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IMARC Group’s report titled "Medication Management Market Report by Software (Computerized Physician Order Entry System, Clinical Decision Support System, Administration Software, Inventory Management System, Automated Dispensing Systems, Assurance System), Services (Medication Analytics Services, Point-Of-Care Verification Services, Adverse Drug Event (ADE) Surveillance Services), Mode of Delivery (Web-based, Cloud-based, On-premises), End User (Pharmacies, Hospitals and Others), and Region 2024-2032". The global medication management market size reached US$ 3.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.51% during 2024-2032.
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Factors Affecting the Growth of the Medication Management Industry:
Rising Aging Population:
Older adults usually require more medications as they are more likely to have multiple chronic conditions, such as hypertension, diabetes, and heart disease. Managing multiple medications can become complex, necessitating systems and services that ensure these medications are used safely and effectively. Managing multiple medications can be challenging, increasing the risk of medication errors, adverse drug reactions, and non-adherence. Medication management solutions like pill organizers, reminder systems, and automated dispensing devices help older adults stay organized and adhere to their medication regimens, improving safety and efficacy.
Technological Advancements:
Electronic medication administration records (eMAR) systems digitize the medication administration process, allowing healthcare providers to record medication administration electronically. These systems help reduce medication errors, improve documentation accuracy, and streamline workflow efficiency in healthcare settings, such as hospitals, long-term care facilities, and outpatient clinics. Furthermore, the growing integration of Internet of Things (IoT) and sensors into medication management solutions to track medication inventory, monitor temperature-sensitive medications, and prevent medication stockouts or expired medications. IoT-enabled medication management systems enhance medication safety, supply chain efficiency, and regulatory compliance in healthcare settings.
Increasing Healthcare Costs:
Effective medication management can significantly reduce the need for hospital readmissions and emergency room visits, which are costly aspects of healthcare. By ensuring that patients adhere to their medication schedules and that the medications are working effectively, many complications and acute health issues can be prevented. In addition, proper medication management ensures that patients receive the right medications at the right dosages, improving the overall effectiveness of treatments. Better outcomes mean fewer complications and less need for additional treatments or interventions, which can be expensive.
Leading Companies Operating in the Global Medication Management Industry:
Allscripts Healthcare Solutions Inc.
ARxIUM Inc.
Becton Dickinson and Company
BIQ Health Solutions
Cardinal Health Inc.
Mckesson Corporation
Omnicell Inc.
Optum Inc. (UnitedHealth Group Incorporated)
Oracle Corporation
Talyst LLC (Swisslog Healthcare)
Medication Management Market Report Segmentation:
By Software:
Computerized Physician Order Entry System
Clinical Decision Support System
Administration Software
Electronic Medication Administration Record (EMAR) Software
Barcode Medication Administration (BMA) Software
Inventory Management System
Automated Dispensing Systems
Centralized Automated Dispensing Systems
Robots/Robotic Automated Dispensing Systems
Carousels
Decentralized Automated Dispensing Systems (Ads)
Pharmacy-Based Decentralized Automated Dispensing Systems
Ward-Based Decentralized Automated Dispensing Systems
Automated Unit-Dose Decentralized Automated Dispensing Systems
Assurance System
Computerized physician order entry system represents the largest segment as it plays a vital role in enhancing the safety, accuracy, and efficiency of the medication ordering and administration process.
By Services:
Medication Analytics Services
Point-Of-Care Verification Services
Adverse Drug Event (ADE) Surveillance Services
Medication analytics services account for the majority of the market share due to their ability to offer comprehensive solutions for healthcare providers, pharmaceutical companies, and patients.
By Mode of Delivery:
Web-based
Cloud-based
On-premises
Based on the mode of deliver, the market has been divided into web-based, cloud-based, and on-premises.
By End User:
Pharmacies
Hospitals
Others
Hospitals hold the biggest market share owing to the complexity and scale of medication management coupled with their financial resources and commitment to innovations.
Regional Insights:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
North America enjoys the leading position in the medication management market on account of a highly developed healthcare infrastructure and advanced technological capabilities.
Global Medication Management Market Trends:
Artificial intelligence (AI) and machine learning (ML) algorithms can analyze large datasets to identify patterns, predict medication adherence behaviors, and personalize interventions for individual patients. These technologies empower healthcare providers to deliver targeted interventions, optimize medication regimens, and improve patient outcomes through data-driven decision-making and proactive management strategies.
Additionally, smart pill dispensers and automated medication dispensing systems use technology like sensors, alarms, and connectivity to dispense medications at the prescribed times and dosages. These devices help patients adhere to their medication regimens by providing reminders, dispensing medications accurately, and preventing double dosing or missed doses.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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