Medication Management Market Was Valued at USD 5,389.8 million in 2021, Growing Demand for mHealth Technologies

According to Precision Business Insights (PBI) latest report The Global Medication Management market is accounted for USD 5,389.8 million in 2021, growing at an 16.6% CAGR from 2022 to 2028. Global Medication Management Market is segmented into the following types: By System (Computerized Physician Order Entry, Clinical Decision Support System, Administration Software Inventory Management, Automated Dispensing Systems (ADS), and Assurance System Software), By Service (Medication Analytics, Point-of-Care Verification and Adverse Drug Events (ADE) Surveillance), By Delivery Mode (Cloud - Based, Web - Based and On-Premise), By End User (Hospitals, Pharmacies and Others) and Geography (North America, Europe, Asia-Pacific, and Rest of the World) Forecast to 2028. Key player's profiles in the Allscripts, BD, B-soft Co.,ltd, Cerner Corporation, DHC Software Co.,Ltd., GE Healthcare, Hangzhou Century Co.,Ltd, Heren Health Co.,Ltd, McKesson, Omnicell, Sichuan Jiuyuan Yinhai Software Co.,ltd. And Winning Health Technology Group Co., Ltd.

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Clinical Decision Support Systems Dominate the Medication Management Market
Based on the system, the clinical decision support system segment registered a significant market share and it is expected to grow with a CAGR of x% from 2022 to 2028. One of the key factors driving segment growth is the growing need for high-quality care and integrated, dependable technical solutions. This is also being boosted by the increasing adoption of information systems by hospitals and healthcare institutions, as well as beneficial efforts implemented by numerous governments throughout the world. Rapid advances in biotechnology and bioinformatics are encouraging data storage, management, and analytics platform enhancements and optimizations. Following R&D programs sponsored by major corporate investments, the industry is expected to see a huge number of advancements. Integration of cloud computing and interoperability platforms with many systems would further facilitate a smooth operation and data flow, accelerating CDSS adoption.

North America leads Medication Management Market:
North America held a significant market share in the medication management market during the forecast period and it is expected to continue the growth in the coming years. The region's dominance is due to vigorous use of IT in healthcare, technical improvement, an increase in the frequency of infectious and chronic diseases, and an increase in the number of prescriptions in the region. Market expansion has been aided by other factors such as increased hospital expenditure to improve workflow, technology advancements in the medical profession, and increased awareness about reducing drug errors.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The medication management market further reveals that the key players increasingly adopting strategies such as the launch of newer products, frequent product approvals, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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The medication management market detailed segmentation:
Based on the System, the market is segmented into the following:
• Computerized Physician Order Entry
• Clinical Decision Support System
• Administration Software Inventory Management
• Automated Dispensing Systems (ADS)
• Assurance System Software

Based on the Service, the market is segmented into the following:
• Medication Analytics
• Point-of-Care Verification
• Adverse Drug Events (ADE) Surveillance

Based on the Delivery Mode, the market is segmented into the following:
• Cloud-Based
• Web-Based
• On-Premises

Based on the End User, the market is segmented into the following:
• Hospitals
• Pharmacies
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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