The global medication management market is expected to grow at a CAGR of 17.7% during the forecast period with its market size predicted to reach USD 6.0 billion by 2024. Medication management allows prescribing, administration and supply of medicines to be tracked and validated electronically. The global medication management market is growing at a significant rate, due to the mounting occurrence of chronic diseases and rapid growth in the geriatric population. Different systems and services contributed to the medication management market size. The market has witnessed high demand for computerized physician order entry systems over the last few years due to mounting demand for remote patient monitoring services.
Insight by Systems
On the basis of systems, the market is subdivided into clinical decision support systems, inventory management systems, computerized physician order entry systems, assurance systems, administration software, and automated dispensing systems. Of all systems, computerized physician order entry systems segment accounted the largest share in the market, which is due to the increasing demand for remote patient monitoring services and mounting demand for the advanced healthcare system. In addition, the clinical decision support system is expected to grow at the fastest rate in the market, due to mounting chronic diseases and expanding the geriatric population.
Insight by Services
There are three services offered in the market including adverse drug effects (Ade) surveillance services, medication analytics services, and point-of-care verification services. Of all services, medication analytics services accounted the largest share in the market due to mounting demand for the advanced healthcare system. The demand for Ade surveillance services is also anticipated to increase at a significant rate during the forecast period.
Insight by Mode of Delivery
There are three modes of delivery in the medication management market, web-based solutions, cloud-based solutions, and on-premise solutions. Low maintenance and IT infrastructure requirements are some of the factors responsible for the growth of the web-based solution segment. Of all mode of delivery, the web-based solutions accounted the largest share in the medication management market. In addition, cloud-based solutions are expected to grow at the fastest rate during the forecast period.
Insight by End-User
The different end users are pharmacies, hospitals, and other healthcare institutions. The mounting occurrence of chronic diseases is the factors growing the demand for medication management in hospitals. Among all end users, the hospitals accounted the largest share in the medication management market.
The rapid increase in aging population, demand for reduced healthcare cost, technological advancement, and mounting demand for remote patient monitoring services are the primary growth drivers for medication management market. For instance, according to the World Health Organization (WHO), globally in 2010 approximately 524 million people were aged 65 years and older, and is expected to reach 1.5 billion in 2050.
In addition, mounting occurrence of chronic diseases is also driving the growth of the market. For instance, according WHO globally approximately 17.7 million people died from cardiovascular diseases in 2015. In addition, according to WHO, globally the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. Moreover, according to International Diabetes Federation (IDF) in 2017, approximately 425 million adults were suffering from diabetes and are expected to reach 629 million by 2045, globally.
Mounting emphasis on value-based medicine, mounting demand for advanced healthcare system, and escalating assistance from government organizations are also facilitating the growth for the medication management market.
Unwillingness to accept medication management systems, privacy and safety issues and the high price of implementation and maintenance are the major challenges for the growth of medication management market.
Globally, the manufacturing companies trying to enter the medication management market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest medication management market as in the region the prevalence of chronic disease is increasing. For instance, according to Centers of Disease Control and Prevention (CDC), in the U.S. approximately 610,000 people die every year due to heart disease. Growing geriatric population, technological innovation and boosting government funding are also up surging growth of the North American medication management market. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050.
Asia-Pacific is observed to witness the fastest growth in the market, as the region comprises of the large population base. In addition, expanding the geriatric population, the mounting occurrence of chronic diseases and refined healthcare infrastructure are also creating a positive impact on the medication management market growth in the region.
Key players in the medication management market are catering to the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In October 2017, Allscripts Healthcare Solutions, Inc., acquired McKesson Corporation’s hospital and health system IT business, to improve its product portfolio. Allscripts Healthcare Solutions, Inc., Cerner Corporation, Carefusion Corporation, Siemens Healthcare, GE Healthcare, Optum Inc., McKesson Corporation, Epiq System Corporation, Qualcomm Incorporated, Quadramed Corporation, Omnicell, Inc. and Meditech are the key players offering medication management.
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