Medication Management Market Growth, Share, and Demand Analysis

According to the market research report published by P&S Intelligence, the global medication management market accounted for a size of $2,361.9 million in 2021, which is on track to hitting a $5,911.5 million value by 2030, at a 10.7% compound annual growth rate. This is owing to the high incidence of chronic ailments, increasing geriatric population, and surging demand to reduce medical care costs.

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The cloud category has around 60% share of the market. This is due to the wide acceptance of regulations associated with it and the rising importance of patient data privacy. Moreover, numerous businesses are providing cloud-based deployment options for straightforward information exchange with stakeholders.

The biggest users of medication management systems, accounting for a revenue share of almost 70% in 2021, are hospitals. This is because hospitals are investing heavily in updating their IT systems, in tune with the rising rate of digitization in healthcare.

Moreover, pharmacies' demand for these solutions is predicted to advance significantly in the upcoming years. The growth in the volume of prescriptions owing to the surging incidence of acute and chronic illnesses, as well as the shortage of pharmacists, is the primary reason for the deployment of dosage management solutions in pharmacies.

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Hence, around 45% of the market's revenue is generated by North America. This is essentially ascribed to the rising rate of infectious and other kinds of illnesses, increasing use of prescription drugs, penetration of IT in the medical field, and advent of cutting-edge technologies.

Moreover, the U.S. has an over 90% share in the regional market. The presence of several SMEs that provide healthcare administration solutions, as well as the lack of primary care physicians in the nation contribute to this.

It is projected that the APAC market will grow the fastest in the future. This can be attributed to the region's large patient population, growing hospital footfall, expanding healthcare infrastructure, and increasing medical care spending.

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