Market Research Future predicted that the global medication management market is set to reach the highest CAGR of 13.4% through the forecast period, 2018-2023.
Medication Management focuses on improving medication use for the patient's condition. Interventions may include medication alignment, medication management, patient / family education about medications, and patient medication configuration simulations.
The growing geriatric population is one of the most important factors in the drug management market. Older people often have significant comorbidities that increase drug use and the risk of poor outcomes. According to a 2018 study published in Clinical Epidemiology, polypharmacy affects between 40% and 50% of older people in countries with high-income. Polypharmacy increases the risk of drug-related side effects in older people because more drugs are associated with a higher risk of harmful drug interactions. Several other factors, such as the emergence of funds in the healthcare sector and the need to reduce healthcare costs, are some of the drivers of the market.
However, the high costs of software implementation and service maintenance can hinder the market growth during the forecast period.
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Competitive Analysis:
Several competitors in the global medication management market are participating to take the market ahead. The process includes various strategic decisions like merger, acquisition, collaboration, and others. MRFR in their recent report on the global medication management market integrated companies like Mckesson Corporation, Allscripts Healthcare 0Electric Company, Inc., Medical Information Technology, Optum Inc., Omnicell, Inc., Siemens Ltd, QuadraMed Affinity Corporation, and others for a better understanding. Their profiling of these companies is to keep an eye on the latest trends and map the market movement.
In August 2019, Molina Healthcare and Abarca decided to become partners in launching fresh ideas regarding predictive analytics into this market to cater to Molina Healthcare’s vulnerable members.
Segmentation:
The global medication management market, as reported in the MRFR study, can be segmented by systems, services, mode of delivery, and end-user. This report provides insights regarding various factors that can impact the global market in the coming years.
- Based on Systems, the global medication management market can be segmented into computerized physician order entry systems, administration software, clinical decision support systems, automated dispensing systems, inventory management systems, and assurance systems. The administration software covers electronic medication administration records (eMAR) software and bar code medication administration (BCMA) software. The automated dispensing systems segment includes centralized automated dispensing systems and decentralized automated dispensing systems (ADS). The centralized automated dispensing system comprises robots/robotic automated dispensing systems and carousels. The decentralized automated dispensing system (ADS) is segmented on the basis of ward-based decentralized automated dispensing systems, pharmacy-based decentralized automated dispensing systems, and automated unit-dose decentralized automated dispensing systems.
- Based on the Services, the global medication management market can be segmented into point-of-care verification services and adverse drug effects (ADE) surveillance services.
- Based on the Mode of Delivery, the medication management market includes web-based solutions, on-premise solutions, and cloud-based solutions.
- Based on the End-user, the medication management market includes hospitals, pharmacies and others.
Regional Analysis:
The Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are regions that have been mentioned in the region-specific study of the global medication management market. This analysis relies a lot on the uncovering of various demographic challenges.
The Americas has the better market dominance as the region hosts well-established healthcare infrastructures and technological support in countries like the U.S., Canada, Mexico, and others. At the same time, a lot of companies are launching their own ways of handling the procedure to ensure that the market never loses the influx of finance in the coming years.
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Europe’s growth is quite pervasive and relies on the dominance of developed economies like U.K., Germany, France, and others. These countries are spurring the growth of the regional market by initiating innovations.
The APAC region is expected to emerge as the fastest growing segment and this is expected to happen due to the growing inclusion of various latest technologies in the revamping infrastructure of healthcare sector in several countries. India and China are expected to contribute significantly.
The MEA region is expected to showcase moderate growth due to the lack in financial backup. Most of the countries from the African region are poor and hence, providing substantial backup to the market would be impossible for them.
