MEDICATION MANAGEMENT MARKET OUTLOOK
The global medication management market is valued at an estimated USD 1.93 billion in 2020 and is expected to grow at a CAGR of 15.15% from 2020 to 2026, to reach USD 4.52 billion in 2026.
With the high adoption of IT in the healthcare industry globally, there will be an increase in the adoption of medication management systems. North America dominates the global market with the largest revenue share of 52.57% in 2020. The demand for these systems is increasing due to the growing need for remote patient monitoring services across healthcare. The increasing role of digital health, demand for pharmacy automation solutions, and active involvement of vendors will contribute to the growth of the medication management market.
The new generation of artificial intelligence (AI)-powered systems play a crucial role in identifying and addressing the root causes of medication systems across the healthcare industry. Patient-centric care is possible across the continuum of care with the use of these IT-integrated medication management systems. This helps evaluate the dynamics of patients’ clinical, medication, and related administrative information and fuel the industry's growth. Several companies are being actively involved with huge acquisitions and agreements with emerging and start-up companies.
- Based on delivery mode, the web & cloud-based segment accounted for the largest revenue share of 53.90% in the global market in 2020.
- The rapid implementation of health IT solutions by hospitals has led to a sharp increase in medication systems across the US. The medication management market in the US is expected to reach USD 1,979.79 million by 2026.
- The widespread implementation of eHealth has raised the demand for medication management in Europe.
- Based on software type, CPOE accounted for the highest revenue share of 40.45% in the global market in 2020.
MEDICATION MANAGEMENT MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Software Type
- Delivery Mode
Computerized physician order entry (CPOE) is likely to witness incremental growth of USD 938.54 million by 2026.
CPOE is an integral and key component of medication management within hospital settings. Providers are increasingly adopting CPOE because of the Medicare and Medicaid incentive programs for meaningful use of electronic health records. CPOE accounted for the highest revenue share of 40.45% in the global medication management system market in 2020. The use of CPOE has increased steadily over time. Many EHR products now come being equipped with CPOE modules that enabling physicians to enter patient data electronically.
The global web and cloud-based segment is expected to reach USD 2,509.88 million by 2026.
Web and cloud-based solutions are expected to contribute to and improve several aspects of the healthcare sector. Medicine orders can be quickly digitized directly into a single, web-based application that supports customized workflows. Many companies are developing web and cloud-based medication management systems such as CareMeds, Omnicell, PipelineRx, etc.
In 2020, the hospital’s segment accounted for the highest revenue share of 47.89% in the global medication management market share.
Medication management in hospitals is vitally important to the delivery of safe care. Hospitals are using telemedicine to improve their link to pharmacy services at any time, improving medication systems for patients. Electronic medications management systems support all the stakeholders within the process and provide the patient-centric care model. Such developments are contributing to the rising uptake of medication systems in hospitals.
In North America, the constant development in the healthcare IT sector is surging the adoption of digital solutions such as medication systems. The rapid increase in the number of older people's medicines leads to a sharp rise in adverse drug reactions (ADRs). With the advent of COVID-19, these systems became highly essential across the region. The North American region will likely show increasing growth in the industry owing to growing advancements during the forecast period. The North America medication management market will grow at a CAGR of 13.44% in the upcoming year.
INSIGHTS BY VENDORS
Most of the leading players are focusing on implementing various strategies to boom in the market. Manufacturers compete directly with several companies in the medication management automation solutions market. The medication management industry is intensely competitive. The players are anticipated to lucrative growth opportunities with the rising demand for systems in the global industry. Key vendors have a wide geographical reach, diversified product portfolio, and a strong focus on innovation and research activities. Major key players accounting for the significant share in the market are Cerner Corporation, BD, Omnicell, McKesson Corporation, Epic Systems, and United Health Group.
The global medication management market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Computerized Physician Order Entry (CPOE)
- Clinical Decision Support System (CDSS)
- Automated Dispensing Systems (ADS)
- Drugs Inventory Management System (DIMS)
- Web & Cloud-Based
- North America
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia