Medication Management Market Size 2023 | Worth US$ 4.5 Billion by 2028 | Growth Rate (CAGR) of 8.60% | IMARC Group

The latest research study "Medication Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the lobal medication management market size reached US$ 2.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.60% during 2023-2028.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Medical management includes medication reconciliation, monitoring, and ensuring that patients achieve their desired results by designing treatment plans and supervising their effectiveness and safety. As part of the process, patients and their caregivers are educated and engaged regarding security and adherence concerns. A medication management system, which is included in healthcare reforms, enhances dispensing of medicines and inventory management. In addition to this, it suggests reminder and organization tools that are most comfortable for patients, leading to a substantial improvement in both outcomes and safety. As such, medication management services decrease the prevalence of chronic diseases and mortality rates, thereby making healthcare safer and more reliable.

Medication Management Market Trends and Drivers:

The rising investments by healthcare facilities to improve workflow and operational efficiency and the inflating need for minimizing medical errors are among the primary factors driving the medication management market. Additionally, the increasing workload on healthcare providers for offering efficient administration and preservation of the records is further augmenting the market growth. Besides this, the emerging trend of automating workflow control solutions via the use of advanced technologies in the medical sector is catalyzing the global market. Moreover, the expanding geriatric population, who are more susceptible to various health conditions, is acting as another significant growth-inducing factor. Apart from this, an enhanced focus on value-based medicine is also stimulating the market growth. Furthermore, the growing prevalence of several chronic diseases, continuous advancements in medical technology, and extensive R&D activities are expected to bolster the medication management market in the coming years.

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Medication Management Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Allscripts Healthcare Solutions Inc.
• ARxIUM Inc.
• Becton Dickinson and Company
• BIQ Health Solutions
• Cardinal Health Inc.
• Mckesson Corporation
• Omnicell Inc.
• Optum Inc. (UnitedHealth Group Incorporated)
• Oracle Corporation and Talyst LLC (Swisslog Healthcare)

Breakup by Software:

• Computerized Physician Order Entry System
• Clinical Decision Support System
• Administration Software
o Electronic Medication Administration Record (EMAR) Software
o Barcode Medication Administration (BMA) Software
• Inventory Management System
• Automated Dispensing Systems
o Centralized Automated Dispensing Systems
o Robots/Robotic Automated Dispensing Systems
o Carousels
o Decentralized Automated Dispensing Systems (Ads)
• Pharmacy-Based Decentralized Automated Dispensing Systems
• Ward-Based Decentralized Automated Dispensing Systems
• Automated Unit-Dose Decentralized Automated Dispensing Systems
• Assurance System

Breakup by Services:

• Medication Analytics Services
• Point-Of-Care Verification Services
• Adverse Drug Event (ADE) Surveillance Services

Breakup by Mode of Delivery:

• Web-based
• Cloud-based
• On-premises

Breakup by End User:

• Pharmacies
• Hospitals
• Others

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Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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