Medication management systems enable healthcare practitioners to prescribe medications electronically. These are designed to assist healthcare providers in collecting, storing, sharing, and retrieving patients’ information in an efficient manner to enhance care of the patients. These systems consume less time and require less workforce. Utilization of these systems facilitates the operations of hospitals by offering services, such as prescription of medicines, monitoring medicine administration, and automated dispensing of medicines. Moreover, the systems curtail errors by offering appropriate dosage calculations and improve legibility of prescriptions.
On account of these benefits, the demand for medication management systems has surged across the world. Moreover, the growth of the medication management market is supported by soaring demand for mHealth technologies, rising investments by healthcare information technology (HIT) companies, and increasing number of initiatives taken by private and public organizations in this field. Apart from this, the escalating provision of remote patient monitoring services is fueling the adoption of these systems in healthcare facilities.
In addition to hospitals and pharmacies, the popularity of medication management systems is also magnifying in-home care settings. These end users are increasingly deploying these systems, due to the numerous services offered by the systems, such as medication analytics services, point-of-care verification services, and adverse drug event (ADE) surveillance services. Furthermore, the medication management solutions are delivered on web-based, on-premises, and cloud-based platforms. In recent years, the adoption of these systems has grown substantially because of the advantages offered by the medication analytics services provided by such systems.
Medication management systems, based on software type, include computerized physician order entry (CPOE), medication administration software, automated dispensing system (ADS), and clinical decision support system (CDSS). In recent years, the integration of CPOE software has increased, as it has become an integral component of modernization of medical practice and quality improvement of patient care. This technology helps reduce underuse, overuse, and misuse of healthcare services and medicines. Moreover, the CPOE software helps in curtailing costs, reducing medical errors, shortening the length of hospital stay, and enhancing compliance with numerous guidelines.
Globally, the healthcare infrastructure of North America relies heavily on medication management systems, due to the existence of an advanced healthcare system in the region. Additionally, Europe also uses medication management systems to enhance its healthcare ecosystem, on account of surging demand for mHealth technologies, booming geriatric population, and increasing prevalence of chronic diseases. According to P&S Intelligence, Germany has emerged as the largest contributor to the European market. Apart from these regions, the Asia-Pacific (APAC) region is also increasing the adoption these systems to improve healthcare facilities.
Players in the medication management market are strengthening their footprint in emerging economies of Africa, Latin America, and Asia, as these geographies offer lucrative opportunities to them. Even though the market is still in its nascent stage, there has been substantial development of medication aid in North America and Europe, due to the surge in number of pharmacies and hospitals. These have opened numerous doors for companies such as General Electric Company, Cerner Corporation, QUALCOMM Incorporated, McKesson Corporation, Becton Dickinson and Company, Allscripts Healthcare Solutions Inc., and Siemens AG.
With the advancements in healthcare infrastructure and high incorporation of novel technologies in this ecosystem, the demand for medication management systems is expected to surge in the coming years.
