoperability demands, data analytics and insights, healthcare cost containment, patient-centric care.
An increase in medical costs is expected to propel the growth of the medication management system market going forward. Medical costs refer to the cost incurred by the individual while taking medical treatment and also the cost incurred by the hospitals on buying their equipment and maintenance. Medical management systems are being adopted by hospitals because they are effective at reducing costs and increasing efficiencies. For instance, in December 2023, according to the Centers for Medicare & Medicaid Services, a US-based government agency in charge of providing health insurance, national health expenditure increased by 4.1% to $4.5 trillion in 2022, or $13,493 per person, accounting for 17.3% of GDP. In addition, national health spending is expected to reach $6.2 trillion by 2028. Therefore, the increase in medical costs is driving the growth of the medication management systems market.
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The medication management market covered in this report is segmented –
1) By Product Type: Computerized Physician Order Entry, Clinical Decision Support System Solutions, Electronic Medication Administration Record, Inventory Management Solutions, Other Product Types
2) By Mode of Delivery: Web-Based, Cloud-Based, On-Premise
3) By End Users: Pharmacies, Hospitals, Other End Users
Top Major Players:
McKesson Corporation
Optum Inc.
Cardinal Health Inc.
Siemens Healthcare Private Limited
Becton Dickinson and Company
North America was the largest region in the medication management system market in 2023.
Major companies operating in the medication management system market are adopting a strategic partnership approach to establish a two-year pharmaceutical informatics fellowship. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in July 2022, Omnicell Inc., a US-based healthcare technology company that offers medication management solutions, announced a partnership with Vanderbilt University Medical Center, a US-based general medical and surgical facility, to launch a new two-year pharmaceutical informatics fellowship. This new fellowship within the MS-ACI program establishes a professional pipeline for pharmacy-trained fellowship recipients who will have the possibility to work on various drugstore and informatics initiatives at Vanderbilt and earn a master’s degree in applied clinical informatics while also working for Omnicell.
The medication management system market report table of contents includes:
1. Executive Summary
2. Medication Management System Market Characteristics
3. Medication Management System Market Trends And Strategies
4. Medication Management System Market – Macro Economic Scenario
5. Global Medication Management System Market Size and Growth
…
32. Global Medication Management System Market Competitive Benchmarking
33. Global Medication Management System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medication Management System Market
35. Medication Management System Market Future Outlook and Potential Analysis
36. Appendix
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