The global Medication Management System market size is expected to be worth around US$ 15.97 billion by 2030, according to a new report by Vision Research Reports.
The global Medication Management System market size was valued at US$ 3.20 billion in 2020 and is anticipated to grow at a CAGR of 30.5% during forecast period 2021 to 2030.
Rise in the number of prescriptions globally, increase in investments by hospitals for workflow management, advanced technologies, and rise in government reforms and policies boosting the integration of IT in healthcare are estimated to drive market growth.
Rise in challenges faced by healthcare professionals for efficient management of clinical operations, streamlined workflow, and reduced healthcare costs drive the demand for automated solutions in healthcare facilities. Rapid growth in prescriptions has increased the burden on care providers to efficiently manage prescriptions of patients and minimize medication errors. Thus, increase in the number of prescriptions is one crucial factor driving the market growth. In addition, a shortage of pharmacists and healthcare professionals will further boost the adoption of IT solutions in healthcare facilities.
There is a rise in investments by hospitals to streamline clinical processes and they have been purchasing new software to manage workflow, which is expected to boost the market growth. For instance, in March 2017, Saudi German Hospital-Dubai automated its medication management workflow by integrating Omnicell’s solutions.
Reforms, policies, and initiatives are being taken by governments to increase the adoption of healthcare IT across the globe, which is expected to drive market growth. For instance, the German National Medication Plan is an initiative directed toward enhancing medication management software in hospitals and pharmacies in Germany.
The inventory management segment dominated the medication management system market in 2016. Medication and its associated cost account for a major portion of hospital and pharmacy budgets. Healthcare systems are striving to minimize the wastage of resources and reduce spending. Thus, the growing need for standardization of workflow, streamlined processes, and efficient procurement of inventory is anticipated to contribute to the growth of this segment.
An increase in integration of IT software in healthcare systems can be attributed to the introduction of the Health Information Technology for Economic and Clinical Health (HITECH) Act. This act is designed to help providers improve care performance. Thus, government regulations that encourage the integration of IT in healthcare are also a major driver for market growth.
Which software segment will record the fastest growth rate?
The clinical decision support system solutions segment is expected to exhibit the fastest CAGR of 21.3% over the forecast period. This is can be attributed to benefits such as accurate diagnosis and prevention of ADE.
The cloud-based solution segment dominated the medication management system market with a share of 47.8% in 2016. A number of players are developing cloud-based deployment solutions for easy information sharing with clients and other stakeholders. Easy access to information in remote locations using such solutions is likely to be a key factor driving demand for commercially-available cloud solutions. In addition, focus on patient data protection and the introduction of laws pertaining to it are likely to boost the market in the coming years.
Deployment of cloud-based technology is gaining significant traction due to various security lapses in web-based and on-premise deployment. Cloud service providers also offer solutions that cover various risks and provide assurance against data losses and thefts. Thus, this segment makes up for a significant share in the market.
In 2016, web-based solutions held the second-largest share in the medication management systems market. This can be attributed to an increase in preference by doctors for web-based technologies due to its cost-effectiveness as compared to cloud-based technologies.
Key mode of delivery facts:
• In 2016, he market was dominated by cloud-based solutions
• Cloud-based technology is preferred over web-based variants due to security lapses in the latter
Hospitals held the largest share in the medication management system market in 2016 and are one of the key end-users of IT solutions. In recent years, hospitals have started investing massive capital in the purchase and upgrades in their IT systems. They are focusing on improving workflow efficiency, dispensing medication safely, and simplifying complex clinical processes. These practices have enabled hospitals to garner the largest market share.
Pharmacy is a significant end user of IT solutions and the segment is expected to witness a CAGR of 21.3% over the forecast period. Increase in the number of prescriptions along with a shortage of pharmacists is some of the key factors responsible for the growth of medication management solutions in pharmacies.
The adoption of automated solutions in pharmacies is expected to minimize workload on pharmacists and assist in efficiently managing prescriptions of patients. In addition, the rising burden of chronic and infectious diseases is likely to increase the number of prescriptions dispensed by pharmacies. These are anticipated to increase the demand for automated management solutions.
Key application facts:
• Hospitals lead the market with a growing focus on improving workflow efficiency and simplifying complex clinical processes
• Pharmacies to gain prominence with a rise in chronic and infectious diseases and an increase in prescriptions dispensed
North America dominated the medication management system market in 2016. High adoption of IT in healthcare, technological advancement, an increase in the incidence of infectious and chronic diseases, and a rise in the number of prescriptions in the region were key factors behind the region’s dominance.
Allscripts, Becton, Dickinson and Company (CareFusion), GE Healthcare, Talyst, LLC., McKesson Corporation, Cerner Corporation, QuadraMed Affinity Corporation, and Omnicell, Inc.
Computerized Physician Order Entry (CPOE)
Clinical Decision Support System Solutions
Electronic Medication Administration Record
Inventory Management Solutions
Mode of Delivery Outlook
Other Healthcare Institutions
The Medication Management System market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Medication Management System market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Medication Management System market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medication Management System market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Medication Management System market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Medication Management System capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Medication Management System by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Medication Management System market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Medication Management System market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medication Management System market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Medication Management System industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Medication Management System market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Medication Management System market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Medication Management System market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Medication Management System market. These factors have benefited the growth of the global market for Medication Management System. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Medication Management System. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Medication Management System are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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