Press release
Increasing Demand for Medication Management Systems Driven by Chronic Diseases and Technological Advancements
Medication Management System Market
Medication management systems are essential in managing these chronic conditions by providing tools for reminders, education, and tracking. These systems not only enhance medication adherence but also help lower healthcare costs associated with non-adherence, such as hospitalizations and complications.
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Key Drivers of Market Growth
A notable factor driving revenue growth in the medication management system market is the increasing investment in healthcare. Governments and healthcare organizations are modernizing their IT infrastructures to improve data sharing and patient care. Medication management systems can integrate seamlessly with these IT frameworks, making them a valuable asset for healthcare providers.
Technological advancements, including Artificial Intelligence (AI) and wearable devices, are also influencing market growth. Innovations in medication management systems are enhancing patient outcomes and operational efficiency. For example, on June 21, 2023, Temple University Health System partnered with DrFirst to incorporate AI-driven solutions into their Epic Electronic Health Record (EHR) system. This integration aims to streamline medication history collection, reduce clinician workload, and improve patient safety.
Furthermore, AI technology is being integrated into medication management systems to improve adherence, identify potential drug interactions, and tailor medication regimens to individual needs. Other emerging technologies, such as 3D printing and blockchain, are also becoming integral to this market.
Challenges Facing the Market
Despite its growth potential, the medication management system market faces challenges, particularly concerning data security and privacy. With these systems handling sensitive patient information, concerns about data breaches and unauthorized access are significant. Additionally, the lack of standardized data formats complicates secure data sharing among healthcare providers, which can hinder effective care coordination. Regulatory frameworks like the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR) further complicate the implementation process for healthcare providers.
Market Segmentation Insights
The medication management system market can be categorized based on software, mode of delivery, and end use.
Software Insights:
The market is divided into inventory management solutions, computerized physician order entry, Clinical Decision Support Systems (CDSS), and electronic medication administration records. The inventory management segment holds the largest share, as these solutions are vital for maintaining medication stock levels, ensuring patient care continuity, and optimizing resource use.
The CDSS segment is expected to grow steadily, driven by the increasing demand for systems that analyze patient data to prevent medication errors and ensure optimal treatment outcomes.
Mode of Delivery Insights:
The market is segmented into location-based, web-based, and cloud-based delivery systems. The cloud-based segment is anticipated to capture a significant market share due to its cost-effectiveness and scalability, making it accessible to smaller healthcare providers. Additionally, cloud-based systems facilitate integration with other healthcare IT solutions, enhancing care coordination.
The web-based segment is expected to grow moderately, offering flexibility and ease of use for healthcare professionals and patients alike.
End-Use Insights:
The market is categorized into hospitals, pharmacies, and other sectors. The hospital segment is projected to lead the market due to the increasing number of surgeries and healthcare expenditures. Hospitals require robust medication management systems to handle diverse patient needs, and their existing IT infrastructure allows for seamless integration with new systems.
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Medication Management System Top Companies and Competitive Landscape
The global medication management system market is fairy fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective medication management system.
Some major players included in the global medication management system market report is:
Veradigm LLC
BD
GE HealthCare
MCKESSON CORPORATION
Oracle
QuadraMed Affinity Corporation
AIR Worldwide
BESTRX
Interactive Business Systems
Talyst, LLC
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.
Medication Management System Market Segmentation 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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Exploring Market Insights: A Guide to Related Reports
Medication Management System Market Size @ https://www.emergenresearch.com/industry-report/medication-management-system-market/market-size
Medication Management System Market Share @ https://www.emergenresearch.com/industry-report/medication-management-system-market/market-share
Medication Management System Market Trends @ https://www.emergenresearch.com/industry-report/medication-management-system-market/market-trends
Medication Management System Regional Market Demand @ https://www.emergenresearch.com/industry-report/medication-management-system-market/regional-market-demand
Medication Management System Market Analysis @ https://www.emergenresearch.com/industry-report/medication-management-system-market/market-analysis
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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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