1. Market Research
  2. > Healthcare
  3. > Medical Device
  4. > Patient Monitoring Market Trends
Global Medication Management System Market By Software, By Mode of Delivery, By End-user, By Region, Industry Analysis and Forecast, 2020 - 2026

Global Medication Management System Market By Software, By Mode of Delivery, By End-user, By Region, Industry Analysis and Forecast, 2020 - 2026

  • February 2021
  • 236 pages
  • ID: 6046679
  • Format: PDF
  • KBV Research

Summary

Table of Contents

Search Inside

The Global Medication Management System Market size is expected to reach $5.7 billion by 2026, rising at a market growth of 20.1% CAGR during the forecast period. Medication management helps in enabling the process of administration, prescribing, and supply of medicines which can be monitored & authenticated electronically. Over the past few years, there is considerable growth in the global medication management market. This is attributed to the growing incidence of chronic diseases and swift growth in the elderly population The high demand for computerized physician order entry systems has increased over years owing to the increasing demand for remote patient monitoring services.

Factors like rising investment by hospitals in order to enhance workflow, technological advancement in medical field, and awareness about decreasing medication errors have contributed to market growth. Moreover, the market growth is expected to propel due to the high adoption of IT in the healthcare industry across the globe.

Aspects such as dispensing of medicines, inventory management, and controls Adverse Drug Events (ADE) can be enhanced using medication management storage. The shortage of healthcare professionals and pharmacists has considerably increased. Therefore, the adoption of medication management software has been witnessing a surge in order to ensure effective workflow.

Software Type Outlook

Based on Software, the market is segmented into Clinical Decision Support System Solutions, Computerized Physician Order Entry (CPOE), Inventory Management Solutions, Electronic Medication Administration Record, and Other Software. Among all these systems, the computerized physician order entry systems segment acquired the maximum growth in the market. This is attributed to the rising demand for remote patient monitoring services and advanced healthcare systems. Moreover, the clinical decision support system is anticipated to grow at the highest rate due to the increasing chronic diseases & rising geriatric population.

Mode of Delivery Outlook

Based on Mode of Delivery, the market is segmented into Cloud-based, Web-based and On-premise. In 2019, the cloud-based solution segment procured the maximum share of the medication management system market. A large number of players are focusing on developing cloud-based deployment solutions that can facilitate easy information that can be shared with clients and stakeholders. The prime factor that supports the growth of the global medication management system market is the easy access of information in remote locations using such solutions. The global market is expected to witness bright growth prospects due to the increasing focus on patient data protection & the advent of laws regarding it.

End-user Outlook

Based on End-user, the market is segmented into Hospitals, Pharmacies and Other end-users. In 2019, Hospitals segment obtained the maximum revenue share in the medication management system market & as it is one of the major end-users of IT solutions. In past years, hospitals have increased their funds in the purchase and upgrades of their IT systems.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2019, North America emerged as the leading region of the medication management system market. The major factors that propel the growth of the regional market are increasing rates of infectious & chronic diseases, rising adoption of IT in healthcare, technological development and a surge in the number of prescriptions. Moreover, the increasing awareness about new technologies and the existence of a large number of small & medium-scale players offering medication management solutions to several hospitals and pharmacies.

The major strategies followed by the market participants are Acquisitions and Partnerships. Based on the Analysis presented in the Cardinal matrix; UnitedHealth Group, Inc. and Siemens AG are the forerunners in the Medication Management System Market. Companies such as Omnicell, Inc., AllScripts Healthcare Solutions, Inc., McKesson Corporation, Becton, Dickinson and Company, Kuka AG, and General Electric (GE) Co. are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AllScripts Healthcare Solutions, Inc. (A-S Medication Solutions), Siemens AG, Becton, Dickinson and Company, Cerner Corporation, General Electric (GE) Co. (GE Healthcare), McKesson Corporation, UnitedHealth Group, Inc. (Optum, Inc.), Omnicell, Inc., Kuka AG (Talyst, LLC), and ARxIUM, Inc.

Recent strategies deployed in Medication Management System Market

Partnerships, Collaborations, and Agreements:

Jan-2021: Omnicell extended its partnership with WVU Medicine, provider of advanced heart, vascular, thoracic, cancer, pediatric, and neurological care. This expansion aimed to use the Company’s industry-leading medication inventory management platform to enhance pharmacy supply chain management all over the West Virginia-based health network.

Dec-2020: ARxIUM announced that it has been selected as the vendor of choice by UNC Health Care. The former company would further centralize and increase pharmacy operations of its Shared Services Center. The collaboration includes the installation of ARxIUMs pharmacy inventory management software, RxWorks Pro, and high-density inventory storage, FastFind carousels, for better serving pharmacies in the health systems network.

Nov-2020: Omnicell partnered with Allegheny Health Network (AHN), a non-profit, 13-hospital academic medical system. The partnership focused on providing central pharmacy dispensing and medication management at the point of care over the 13 hospital locations in western Pennsylvania. Under this partnership, AHN converted its prevailing medication management systems, with the opportunity to extend to Omnicell’s industry-leading platform, automation, and technology-enabled services.

Jul-2020: Cerner Corporation came into partnership with Holon Solutions, an advanced precision information delivery company. The partnership focused on providing accelerated, seamless clinical decision support at the point of care. Together, the companies deployed patented technology that automatically delivers appropriate patient information from Cerner’s EHR-agnostic HealtheIntent population health platform straight to clinicians in their workflow to inform care decisions.

Dec-2019: OptumRx collaborated with Diplomat, a provider of specialty pharmacy and infusion services. Together the companies support enhanced health outcomes and decreased prescription drug costs along with helping lower the overall total cost of care. Diplomat helped in bringing expertise in managing specialty medications, which cure patients with complex diseases, like oncology and immunology. It also offers specialized infusion therapies delivered in convenient and clinically appropriate settings in all 50 states and Washington, D.C.

Oct-2019: Omnicell came into a partnership agreement with Med Center Health, a provider of more access to innovative healthcare to simplify and safeguard its medication management process. Following the partnership, the companies upgraded the health system to Omnicell XT Automated Dispensing Cabinets to assist in enhancing security and nurse-pharmacy workflows.

Sep-2019: McKesson collaborated with TrakCel, the software developer for cell and gene therapy supply chain tracking and orchestration systems. Under this collaboration, both the companies integrated their supply chain tracking and patient access services to allow a more efficient track for the industry to create the next generation of commercial therapies.

Sep-2019: Swisslog Healthcare partnered with Pharmony, a Belgium-based technology company providing cloud-based medication management services. Under this partnership, the companies aimed to offer integrated software and automation experience to community pharmacies in Europe. With the integration of Pharmony SaaS capabilities with Swisslog Healthcare solutions, the companies offer pharmacy owners powerful tools to manage operations more efficiently.

Mar-2019: Omnicell collaborated with Stormont Vail Health, an extensive medical facility in the city of Topeka, Kansas. Under this collaboration, Stormont selected Omnicell’s automated medication management platform to assist in improving safety and efficiency in the central pharmacy and patient care areas. The health system implemented IV robotics to support an in-house sterile compounding operation, along with the Omnicell XT Series Automated Dispensing Cabinets to simplify workflows in patient care areas.

Jan-2019: Veradigm, a division of Allscripts entered into a partnership with Microsoft. Following the partnership, the companies aimed to develop a new product that would assist the researchers in conducting studies through AllScripts cloud-based electronic health record. The partnership helped Allscripts to widen their cloud-based EHR by including automated match-making between patients, study protocols, and suppliers who can qualify for studies.

Acquisition and Mergers:

Jan-2021: Optum announced that it would acquire Change Healthcare, a provider of revenue and payment cycle management and clinical information exchange solutions. This acquisition focused on effectively simplify key clinical, administrative, and payment processes through which healthcare providers and payers depend to serve patients.

Nov-2020: Becton, Dickinson acquired the medical business assets of Cubex. Cubex designs cloud-based software offerings for advanced medication management. Under this acquisition, Becton Dickinson expanded its medication management capabilities into the care continuum space and provides extensive integration with electronic health records.

Oct-2020: Omnicell took over Pharmaceutical Strategies Group’s (PSG) 340BLink business. The acquisition added a comprehensive and differentiated portfolio of software-enabled services and solutions utilized by some eligible hospitals, clinics, health systems, and entities to organizes compliance and capture 340B drug cost savings on outpatient prescriptions written by the eligible entity’s pharmacy or a contracted pharmacy partner.

Jun-2019: Allscripts came into agreement to acquire ZappRx, a digital health company. This acquisition will diversify Allscripts’ health IT offerings beyond EHR technology. With the addition of ZappRx’s team and technology, Allscripts will broaden its solution offerings and will deliver great value to its clients.

Jun-2019: McKesson acquired Echo, a medication management company. The app by Echo enables patients to enter their medication information and the name of their National Health Service physician. Afterward, the prescription is approved by their doctor, and then Echo sends it for free through mail. The acquisition was a part of its digital health strategy that focuses on offering convenient ways for customers to organize their health online.

Apr-2017: Omnicell completed its acquisition of InPharmics, a Mississippi-based technology and services company. The acquisition expanded the offering of Omnicell’s Performance Center.

Apr-2017: Siemens acquired Medicalis Corporation based in San Francisco and Kitchener, Ontario. Through this acquisition, Siemens expanded its Population Health Management (PHM) portfolio and help healthcare providers to effectively connect between PHM at the health system level and the departmental level.

Scope of the Study

Market Segments covered in the Report:

By Software

• Clinical Decision Support System Solutions

• Computerized Physician Order Entry (CPOE)

• Inventory Management Solutions

• Electronic Medication Administration Record

• Other Software

By Mode of Delivery

• Cloud-based

• Web-based

• On-premise

By End User

• Hospitals

• Pharmacies

• Other end-users

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• AllScripts Healthcare Solutions, Inc. (A-S Medication Solutions)

• Siemens AG

• Becton, Dickinson and Company

• Cerner Corporation

• General Electric (GE) Co. (GE Healthcare)

• McKesson Corporation

• UnitedHealth Group, Inc. (Optum, Inc.)

• Omnicell, Inc.

• Kuka AG (Talyst, LLC)

• ARxIUM, Inc.

Unique Offerings

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Remote Patient Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and End User and Geography

  • $ 4550
  • September 2021
  • 234 pages

The global remote patient monitoring market is expected to reach US$ 188,952.22 million by 2028 from US$ 29,062.30 million in 2021. The market is estimated to grow at a CAGR of 30.7% from 2021 to 2028. The ...

  • World
  • APAC
  • Patient Monitoring
  • Industry analysis
  • Chronic Disease Prevalence
  • Medical Technology Density

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on