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Medication Management System Market Revenue Opportunies By Key Vendors Becton, Dickinson and Company, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Omnicell, Inc., Cerner Corporation,

09-25-2018 01:33 PM CET | IT, New Media & Software

Press release from: Coherent Market Insights - Healthcare IT

Medication Management System Market Revenue Opportunies By Key

According to the World Health Organization (WHO) report in 2017, medication error costs US$ 42 billion annually worldwide. This figures suggest increasing demand for medication management system as essential part of an overall healthcare infrastructure. As per the World Population Prospect, 2017, Revision report by United Nations, in 2017, around 962 million people under geriatric category, which would demand for rising primary healthcare and long term care. This population is likely to face adverse drug event due to likely chance of error made by them in administering medicine, which can be minimized by using medication management system. This would propel the growth for the global medication management system. According to WHO Factsheet, by 2020, about 73% of global deaths would be from chronic disease such as cancer, cardiovascular disease or diabetes, which requires long term medication with efficient medication dispensing and continuous patient monitoring, which can be done effectively through medication management system. According to the report published by International Pharmaceutical Federation in 2017, among 74 surveyed economies, 55.73% of prescription medicines are sold through hospital pharmacy. Increased use of IT technology for operational efficiency, lack of trained pharmacist and nurses is expected to boost growth of the medication management system market.

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Medication management system involves the use of different IT based services by retail pharmacies or hospitals to provide right dose torightpatient at right time. Medication management system is becoming an essential part of pharmacies across the globe to improve operational efficiency by avoiding situation of overstocking, understocking, increased drug cost, drug adversity, and dispensing error. This is done by utilizing automated software and robotics system, which aids in inventory management, efficient dispensing of medication and better patient tracking thereby improving productivity. Medication management system plays an important role in management of data, as number of complex therapies is increasing in clinical practice along with increasing length of prescriptions, and lack of structured decision making for selecting drug and doses. Physicians and nurses are facing complexity in their area of function such as large patient pool with requirement of chronic therapy, which can be eased with the help of medication management system. Managing bunch of information right from patient data, regulatory compliance to product related data is made easy due to medication management system.

Key Players are consolidating their market position through mergers and acquisition and new product launches

In 2015, Becton, Dickinson and Company completed the acquisition of CareFusion Corporation at US$ 12.2 billion. CareFusion Corporation is specialized in reducing medication error. This acquisition would provide scale and depth to Becton and Dickinson and Company in medication management and patient safety solution.
In August 2017, Swisslog Healthcare announced acquisition of Talyst, Swisslog Healthcare is leading company in medication and supply chain services and solutions. Talyst is market leader in pharmacy automation solutions for hospitals and long term care facilities. In November 2017, Swisslog Healthcare launched cloud-based data analytics platform called Pharmacy Analytics, which is designed to help hospital pharmacies to improve operational efficiencies.

In August 2017, Allscripts announced to acquire McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for US$ 185 million in cash.

In December 2017, Becton, Dickinson and Company launched BD ‘HealthSight’ platform, a comprehensive medication management for enterprise medication management, which offers a unique combination of connective technologies, analytics and expert services.

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Medication Management System Market Taxonomy

On the basis of system type:

Inventory Management Solutions
Computerized Physician Order Entry (CPOE)
Clinical Decision Support System Solutions
Electronic Medication Administration Record
On the basis of mode of delivery:

Location Based Solution
Web-based Solution
Cloud-based Solution
On the basis of end users:

Hospitals
Retail Pharmacies
Home based care

North America is expected to hold the dominant position in medication management system market due presence of healthcare IT infrastructure, high incidence, and prevalence of chronic disease and high per capita expenditure

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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