Global Medication Management Market Overview
The Medication Management Market Size is expected to grow from USD 5.23 billion in 2023 to USD 11.45 billion by 2032, at a CAGR of 9.1% during the forecast period (2024-2032).
The Medication Management market encompasses a broad array of systems and services designed to ensure the safe and effective administration of medications to patients. This market includes electronic health records (EHRs), computerized physician order entry (CPOE) systems, clinical decision support systems (CDSS), medication administration records (MARs), automated dispensing systems, and pharmacy information systems. The primary goal is to minimize medication errors, enhance patient safety, and improve overall healthcare outcomes.
As of 2024, the market is experiencing robust growth driven by several key factors. The increasing prevalence of chronic diseases, the aging global population, and the subsequent rise in the volume of medications prescribed are significant contributors. Technological advancements, such as the integration of artificial intelligence (AI) and machine learning (ML) in medication management systems, have further propelled the market. These technologies enable more precise and personalized medication regimens, predictive analytics for potential adverse drug events, and enhanced operational efficiencies for healthcare providers.
Regulatory frameworks and government initiatives aimed at improving healthcare quality and patient safety are also driving market expansion. For instance, mandates for electronic prescribing and the implementation of health IT infrastructure in various regions have spurred the adoption of advanced medication management solutions. The COVID-19 pandemic has underscored the importance of digital health solutions, leading to accelerated adoption and innovation in this sector.
Geographically, North America dominates the market due to advanced healthcare infrastructure, high adoption rates of technology, and supportive government policies. Europe and Asia-Pacific are also significant markets, with the latter showing the fastest growth due to expanding healthcare infrastructure and increasing investments in digital health.
Market Dynamics And Factors For Medication Management Market
Driver:
Minimum Cost Required For Medication Management
Medication management provides cost-effective care. Patients can save money by only buying medication determined to be appropriate and most effective. They can achieve additional saving via declining adverse events and improved adherence to a regimen, which requires additional treatment. By decreasing the hospital admissions, emergency department visits, and wasted time on unproductive regimen assessment, and adjustment. These factors involve the growth of the medication management market. Errors in the medication cause dangerous problems or sometimes need for medical emergency and patients require more medical treatment or hospitalization, and it becomes costly. For instance, according to Statista 42 million US dollars is the medication error costs annually worldwide. This can be avoided by properly managing medications and the minimum cost required for this, which helps to increase the market of medication management in the projected timeframe.
Restraint:
Lack of Awareness Regards the Medication Management
Most peoples in developing countries are less aware of medication management which hinders the market growth of medication management. Because of the rising prevalence of diseases, they take multiple medicines which cause adverse reactions due to the mixing of medication with supplements or foods. Medication management creates the treatment plan and also monitors the side effects associated with medicines. But peoples are not more aware of the benefits of medication management which hamper the growth of the market.
Opportunity:
Growing Number of Hospitals Investing in New Technology
Due to the rising prevalence of diseases, hospitals, and other healthcare centers increasing their investment in the new technology to improve the management service of healthcare, and avoid medication errors. This is a lucrative opportunity for the market of medication management. For instance, according to Statista, in 2020 investors 21 billion US dollars were invested in the digital health industry. Medication management offers remote medical care, and telemedicine service, this also provides a gainful opportunity for the market of medication management.
Segmentation Analysis Of Medication Management Market
By type, the CDSS segment is projected to have the maximum share of the medication management market during the projected timeframe. CDSS means clinical decision support system which offers the care, diagnosis, or therapy containing medications for the treatment of diseases. CDSS related to the medication system which supports decisions related to medication including processes such as prescribing, administration, and monitoring for effectiveness and adverse effects. CDDS has multiple functions such as computerized alerts and reminders to caregivers and patients, clinical guidelines, focused patient data reports and summaries, diagnostic support, and documentation templates. These factors are anticipated to increase the growth of the medication management market in the forecast period.
By delivery mode, the cloud-based segment is expected to lead the development of the medication management market in the forecast year. Rising the prevalence of patient support to increase the healthcare sectors. There is a need for storage, and maintaining patient-related data such as medication history, and disease-related history. It makes it easy for physicians to give the treatment to patients on the basis of their history of patients. For this purpose, cloud platforms are adopted by various healthcare. Cloud-based platforms are cost-effective and have the capability to store excess data. These factors involve the growth of the market in the projected timeframe.
By end-users, the hospital segment is anticipated to dominate the medication management market in the analysis timespan. The growing prevalence of disease increases the patient visits to hospitals which contain some patients are in-patients and some are out-patients. So, to give better care to patients most hospitals increase the investment in the purchase and development of their IT systems. It helps to enhance workflow efficiency by dispensing medication safely and simplifying complex clinical processes. These factors supported market growth over the forecast year.
Regional Analysis Of Medication Management Market
The North American region is projected to the development of the medication management market over the forecasted year owing to the significant adoption of IT in healthcare, as well as advancement in technology, growth in the incidence of infectious and chronic diseases, and an increase in the number of prescriptions. The CDC evaluates that six adults out of ten in the US region live with chronic diseases and 38% of death accounted for cancer only. Thus, the US region is projected to largest medication management system in the North American region. Rising the awareness regards the new technology and the presence of a huge number of small and medium-scale players that provide the medication management service which boosts the market of medication management in this region in the analysis timespan.
The Europe region second dominated the medication management market in the projected period. Several players in this region are engaged in the development of cloud-based deployment solutions that can provide easy information support to the medication management system. In the Europe region, Germany dominates the market for medication management. Rising the burden of chronic and infectious diseases, the number of prescriptions dispensed by pharmacists. Thus, to overcome the workload on pharmacists rising the use of Automated Solutions in pharmacies facilitated the growth of the medication management market in this region. In addition to this, the rising aging population is also affecting the market growth. For instance, Statista stated that Italy in the Europe region has the largest market share in the elderly population about 23.5% of 65 years or older people live in this country. The growing demand for declining healthcare costs, technological development, and an increase in the demand for remote patient monitoring services, these factors also involved in the growth of the market in the forecast period.
In the Asia Pacific, the growing incidence of chronic diseases and the rising aging population support the growth of the market. For instance, according to Statista, in 2020 huge portion of people in China suffering from chronic diseases. 500 million peoples were overweight or obese and 400 million people were affected by blood pressure-related diseases. The growing number of healthcare sectors with increased the rate of adoption of IT technology for the management of diseases, rising the demand a for computerized physicians for the treatment of disease, the number of prescriptions increases, and high investment in purchasing new software for the management of disease by hospitals as well as government, these all factors support the growth of the market in the projection timeframe.
Top Key Players Covered In Medication Management Market
- Omnicell (USA)
- Cerner Corporation (USA)
- McKesson Corporation (USA)
- BD (Becton, Dickinson and Company) (USA)
- Swisslog Healthcare (Switzerland)
- Parata Systems (USA)
- ScriptPro (USA)
- Capsa Healthcare (USA)
- MedMinder Systems (USA)
- Talyst (USA)
- CareFusion (USA)
- Aethon (USA)
- Tabula Rasa HealthCare (USA)
- Pharmacy Automation Supplies (USA)
- Health Care Logistics (USA)
- GSL Solutions (USA)
- RxSafe (USA)
- Mediware Information Systems (USA)
- CarePredict (USA)
- PillPack (USA)
Key Industry Development In The Medication Management Market
- In April 2024, Health technology pioneer DrFirst and PatchRx, a medication adherence company, announced a partnership to close the gap between a healthcare providerās recommended medication therapy and the patientās actual medicine-taking behavior. This collaboration aims to mitigate the health and economic impacts of medication non-adherence, which is linked to approximately 125,000 deaths and nearly $250 billion in healthcare costs annually in the U.S. By combining prescription fill data and remote monitoring data.
- In April 2024, Healthcare technology pioneer DrFirst announced it had acquired substantially all assets of Myndshft Technologies, Inc., a leader of end-to-end real-time medical benefits and automated prior authorization (PA) software-as-a-service (SaaS). This strategic acquisition aims to improve the patient experience and expedite access to vital specialty medications, such as infusions and in-office injectables primarily covered by medical benefits. Combined with DrFirstās platform and scale, the technology will also lighten the substantial administrative load on healthcare providers and their staff.
- In April 2023, North Dakota Governor Doug Burgum signed new legislation into law that requires health insurance companies to include comprehensive medication management (CMM) services in commercial health benefit plans. The law ensures that citizens in North Dakota will have access to coordinated, consistent, comprehensive services that optimize medication use. Its passage was supported by the Get the Medications Right Institute, a coalition of more than 1,700 stakeholders representing over 1000 companies across the employer and health care spectrum who support greater adoption of CMM.
Global Medication Management Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2042 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 5.23 Bn. |
Forecast Period 2024-32 CAGR: |
9.1% |
Market Size in 2032: |
USD 11.45 Bn. |
Segments Covered: |
By Type |
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By Delivery Mode |
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By End-User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
ā1.1 Research Objectives
ā1.2 Research Methodology
ā1.3 Research Process
ā1.4 Scope and Coverage
āā1.4.1 Market Definition
āā1.4.2 Key Questions Answered
ā1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
ā3.1 By Type
ā3.2 By Delivery Mode
ā3.3 By End Users
Chapter 4: Market Landscape
ā4.1 Porter's Five Forces Analysis
āā4.1.1 Bargaining Power of Supplier
āā4.1.2 Threat of New Entrants
āā4.1.3 Threat of Substitutes
āā4.1.4 Competitive Rivalry
āā4.1.5 Bargaining Power Among Buyers
ā4.2 Industry Value Chain Analysis
ā4.3 Market Dynamics
āā4.3.1 Drivers
āā4.3.2 Restraints
āā4.3.3 Opportunities
āā4.5.4 Challenges
ā4.4 Pestle Analysis
ā4.5 Technological Roadmap
ā4.6 Regulatory Landscape
ā4.7 SWOT Analysis
ā4.8 Price Trend Analysis
ā4.9 Patent Analysis
ā4.10 Analysis of the Impact of Covid-19
āā4.10.1 Impact on the Overall Market
āā4.10.2 Impact on the Supply Chain
āā4.10.3 Impact on the Key Manufacturers
āā4.10.4 Impact on the Pricing
Chapter 5: Medication Management Market by Type
ā5.1 Medication Management Market Overview Snapshot and Growth Engine
ā5.2 Medication Management Market Overview
ā5.3 Computerized provider order entry (CPOE)
āā5.3.1 Introduction and Market Overview
āā5.3.2 Historic and Forecasted Market Size (2016-2028F)
āā5.3.3 Key Market Trends, Growth Factors and Opportunities
āā5.3.4 Computerized provider order entry (CPOE): Grographic Segmentation
ā5.4 Clinical decision support systems (CDSS)
āā5.4.1 Introduction and Market Overview
āā5.4.2 Historic and Forecasted Market Size (2016-2028F)
āā5.4.3 Key Market Trends, Growth Factors and Opportunities
āā5.4.4 Clinical decision support systems (CDSS): Grographic Segmentation
ā5.5 Electronic Medication Administration Record
āā5.5.1 Introduction and Market Overview
āā5.5.2 Historic and Forecasted Market Size (2016-2028F)
āā5.5.3 Key Market Trends, Growth Factors and Opportunities
āā5.5.4 Electronic Medication Administration Record: Grographic Segmentation
ā5.6 Automated Dispensing
āā5.6.1 Introduction and Market Overview
āā5.6.2 Historic and Forecasted Market Size (2016-2028F)
āā5.6.3 Key Market Trends, Growth Factors and Opportunities
āā5.6.4 Automated Dispensing: Grographic Segmentation
ā5.7 Others
āā5.7.1 Introduction and Market Overview
āā5.7.2 Historic and Forecasted Market Size (2016-2028F)
āā5.7.3 Key Market Trends, Growth Factors and Opportunities
āā5.7.4 Others: Grographic Segmentation
Chapter 6: Medication Management Market by Delivery Mode
ā6.1 Medication Management Market Overview Snapshot and Growth Engine
ā6.2 Medication Management Market Overview
ā6.3 On-premise
āā6.3.1 Introduction and Market Overview
āā6.3.2 Historic and Forecasted Market Size (2016-2028F)
āā6.3.3 Key Market Trends, Growth Factors and Opportunities
āā6.3.4 On-premise: Grographic Segmentation
ā6.4 Cloud-based
āā6.4.1 Introduction and Market Overview
āā6.4.2 Historic and Forecasted Market Size (2016-2028F)
āā6.4.3 Key Market Trends, Growth Factors and Opportunities
āā6.4.4 Cloud-based: Grographic Segmentation
Chapter 7: Medication Management Market by End Users
ā7.1 Medication Management Market Overview Snapshot and Growth Engine
ā7.2 Medication Management Market Overview
ā7.3 Hospitals
āā7.3.1 Introduction and Market Overview
āā7.3.2 Historic and Forecasted Market Size (2016-2028F)
āā7.3.3 Key Market Trends, Growth Factors and Opportunities
āā7.3.4 Hospitals: Grographic Segmentation
ā7.4 Pharmacies
āā7.4.1 Introduction and Market Overview
āā7.4.2 Historic and Forecasted Market Size (2016-2028F)
āā7.4.3 Key Market Trends, Growth Factors and Opportunities
āā7.4.4 Pharmacies: Grographic Segmentation
ā7.5 Others
āā7.5.1 Introduction and Market Overview
āā7.5.2 Historic and Forecasted Market Size (2016-2028F)
āā7.5.3 Key Market Trends, Growth Factors and Opportunities
āā7.5.4 Others: Grographic Segmentation
Chapter 8: Company Profiles and Competitive Analysis
ā8.1 Competitive Landscape
āā8.1.1 Competitive Positioning
āā8.1.2 Medication Management Sales and Market Share By Players
āā8.1.3 Industry BCG Matrix
āā8.1.4 Ansoff Matrix
āā8.1.5 Medication Management Industry Concentration Ratio (CR5 and HHI)
āā8.1.6 Top 5 Medication Management Players Market Share
āā8.1.7 Mergers and Acquisitions
āā8.1.8 Business Strategies By Top Players
ā8.2 ALLSCRIPTS HEALTHCARE SOLUTIONS INC
āā8.2.1 Company Overview
āā8.2.2 Key Executives
āā8.2.3 Company Snapshot
āā8.2.4 Operating Business Segments
āā8.2.5 Product Portfolio
āā8.2.6 Business Performance
āā8.2.7 Key Strategic Moves and Recent Developments
āā8.2.8 SWOT Analysis
ā8.3 GE HEALTHCARE (GE COMPANY)
ā8.4 TALYST
ā8.5 LLC (PSYCHIATRIC SOLUTIONS INC.)
ā8.6 ARXIUM
ā8.7 CERNER CORPORATION
ā8.8 OMNICELL INC.
ā8.9 BECTON
ā8.10 DICKINSON AND COMPANY
ā8.11 QUADRAMED AFFINITY CORPORATION
ā8.12 MCKESSON CORPORATION
ā8.13 SIEMENS LTD.
ā8.14 OTHER MAJOR PLAYERS
Chapter 9: Global Medication Management Market Analysis, Insights and Forecast, 2016-2028
ā9.1 Market Overview
ā9.2 Historic and Forecasted Market Size By Type
āā9.2.1 Computerized provider order entry (CPOE)
āā9.2.2 Clinical decision support systems (CDSS)
āā9.2.3 Electronic Medication Administration Record
āā9.2.4 Automated Dispensing
āā9.2.5 Others
ā9.3 Historic and Forecasted Market Size By Delivery Mode
āā9.3.1 On-premise
āā9.3.2 Cloud-based
ā9.4 Historic and Forecasted Market Size By End Users
āā9.4.1 Hospitals
āā9.4.2 Pharmacies
āā9.4.3 Others
Chapter 10: North America Medication Management Market Analysis, Insights and Forecast, 2016-2028
ā10.1 Key Market Trends, Growth Factors and Opportunities
ā10.2 Impact of Covid-19
ā10.3 Key Players
ā10.4 Key Market Trends, Growth Factors and Opportunities
ā10.4 Historic and Forecasted Market Size By Type
āā10.4.1 Computerized provider order entry (CPOE)
āā10.4.2 Clinical decision support systems (CDSS)
āā10.4.3 Electronic Medication Administration Record
āā10.4.4 Automated Dispensing
āā10.4.5 Others
ā10.5 Historic and Forecasted Market Size By Delivery Mode
āā10.5.1 On-premise
āā10.5.2 Cloud-based
ā10.6 Historic and Forecasted Market Size By End Users
āā10.6.1 Hospitals
āā10.6.2 Pharmacies
āā10.6.3 Others
ā10.7 Historic and Forecast Market Size by Country
āā10.7.1 U.S.
āā10.7.2 Canada
āā10.7.3 Mexico
Chapter 11: Europe Medication Management Market Analysis, Insights and Forecast, 2016-2028
ā11.1 Key Market Trends, Growth Factors and Opportunities
ā11.2 Impact of Covid-19
ā11.3 Key Players
ā11.4 Key Market Trends, Growth Factors and Opportunities
ā11.4 Historic and Forecasted Market Size By Type
āā11.4.1 Computerized provider order entry (CPOE)
āā11.4.2 Clinical decision support systems (CDSS)
āā11.4.3 Electronic Medication Administration Record
āā11.4.4 Automated Dispensing
āā11.4.5 Others
ā11.5 Historic and Forecasted Market Size By Delivery Mode
āā11.5.1 On-premise
āā11.5.2 Cloud-based
ā11.6 Historic and Forecasted Market Size By End Users
āā11.6.1 Hospitals
āā11.6.2 Pharmacies
āā11.6.3 Others
ā11.7 Historic and Forecast Market Size by Country
āā11.7.1 Germany
āā11.7.2 U.K.
āā11.7.3 France
āā11.7.4 Italy
āā11.7.5 Russia
āā11.7.6 Spain
āā11.7.7 Rest of Europe
Chapter 12: Asia-Pacific Medication Management Market Analysis, Insights and Forecast, 2016-2028
ā12.1 Key Market Trends, Growth Factors and Opportunities
ā12.2 Impact of Covid-19
ā12.3 Key Players
ā12.4 Key Market Trends, Growth Factors and Opportunities
ā12.4 Historic and Forecasted Market Size By Type
āā12.4.1 Computerized provider order entry (CPOE)
āā12.4.2 Clinical decision support systems (CDSS)
āā12.4.3 Electronic Medication Administration Record
āā12.4.4 Automated Dispensing
āā12.4.5 Others
ā12.5 Historic and Forecasted Market Size By Delivery Mode
āā12.5.1 On-premise
āā12.5.2 Cloud-based
ā12.6 Historic and Forecasted Market Size By End Users
āā12.6.1 Hospitals
āā12.6.2 Pharmacies
āā12.6.3 Others
ā12.7 Historic and Forecast Market Size by Country
āā12.7.1 China
āā12.7.2 India
āā12.7.3 Japan
āā12.7.4 Singapore
āā12.7.5 Australia
āā12.7.6 New Zealand
āā12.7.7 Rest of APAC
Chapter 13: Middle East & Africa Medication Management Market Analysis, Insights and Forecast, 2016-2028
ā13.1 Key Market Trends, Growth Factors and Opportunities
ā13.2 Impact of Covid-19
ā13.3 Key Players
ā13.4 Key Market Trends, Growth Factors and Opportunities
ā13.4 Historic and Forecasted Market Size By Type
āā13.4.1 Computerized provider order entry (CPOE)
āā13.4.2 Clinical decision support systems (CDSS)
āā13.4.3 Electronic Medication Administration Record
āā13.4.4 Automated Dispensing
āā13.4.5 Others
ā13.5 Historic and Forecasted Market Size By Delivery Mode
āā13.5.1 On-premise
āā13.5.2 Cloud-based
ā13.6 Historic and Forecasted Market Size By End Users
āā13.6.1 Hospitals
āā13.6.2 Pharmacies
āā13.6.3 Others
ā13.7 Historic and Forecast Market Size by Country
āā13.7.1 Turkey
āā13.7.2 Saudi Arabia
āā13.7.3 Iran
āā13.7.4 UAE
āā13.7.5 Africa
āā13.7.6 Rest of MEA
Chapter 14: South America Medication Management Market Analysis, Insights and Forecast, 2016-2028
ā14.1 Key Market Trends, Growth Factors and Opportunities
ā14.2 Impact of Covid-19
ā14.3 Key Players
ā14.4 Key Market Trends, Growth Factors and Opportunities
ā14.4 Historic and Forecasted Market Size By Type
āā14.4.1 Computerized provider order entry (CPOE)
āā14.4.2 Clinical decision support systems (CDSS)
āā14.4.3 Electronic Medication Administration Record
āā14.4.4 Automated Dispensing
āā14.4.5 Others
ā14.5 Historic and Forecasted Market Size By Delivery Mode
āā14.5.1 On-premise
āā14.5.2 Cloud-based
ā14.6 Historic and Forecasted Market Size By End Users
āā14.6.1 Hospitals
āā14.6.2 Pharmacies
āā14.6.3 Others
ā14.7 Historic and Forecast Market Size by Country
āā14.7.1 Brazil
āā14.7.2 Argentina
āā14.7.3 Rest of SA
Chapter 15 Investment Analysis
Chapter 16 Analyst Viewpoint and Conclusion
Global Medication Management Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2042 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 5.23 Bn. |
Forecast Period 2024-32 CAGR: |
9.1% |
Market Size in 2032: |
USD 11.45 Bn. |
Segments Covered: |
By Type |
|
|
By Delivery Mode |
|
||
By End-User |
|
||
By Region |
|
||
Key Market Drivers: |
|
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Key Market Restraints: |
|
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Medication Management Market research report is 2024-2032.
Allscripts Healthcare Solutions Inc. (US), GE Healthcare (US), Talyst (US), LLC (US), ArxIYM, Cerner Corporation (US), and other major players.
The Medication Management Market is segmented into type, delivery mode, end-users, and region. By Type, the market is categorized into Computerized provider order entry, clinical decision support system, Electronic Medication administration record, Automated dispensing, and others. By Delivery mode, the market is categorized into On-premise and Cloud-based. By End-users the market is categorized into Hospitals, Pharmacies, and Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Medication management is an important approach for engaging with patients and care providers to create a complete and accurate medication list using the brown bag method. It helps tackle the medication management issues and medication conciliation.
The Medication Management Market Size is expected to grow from USD 5.23 billion in 2023 to USD 11.45 billion by 2032, at a CAGR of 9.1% during the forecast period (2024-2032).