Global Medication Management Market Size to Surpass USD 5.87 Bn Growth by 2030, Exhibit a CAGR of 10.90%
Explore the Global Medication Management Market with 193+ Pages Research Study: Zion Market Research reports the market size & share to be valued at USD 2.25 Billion in 2021, projected to reach USD 5.87 billion by 2030 with a CAGR of 10.90%. Key players analyzed include Cerner Corporation, GE Healthcare, McKesson Corporation, Omnicell Inc, and more.
Minneapolis, MN, Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Medication Management Market By Software (Computerized Physician Order Entry (CPOE), Clinical Decision Support System Solutions, Medication Administration Software, Inventory Management Software, Other Software), By Mode Of Delivery (On Premise, Web-Based, Cloud-Based), By End-Use (Hospitals, Pharmacies, Other Healthcare Institutions) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” in its research database.
“According to the latest research study, the demand of global Medication Management Market size & share in terms of revenue was valued at USD 2.25 Billion in 2021 and it is expected to surpass around USD 5.87 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 10.90% during the forecast period 2022 to 2030.”
What is Medication Management? How big is the Medication Management Industry?
Medication Management Report Coverage & Overview:
Medication management refers to the services offered directly to or on behalf of the individual by an authorized healthcare professional towards monitoring the efficacy of drugs and compliance with a proper medication regimen which includes investigating potentially negative or unintended medical interactions, coordination with care providers, monitoring of necessary laboratory reports, and important habits & practices on the basis of licensed prescriber’s orders. Thus, it revolves around the administration, prescription, and monitoring of medications and their potential side effects, including medication management and support & training for the individual for enhancing the overall well-being of an individual.
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Global Medication Management Market: Growth Dynamics
The demand for medication management is expected to surge exponentially due to an increase in the cases of chronic diseases and a surge in the geriatric population across the globe. There has been an increase in the number of hospitals to cater to the growing population and the various diseases contracted by them. Thus, for effective management, tracking, and prescription of medication and drugs to people, more and more hospitals and clinics adopt innovative technologies including medication management systems so as to carry out systematic management in numerous healthcare processes.
Besides, the rise in need to reduce healthcare expenditure, the shortage of healthcare professionals, and the increase in focus towards decreasing medication errors in hospitals drive the growth of the global medication management market. In addition, rapid investments in the healthcare sector, growing initiatives from the government, and an increase in expenditure on healthcare information technology (HIT) create remarkable opportunities for the growth of the market. However, high costs associated with the implementation and service maintenance of software and the unavailability of proper healthcare infrastructure in underdeveloped and certain countries restrict the growth of the medication management industry to an extent.
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Market Size in 2021
USD 2.25 billion
Projected Market Size in 2030
USD 5.87 billion
CAGR Growth Rate
Key Market Players
Cerner Corporation, GE Healthcare, McKesson Corporation, Medication Management Systems Inc., Siemens Healthcare Private Limited, Optum, Inc., Medical Information Technology, Inc., Omnicell Inc, Talyst, LLC, QuadraMed Affinity Corporation, BIQHS, Allscripts, Healthcare Solutions, ARxIUM, BD, Wiegand AG, NEXUS AG, Genoa, Cardinal Health among other global players
By Software, By Mode of Delivery, By End-Use, And By Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Medication Management Market: Segmentation Analysis
The global medication management market is segmented based on software, mode of delivery, end-use, and region.
Based on end-use, the global market is bifurcated into hospitals, pharmacies, and other healthcare institutions. The hospitals segment held the dominating market share in 2021, holding about 71.1% of the market share, and is further expected to grow exponentially at a promising CAGR during the forecast period. The major reason for the growth of this segment is the heavy investment and upgradation undertaken by hospitals and to appreciably revamp their IT systems. This is mainly because clinics and hospitals are incessantly laying emphasis on untangling composite clinical processes, allocating appropriate medications, and enhancing overall workflow efficiency.
Based on the mode of delivery, the global market is bifurcated into on-premise, web-based, and cloud-based. The cloud-based solution segment held the largest market share in 2021, holding about 60.10% of the market share, and is further expected to grow at a significant CAGR during the forecast period. The major reason for the extensive adoption of cloud-based deployment solutions is that it favors convenient information sharing with clients and stakeholders even in remote places. Furthermore, they stress on data protection of the patient which further drives the growth of the segment during the forecast period. Apart from that, various cloud service providers offer innovative solutions that provide assurance and cover potential threats against data losses and thefts.
The global Medication Management market is segmented as follows:
Computerized Physician Order Entry (CPOE)
Clinical Decision Support System Solutions
Medication Administration Software
Inventory Management Software
By Mode of Delivery
Other Healthcare Institutions
Browse the full “Medication Management Market By Software (Computerized Physician Order Entry (CPOE), Clinical Decision Support System Solutions, Medication Administration Software, Inventory Management Software, Other Software), By Mode Of Delivery (On Premise, Web-Based, Cloud-Based), By End-Use (Hospitals, Pharmacies, Other Healthcare Institutions) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” Report at https://www.zionmarketresearch.com/report/medication-management-market
Some of the main competitors dominating the global Medication Management market include -
Medication Management Systems Inc.
Siemens Healthcare Private Limited
Medical Information Technology Inc.
QuadraMed Affinity Corporation
Key Insights from Primary Research:
As per the analysis shared by our research analyst, the global medication management market is expected to grow annually at a promising CAGR of around 10.90% during the forecast period 2022-2030.
In terms of revenue, the global medication management market size was valued at around USD 2.25 Billion in 2021 and is projected to grow to around USD 5.87 Billion, by 2030.
Medication engagement involves the process of supply and administration of medicines so that they can be to be effectively monitored and validated electronically. It is a strategy that makes sure that the patient comprehends the purpose of the medications and consumes it appropriately at the right time. It also focuses on ameliorating the application of medicines based on the patient’s condition.
Based on software, the inventory management segment held the largest market share in 2021, and is further predicted to grow at a promising CAGR during the forecast period.
Based on mode of delivery, the cloud-based segment held the dominating market share in 2021 and is further projected to cite a promising CAGR during the forecast period.
Based on end-use, the hospitals segment held the largest market share in 2021 and is further expected to grow exponentially at a significant CAGR during the forecast period.
Based on region, the North American market dominated the global market share in 2021, and is further predicted to grow at a notable CAGR during the forecast period.
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Market Size & Forecast by Revenue | 2022−2030
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis By Software, By Mode of Delivery, By End-Use, And By Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Geographically, in the global medication management market, the North American market accounted for the highest market share in 2021, holding about 52.3% of the market share, and is further predicted to grow exponentially at a remarkable CAGR during the forecast period. Increase in the cases of infectious & chronic diseases, a surge in the geriatric population, and the adoption of a sedentary lifestyle among millennials have subsequently increased the number of prescriptions in the region which drive the growth of the market.
Besides, the prevalence of modern healthcare infrastructure, the increase in awareness about innovative technologies, and the adoption of effective medication management solutions by hospitals and pharmacies from numerous small and medium market players drive the growth of the market in this region.
Rest of North America
Rest of Europe
Rest of Asia Pacific
The Middle East & Africa
Rest of the Middle East & Africa
Rest of Latin America
In January 2023, Zhongchao Inc., a China-based online information company that provides its services to patients with oncology and various other diseases, announced that its subsidiary Shanghai Zhongxin Medical Technology Co. Ltd., launched an innovative program called Medication Management Assistance Mini Program on a highly popular internet platform WeChat. The program envisions maneuvering and resolving various medication intrusions faced by cancer patients, assisting them in seamlessly managing numerous issues at the time of medication and streamlining the entire treatment process. The program is equipped with several functions such as an automatic reminder set-up for patients to undertake essential precautions and medications depending on the severity of the cancer consumption pattern of variant medications.
In October 2022, Omnicell, a dominant provider of medical management solutions for various pharmacies and health systems, announced the launch of its Specialty Pharmacy Services. This broad offering is specially designed to favor health systems set up, function, and enhance a fully managed, hospital-owned specialty pharmacy program.
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FREQUENTLY ASKED QUESTIONS
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