The global Medication Management System market is expected to witness a CAGR of 20% over the forecast period of 2018-2023. Medication management systems are comprised of the various IT based services by pharmacies or hospitals. These systems are meant to provide right dose of medicine to the right person at right time. It also helps in the clinical data management. —
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Companies Mentioned: Allscripts Healthcare Solutions Inc., ARxIUM, Becton Dickinson and Company, Cerner Corporation, GE Healthcare, McKesson Corporation, Medication Management Systems Inc., Omnicell Inc., and Talyst LLC among others.
Rising Adoption of Healthcare IT across the Developed Regions
Advancements in the technology are enabling the healthcare services to grow in terms of the quality and standard. These technological changes are having social as well as organizational impact, which is leading to the rise in the adoption of technology in general population. The growing healthcare costs, rising demand of the good quality healthcare services, lack of labors, etc. are the factors that are making it imperative for the healthcare providers to integrate IT solutions in the workflow. The potential of the healthcare IT solutions to reduce the medical errors, reduce cost and time of the treatment and improve quality of the healthcare is attracting the healthcare payers and providers to opt for the healthcare IT services. Developed nations such as United States has higher adoptability for the healthcare IT solutions but developing nations are still on the way of adoption and have not fully adopted the healthcare IT services. However, rising demand of the IT solutions in the healthcare sector is increasing and ultimately the adoption of healthcare IT services is increasing which is fueling the medication management system market.
Along with that, increase in investments by the hospitals to improve the quality of treatment services is another factor contributing to the growth of Medication Management System market.
Lack of Awareness about Medication Management Systems in the Developing Countries
According to the National Institute of Health (NIH), most of the developing countries are facing the problem of medication errors at the point of care. These errors are causing rise in the mortality rate, increased hospital stay and higher medical expenses. The prime factor responsible for this is scarcity of awareness about the new technologies, which came into the market. One of the latest advancements in technology is the medication management systems, which is not the commonly known technology for individuals in the developing or underdeveloped countries.
The healthcare payers in the developing countries are not friendly with the novel innovations in the healthcare sector. Owing to the poor awareness about healthcare IT, people are facing challenge in dealing with the various aspects of the healthcare services such as error free medication services, error free diagnosis etc. Despite the government’s funding in healthcare IT among developing regions, lack of awareness is harnessing the growth of this sector, which is ultimately influencing the growth of medication management systems market in a adverse manner. Along with this, higher cost associated with medication management systems is another factor hindering the growth of Medication Management System Market.
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North America Holds the Largest Share in the Medication Management System Market
North America accounts for the largest share of the market studied. This can be primarily attributed to higher adoptability of the latest technologies that are coming into the market and involvement of government in the betterment of the healthcare system. These factors are expected to augment the growth of the market studied over the forecast period.
Key Developments in the Market
• Nov 2018: BD introduced integrated medication management platform designed to address hospitals’ greatest challenges at American Society of Health-System Pharmacists (ASHP) 2017 Midyear Meeting.
• Jan 2018: GE, Roche entered into the partnership to develop integrated digital diagnostics platform to improve oncology and critical care treatment.
Reasons to Purchase the Report
• Current and future global Medication Management System Market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
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