Medication Management System Market Introduction and Overview
According to SPER Market Research, the Global Medication Management System Market is estimated to reach USD 8.14 billion by 2033 with a CAGR of 11.39%.
The report includes an in-depth analysis of the Global Medication Management System Market, including market size and trends, product mix, Applications, and supplier analysis. The name "medicine management system" refers to a technique for correctly assigning and delivering the right dosage of medication to the right patients at the right time. With help from various IT services, the system finishes this task. In order to avoid dosage errors, pharmacies worldwide use this management system, particularly since many patients undergoing chronic treatment require lengthy prescriptions. Utilizing robotics and automated software to precisely prescribe the appropriate amount of medications, this technology facilitates the work of medical professionals and staff.
- Specialty Pharmacy Services, a turnkey solution with specialized services to establish, run, and enhance a specialty pharmacy program, was introduced by Omnicell, Inc. in October 2022.
- To streamline patient care for patients with complicated conditions and reduce the cost of pricey specialty drugs, Optum introduced the first-ever specialty medication management solution, Optum Specialty Fusion, in February 2022.
Market Opportunities and Challenges
The factors propelling the medication management system market are the growing global prescription volume and the growing need to lower medication errors. Medication management system market growth is accelerated by the growing use of IT in the healthcare industry, the rising use of automated workflow management solutions as a result of the heavy workloads placed on pharmacists, and the increase in hospital investments to buy new software for effective healthcare process management. The market for medication management systems is also positively impacted by key player mergers and acquisitions, an aging population, a high prevalence of chronic illness, and rising healthcare costs. Additionally, the growing emphasis on value-based medicine and the potential market in emerging economies present lucrative opportunities for medication management system market players in the forecast period
However, factors that are projected to hinder the growth of the medication management system market include the high cost of implementing and maintaining sophisticated systems and a lack of knowledge about them, particularly in developing countries. During the forecast period, the market for medication management systems is expected to face challenges due to the issue of reluctance to adopt these systems.
Market Competitive Landscape
There are a number of significant players in the competitive and fragmented medication management system market. Market participants consistently prioritize mergers and acquisitions, offering tailored solutions, and growing their businesses into unexplored commercial markets. As part of a commercialization strategy, companies are also spending enormous sums of money developing new products and platforms with better and upgraded features. Among the major players are GE Healthcare (General Electric Company), ARxIUM, Becton, Dickinson and Company, Cerner Corporation, and A-S Medication Solutions (Allscripts Healthcare Solutions Inc).
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Product Type, By Mode of Delivery, By End User
|
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
|
| Companies Covered | ARxIUM, A-S Medication Solutions, Becton, Dickinson and Company, Cerner Corporation, GE Healthcare, McKesson Corporation, Omnicell, Inc., Talyst, LLC (Psychiatric Solutions, Inc), Others
|
COVID-19 Impact on Global Medication Management System Market
Clinical Decision Support System (CDSS) implementation was in high demand in India during the COVID-19 pandemic. An article published on ETHealthWorld claims that during the COVID-19 pandemic, India experienced a surge in demand for Clinical Decision Support Systems. As the pandemic period came to an end, CDSS became widely used throughout the nation thanks to updated information, revised protocols, and updated articles. In addition, healthcare providers can find it simpler to manage patient data when CDSS is integrated into the Electronic Health Record systems for specific patients. Health professionals can efficiently dose and combine prescriptions with the help of CDSS, which also helps with drug interactions. For the duration of the forecast period, the studied segment's growth is anticipated to be aided by these CDSS advantages.
Key Target Audience:
- Healthcare Providers
- Pharmaceutical Companies
- Medical Device Manufacturers
- IT Solution Providers in Healthcare
- Government Healthcare Agencies
- Healthcare Professionals
- Healthcare Technology Investors
- Researchers
Our in-depth analysis of the Medication Management System Market includes the following segments:
|
By Product Type:
|
Computerized Physician Order Entry
Clinical Decision Support System Solutions
Electronic Medication Administration Record
Inventory Management Solutions
|
|
By Mode of Delivery:
|
Web-based
Cloud-based
On-Premise
|
|
By End User:
|
Pharmacies
Hospitals
Others
|
Key Topics Covered in the Report:
- Global Medication Management System Market Size (FY’2023-FY’2033)
- Overview of Global Medication Management System Market
- Segmentation of Global Medication Management System Market By Product Type (Computerized Physician Order Entry, Clinical Decision Support System Solutions, Electronic Medication Administration Record, Inventory Management Solutions, Others)
- Segmentation of Global Medication Management System Market By Mode of Delivery (Web-based, Cloud-based, On-Premise)
- Segmentation of Global Medication Management System Market By End User (Pharmacies, Hospitals, Others)
- Statistical Snap of Global Medication Management System Market
- Expansion Analysis of Global Medication Management System Market
- Problems and Obstacles in Global Medication Management System Market
- Competitive Landscape in the Global Medication Management System Market
- Impact of COVID-19 and Demonetization on Global Medication Management System Market
- Details on Current Investment in Global Medication Management System Market
- Competitive Analysis of Global Medication Management System Market
- Prominent Players in the Global Medication Management System Market
- SWOT Analysis of Global Medication Management System Market
- Global Medication Management System Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Medication Management System Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Medication Management System Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Medication Management System Market
7. Global Medication Management System Market, By Product Type (USD Million)
7.1. Global Medication Management System Market Value Share and Forecast, By Product Type, 2023-2033
7.2. Computerized Physician Order Entry
7.3. Clinical Decision Support System Solutions
7.4. Electronic Medication Administration Record
7.5. Inventory Management Solutions
7.6. Others
8. Global Medication Management System Market, By Mode of Delivery (USD Million)
8.1. Global Medication Management System Market Value Share and Forecast, By Mode of Delivery, 2023-2033
8.2. Web-based
8.3. Cloud-based
8.4. On-Premise
9. Global Medication Management System Market, By End User (USD Million)
9.1. Global Medication Management System Market Value Share and Forecast, By End user, 2023-2033
9.2. Pharmacies
9.3. Hospitals
9.4. Others
10. Global Medication Management System Market Forecast, 2023-2033 (USD Million)
10.1. Global Medication Management System Market Size and Market Share
11. Global Medication Management System Market, By Product Type, 2019-2033 (USD Million)
11.1. Global Medication Management System Market Size and Market Share By Product Type (2019-2026)
11.2. Global Medication Management System Market Size and Market Share By Product Type (2027-2033)
12. Global Medication Management System Market, By Mode of Delivery, 2019-2033 (USD Million)
12.1. Global Medication Management System Market Size and Market Share By Mode of Delivery (2019-2026)
12.2. Global Medication Management System Market Size and Market Share By Mode of Delivery (2027-2033)
13. Global Medication Management System Market, By End User, 2019-2033 (USD Million)
13.1. Global Medication Management System Market Size and Market Share By End User (2019-2026)
13.2. Global Medication Management System Market Size and Market Share By End User (2027-2033)
14. Global Medication Management System Market, By Region, 2019-2033 (USD Million)
14.1. Global Medication Management System Market Size and Market Share By Region (2019-2026)
14.2. Global Medication Management System Market Size and Market Share By Region (2027-2033)
14.3. Asia-Pacific
14.3.1. Australia
14.3.2. China
14.3.3. India
14.3.4. Japan
14.3.5. South Korea
14.3.6. Rest of Asia-Pacific
14.4. Europe
14.4.1. France
14.4.2. Germany
14.4.3. Italy
14.4.4. Spain
14.4.5. United Kingdom
14.4.6. Rest of Europe
14.5. Middle East and Africa
14.5.1. Kingdom of Saudi Arabia
14.5.2. United Arab Emirates
14.5.3. Rest of Middle East & Africa
14.6. North America
14.6.1. Canada
14.6.2. Mexico
14.6.3. United States
14.7. Latin America
14.7.1. Argentina
14.7.2. Brazil
14.7.3. Rest of Latin America
15. Company Profile
15.1. ARxIUM
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. A-S Medication Solutions
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Becton, Dickinson and Company
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Cerner Corporation
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. GE Healthcare
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. McKesson Corporation
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Omnicell, Inc.
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Talyst, LLC (Psychiatric Solutions, Inc)
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
