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Medication Management Market to surpass USD 5.62 billion by 2030 owing to the reform of the healthcare system includes the provision of medication management services.

02-13-2024 12:53 PM CET | Health & Medicine

Press release from: SNS Insider Pvt Ltd

Medication Management Market

Medication Management Market

The SNS Insider report indicates that the Medication Management Market was valued at USD 2.44 billion 2022, and is expected to reach market size of USD 5.62 billion by 2030, with a compound annual growth rate (CAGR) of 11% expected over the forecast period from 2023 to 2030.

Based on SNS Insider's research, advanced technologies such as the Internet of Things, machine learning, artificial intelligence, and data analysis are being integrated by manufacturers. These technologies help to improve safety, reduce errors, manage the accuracy and deliver results for patients.

Medication Management Market Report Scope -

This report analyses in detail the various aspects of the Global Space Launch Services Market, including its product offerings, trends analysis, competition landscape and regional scope. In terms of market revenue, the size and forecast for the overall space launch services market is given. In addition, it provides an overview of recent government policies and regulations relating to space launch services, as well as detailed information on how these policies will affect market dynamics and performance.

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The Major Key Players In Medication Management Market
-Omnicell, Inc.,
-Allscripts,
-Cerner Corporation,
-Becton Dickinson and Company (CareFusion),
-McKesson Corporation,
-Quadra Med Affinity Corporation,
-GE Healthcare,
-and other players.

Medication Management Market Opportunities-

By Software
-Computerized Physician Order Entry
-Clinical Decision Support System
-Administration Software
-Inventory Management
-Automated Dispensing Systems (ADS)
-Assurance System Software

By Services
-Medication Analytics
-Point-of-Care Verification
-ADE Surveillance

By End-users
-Hospitals
-Pharmacy
-Others

By Mode of Delivery

-On-premises
-Cloud-based

There are numerous opportunities for major players in the vast underexplored markets of drug control medicine management worldwide. The demand for drug distribution systems is expected to increase rapidly in the coming years as emerging economies develop at a rapid pace. In addition, development countries have seen a high growth in the categories of end users such as hospitals and pharmacies. This creates tremendous growth opportunities for the players who offer medicinal product management services.

Medication Management Market Segmentation Analysis -

Based on software, the market was dominated by the inventory management segment, which accounted for 28.4% of the revenue in 2022. A large part of hospital and pharmacy budgets are spent on medicines and associated costs. Health care systems are looking for ways of reducing waste and costs. Consequently, the growth of this segment is expected to be driven by the increasing need for standardisation of processes, streamlined procedures and effective procurement of inventory.

Based on end user, in 2022, the hospitals segment accounted for 70.6% of its revenue and is one of the key users of IT solutions. Hospitals started to invest huge amounts of money on the purchase and upgrading of their IT systems a few years ago. They are focused on improving the efficiency of their work, safely handling medication and simplifying complex clinical procedures. Hospitals were able to acquire the largest share of the market through such practices.

Medication Management Market Key Regional Development -

The market was dominated by North America, which accounted for the largest revenue share of 52.0% in 2022. The key factors behind the region's dominance were high use of information technology in healthcare, technological progress and an increasing incidence of infectious diseases and chronic illnesses as well as increased prescription volumes. The United States, as well as throughout the world, is the largest market for medication management systems.

The Asia Pacific market is expected to grow at a compounded annual growth rate of 11.5% over the forecast period. A number of factors, such as improved infrastructure and healthcare facilities in the region, increasing health expenditure, presence of a high proportion of patients or an increased number of hospitals are foreseen to drive market growth during the forecast period.

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Key Takeaway from Medication Management Market Study-

Market developments: Due to factors such as the ageing population, increased emphasis on patient outcomes and reduction of medication errors, the Medication Management System market was growing steadily.

Hospitals and Healthcare Facilities: Hospitals and long-term care facilities were the main users of Medication Management Systems, which helped healthcare providers streamline medication administration while decreasing errors and increasing patient safety.

Recent Development Related to Medication Management Market -

In February 2023, Omnicell Inc. is joining forces with Amazon Web Services AWS to provide hospitals and health systems across the United States with its cloud basedMMS solution, OmniRx.

In April 2023, MEDITECH's medication management solution, the MMMSSP is launching an all-encompassing platform with functionalities such as electronic records of drug administration, reconciling medications and alerts.

In July 2022, BD (Becton, Dickinson and Company) announced it had completed the acquisition of Parata Systems. Parata advances BD's transformative solutions strategy by offering a portfolio of innovative pharmacy automation solutions that power a growing network of pharmacies to lessen costs, increase patient safety and enhance the patient experience for retail.

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Table of Contents
Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2.Research Methodology
3.Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4.Impact Analysis
5.Value Chain Analysis
6.Porter's 5 forces model
7.PEST Analysis
8.Medication Management Market Segmentation, By Software
8.1 Computerized Physician Order Entry
8.2 Clinical Decision Support System
8.3 Administration Software
8.4 Inventory Management
8.5 Automated Dispensing Systems (ADS)
8.6 Assurance System Software
9.Medication Management Market Segmentation, By Services
9.1 Medication Analytics
9.2 Point-of-Care Verification
9.3 ADE Surveillance
Medication Management Market Segmentation, By End-users
10.1 Hospitals
10.2 Pharmacy
10.3 Others
Medication Management Market Segmentation, By Mode of Delivery
11.1 On-premises
11.2 Cloud-based
13.Regional Analysis
14.Company Profiles
15.Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share Analysis
14.3 Recent Developments
Conclusion
continued

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Contact Us
Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
Website: https://www.snsinsider.com

About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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