Press release
Medication Management System Market Size to Boost USD USD 7.70 Billion By 2032 | CAGR 10.8% - Published by Emergen Research
Medication Management System Market
The medication management system market encompasses a range of software solutions, devices, and services designed to optimize the prescribing, dispensing, administering, and monitoring of medications in healthcare settings. These systems play a crucial role in improving medication safety, adherence, and efficiency while reducing medication errors, adverse drug events, and healthcare costs. From electronic prescribing (e-prescribing) systems to automated dispensing cabinets and medication reconciliation platforms, medication management systems are integral components of modern healthcare delivery systems worldwide.
The report is attuned with the latest market changes and economic landscape with regard to the currently unfolding COVID-19 pandemic. The crisis has affected the demand and supply pattern, as well as the trends of the industry. It has also brought an economic slowdown that has affected the business of the key manufacturers of the industry. The report estimates the impact of this crisis on the current scenario and future prospects and provides a post-COVID market scenario.
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Drivers of the Medication Management System Market :
Several factors drive the growth of the medication management system market. One significant driver is the increasing focus on patient safety and quality of care, prompting healthcare organizations to invest in technology solutions that streamline medication processes and reduce the risk of medication errors. Moreover, regulatory initiatives and government mandates promoting the adoption of electronic health records (EHRs) and interoperable healthcare IT systems drive market demand for integrated medication management solutions. Additionally, the growing burden of chronic diseases and polypharmacy among aging populations fuels the need for comprehensive medication management solutions to improve medication adherence and outcomes.
Growth Factors of the Medication Management System Market :
The medication management system market is driven by various growth factors contributing to its expansion. One key factor is the increasing adoption of cloud-based and mobile medication management solutions, enabling anytime, anywhere access to patient medication information and decision support tools. Furthermore, advancements in artificial intelligence (AI), machine learning (ML), and predictive analytics technologies enhance the capabilities of medication management systems in medication reconciliation, drug-drug interaction checking, and personalized medication optimization. Additionally, the emergence of value-based care models and population health management initiatives drives market demand for medication management solutions that support care coordination, medication adherence monitoring, and outcomes measurement.
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The report also discusses the key players involved in the market such as:
Veradigm LLC, BD, GE HealthCare, MCKESSON CORPORATION, Oracle, QuadraMed Affinity Corporation, AIR Worldwide, BESTRX, Interactive Business Systems, and Talyst, LLC
The report provides a thorough estimation of the overall impact of the pandemic on the Medication Management System Market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Medication Management System Market
Medication Management System Latest Industry Updates
On 28 June 2022, Becton, Dickinson and Company (BD) announced the acquisition of MedKeeper, a company specializing in cloud-based pharmacy management software. Pharmacy leaders need Intravenous (IV) workflow management tools tailored to their specific needs and workflow. MedKeeper's solutions offer flexible workflow management, inventory tracking, and reporting for both sterile and non-sterile compounding. MedKeeper's software addresses these challenges with customizable features for various pharmacy needs. BD's acquisition aims to meet the rising demand for adaptable pharmacy software.
On 21 June 2022, Truveta and Pfizer announced their partnership to deliver drug safety monitoring by providing continuous insights through a massive, real-world data platform. Truveta's updated data platform, capturing the real-world health landscape, provides Pfizer to analyze anonymized data in near-real-time. This enables swift identification, monitoring, and evaluation of potential safety concerns, ultimately research and proactive risk mitigation efforts.
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Medication Management System Market Segment Analysis :
For the purpose of this report, Emergen Research has segmented the global medication management system market on the basis of software, mode of delivery, end-use, and region:
Software Outlook (Revenue, USD Billion; 2019-2032)
Inventory management solution
Computerized physician order entry
Clinical Decision Support System Solution (CDSS)
Electronic medication administration record
Mode of Delivery Outlook (Revenue, USD Billion; 2019-2032)
Cloud based delivery
Web based delivery
Location based delivery
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Hospital
Pharmacies
Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of Middle East & Africa
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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