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Medication Management System Global Market Report 2022

Medication Management System Global Market Report 2022

  • September 2022
  • 175 pages
  • ID: 6323467
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the medication management system market are Allscripts Healthcare LLC, ARxIUM, Cerner Corporation, Becton Dickinson and Company, Omnicell Inc., GE Healthcare, Talyst LLC, McKesson Corporation, QuadraMed Affinity Corporation, Siemens Healthcare Private Limited, Genoa Healthcare, Optum Inc., Wiegand AG, Nexus AG, Cardinal Health, Swisslog Healthcare, Hospira Inc., Baxter International Inc., B.Braun Melsungen AG, Epic Systems Corporation, and BIQHS.

The medication management systems market is expected to grow from $1.95 billion in 2021 to $2.38 billion in 2022 at a compound annual growth rate (CAGR) of 21.7%. The medication management systems market is expected to grow to $4.86 billion in 2026 at a CAGR of 19.6%.

The medication management system market consists of sales of medication management system solutions by entities (organizations, sole traders, and partnerships) that are used for tracking and validating the medicines administered to patients during medical care, reducing dispensing errors, and improving operational efficiency.A medication management system refers to managing patients’ data in the system because of the rising number of clinical practices and lengthy prescription times.

The medication management system is an automated software solution that provides and manages the administration of medicines to patients.

The main types of products in medication management systems are computerized physician order entry, clinical decision support system solutions, electronic medication administration records, inventory management solutions, and others.Computerized Provider Order Entry (CPOE) refers to the process of providers entering and sending treatment instructions, which includes medication, laboratory, and radiology orders.

The various delivery modes include web-based, cloud-based, and on-premise. The various types of end-users include pharmacies, hospitals, and others.

North America was the largest region in the medication management system market in 2021. The regions covered in the medication management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The medication management system market research report is one of a series of new reports that provides medication management system market statistics, including medication management system industry global market size, regional shares, competitors with a medication management system market share, detailed medication management system market segments, market trends and opportunities, and any further data you may need to thrive in the medication management system industry. This medication management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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, according to the Center for Medicare & Medicaid Services, a US-based government agency for health and human services, in the United States, the National Health Expenditure (NHE) grew by 9.7% to $4.1 trillion in 2020, and this comprises medical spending that grew by 3.5% to an amount of $671.2 billion in 2020. 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.

New product innovations are the key trend gaining popularity in the medication management system market.Major companies operating in the medication management systems sector are focused on introducing innovative products to sustain their position in the market.

For instance, in 2021, Omnicell Inc., a US-based company that provides medication management solutions and healthcare technology tools, launched Omnicell One, which helps to control medication inventory spending, reduce medication waste, improve patient safety, and manage drug diversion. This system automatically updates the medicine and drug status to the system along with their availability and the number of units used.

In April 2020, Becton and Dickinson, a US-based medical technology company, acquired GSL Solutions Inc. for an undisclosed amount. Through this acquisition, Becton and Dickinson would develop smart medication devices to store and track controlled substances and patient-specific medications. Also, the deal would help to meet retail pharmacies’ needs. GSL Solutions, Inc. is a US-based company that develops smart medication devices for medication management.

The countries covered in the medication management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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