Medication Management Market

Industry Overview

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 a high demand for computerized physician order entry systems over the last few years due to the mounting demand for remote patient monitoring services.

Market Segmentation

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 for 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 for the largest share in the market due to the 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 for 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 for the largest share in the medication management market.

Industry Dynamics

Growth Drivers

The rapid increase in the 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 to 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 the 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 the advanced healthcare system, and escalating assistance from government organizations are also facilitating the growth for the medication management market.

Challenges

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.

Industry Ecosystem

Globally, 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.

Geographic Overview

Geographically, North America is the largest medication management market as in the region the prevalence of the chronic disease is increasing. For instance, according to the 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.

Competitive Insight

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.

PRIMARY RESEARCH INTERVIEWS - BREAKDOWN

1. Research Overview

1.1. The Report Offers

1.2. Market Coverage

1.2.1. By System

1.2.2. By Service

1.2.3. By Mode of Delivery

1.2.4. By End User

1.2.5. By Region

1.3. Research Phases

1.4. Limitations

1.5. Market Size Estimations and Forecast

1.5.1. Data Sources

1.5.1.1. Primary Research

1.5.1.2. Secondary Research

1.5.2. Methodology

1.5.2.1. Data Exploration

1.5.2.2. Forecast Parameters

1.5.2.3. Data Validation

1.5.2.4. Assumptions

1.5.3. Study Period & Data Reporting Unit

2. Executive Summary

3. Market Definition

3.1. By System

3.1.1. Clinical Decision Support Systems

3.1.2. Inventory Management Systems

3.1.3. Computerized Physician Order Entry Systems

3.1.4. Assurance Systems

3.1.5. Administration Software

3.1.6. Automated Dispensing Systems

3.2. By Service

3.2.1. Adverse Drug Effects Surveillance

3.2.2. Medication Analytics

3.2.3. Point-of-Care Verification

3.3. By Mode of Delivery

3.3.1. Web-Based

3.3.2. Cloud-Based

3.3.3. On-Premise

3.4. By End User

3.4.1. Pharmacies

3.4.2. Hospitals

3.4.3. Others

4. Industry Overview

4.1. Industry Dynamics

4.1.1. Major Drivers

4.1.2. Major Restraints

4.1.3. Key Trends

4.1.4. Key Opportunities

4.2. Industry Ecosystem

4.2.1. Porter’s Five Forces Analysis

4.2.2. Technology Insight

4.2.3. Value Chain Analysis

4.2.4. Regulatory Framework

4.3. Competitive Insight

4.3.1. Competitive Analysis of Key Players

4.3.2. Product Analysis of Key Players

5. Global Market Estimate and Forecast

5.1. By System

5.2. By Service

5.3. By Mode of Delivery

5.4. By End User

5.5. By Region

6. North America Market Estimate and Forecast

6.1. By System

6.2. By Service

6.3. By Mode of Delivery

6.4. By End User

6.5. By Country

6.5.1. U.S. Market Estimate and Forecast

6.5.2. Canada Market Estimate and Forecast

6.5.3. Mexico Market Estimate and Forecast

7. Europe Market Estimate and Forecast

7.1. By System

7.2. By Service

7.3. By Mode of Delivery

7.4. By End User

7.5. By Country

7.5.1. Germany Market Estimate and Forecast

7.5.2. U.K. Market Estimate and Forecast

7.5.3. France Market Estimate and Forecast

7.5.4. Italy Market Estimate and Forecast

7.5.5. Spain Market Estimate and Forecast

7.5.6. Rest of Europe Market Estimate and Forecast

8. Asia-Pacific Market Estimate and Forecast

8.1. By System

8.2. By Service

8.3. By Mode of Delivery

8.4. By End User

8.5. By Country

8.5.1. Japan Market Estimate and Forecast

8.5.2. China Market Estimate and Forecast

8.5.3. India Market Estimate and Forecast

8.5.4. Australia Market Estimate and Forecast

8.5.5. South Korea Market Estimate and Forecast

8.5.6. Rest of Asia-Pacific Market Estimate and Forecast

9. Rest of the World (RoW) Market Estimate and Forecast

9.1. By System

9.2. By Service

9.3. By Mode of Delivery

9.4. By End User

9.5. By Country

9.5.1. Brazil Market Estimate and Forecast

9.5.2. Saudi Arabia Market Estimate and Forecast

9.5.3. U.A.E Market Estimate and Forecast

9.5.4. South Africa Market Estimate and Forecast

9.5.5. Other Countries Market Estimate and Forecast

10. Company Profiles

10.1. Allscripts Healthcare Solutions, Inc.

10.1.1. Snapshot

10.1.2. Overview

10.1.3. Offerings

10.1.4. Financial Insight

10.1.5. Recent Developments

10.2. Cerner Corporation

10.2.1. Snapshot

10.2.2. Overview

10.2.3. Offerings

10.2.4. Financial Insight

10.2.5. Recent Developments

10.3. Carefusion Corporation

10.3.1. Snapshot

10.3.2. Overview

10.3.3. Offerings

10.3.4. Financial Insight

10.3.5. Recent Developments

10.4. Siemens Healthcare

10.4.1. Snapshot

10.4.2. Overview

10.4.3. Offerings

10.4.4. Financial Insight

10.4.5. Recent Developments

10.5. Siemens AG

10.5.1. Snapshot

10.5.2. Overview

10.5.3. Offerings

10.5.4. Financial Insight

10.5.5. Recent Developments

10.6. GE Healthcare

10.6.1. Snapshot

10.6.2. Overview

10.6.3. Offerings

10.6.4. Financial Insight

10.6.5. Recent Developments

10.7. Optum Inc.

10.7.1. Snapshot

10.7.2. Overview

10.7.3. Offerings

10.7.4. Financial Insight

10.7.5. Recent Developments

10.8. McKesson Corporation

10.8.1. Snapshot

10.8.2. Overview

10.8.3. Offerings

10.8.4. Financial Insight

10.8.5. Recent Developments

10.9. Epiq System Corporation

10.9.1. Snapshot

10.9.2. Overview

10.9.3. Offerings

10.9.4. Financial Insight

10.9.5. Recent Developments

10.10. Qualcomm Incorporated

10.10.1.  Snapshot

10.10.2.  Overview

10.10.3.  Offerings

10.10.4.  Financial Insight

10.10.5.  Recent Developments

10.11. Quadramed Corporation

10.11.1.  Snapshot

10.11.2.  Overview

10.11.3.  Offerings

10.11.4.  Financial Insight

10.11.5.  Recent Developments

10.12. Omnicell, Inc.

10.12.1.  Snapshot

10.12.2.  Overview

10.12.3.  Offerings

10.12.4.  Financial Insight

10.12.5.  Recent Developments

10.13. Meditech

10.13.1.  Snapshot

10.13.2.  Overview

10.13.3.  Offerings

10.13.4.  Financial Insight

10.13.5.  Recent Developments

*Financial insight, are subject to availability of information in secondary domain.

11. Appendix

11.1. Exchange Rates

11.2. Abbreviations

11.3. Healthcare Indicators

List of Tables

Table 1 Sources

Table 2 Study Periods

Table 3 Data Reporting Unit

Table 4 Global Medication Management Market Size, by Service, 2014 – 2018 (USD Million)

Table 5 Global Medication Management Market Size, by Service, 2019 – 2024 (USD Million)

Table 6 Global Medication Management Market Size, by Service, 2014 – 2018 (USD Million)

Table 7 Global Medication Management Market Size, by Service, 2019 – 2024 (USD Million)

Table 8 Global Medication Management Market Size, by Mode of Delivery, 2014 – 2018 (USD Million)

Table 9 Global Medication Management Market Size, by Mode of Delivery, 2019 – 2024 (USD Million)

Table 10 Global Medication Management Market Size, by End-User, 2014 – 2018 (USD Million)

Table 11 Global Medication Management Market Size, by End-User, 2019 – 2024 (USD Million)

Table 12 Global Medication Management Market Size, by Region, 2014 – 2018 (USD Million)

Table 13 Global Medication Management Market Size, by Region, 2019 – 2024 (USD Million)

Table 14 North America Medication Management Market Size, by Service, 2014 – 2018 (USD Million)

Table 15 North America Medication Management Market Size, by Service, 2019 – 2024 (USD Million)

Table 16 North America Medication Management Market Size, by Service, 2014 – 2018 (USD Million)

Table 17 North America Medication Management Market Size, by Service, 2019 – 2024 (USD Million)

Table 18 North America Medication Management Market Size, by Mode of Delivery, 2014 – 2018 (USD Million)

Table 19 North America Medication Management Market Size, by Mode of Delivery, 2019 – 2024 (USD Million)

Table 20 North America Medication Management Market Size, by End-User, 2014 – 2018 (USD Million)

Table 21 North America Medication Management Market Size, by End-User, 2019 – 2024 (USD Million)

Table 22 North America Medication Management Market Size, by Country, 2014 – 2018 (USD Million)

Table 23 North America Medication Management Market Size, by Country, 2019 – 2024 (USD Million)

Table 24 Europe Medication Management Market Size, by Service, 2014 – 2018 (USD Million)

Table 25 Europe Medication Management Market Size, by Service, 2019 – 2024 (USD Million)

Table 26 Europe Medication Management Market Size, by Service, 2014 – 2018 (USD Million)

Table 27 Europe Medication Management Market Size, by Service, 2019 – 2024 (USD Million)

Table 28 Europe Medication Management Market Size, by Mode of Delivery, 2014 – 2018 (USD Million)

Table 29 Europe Medication Management Market Size, by Mode of Delivery, 2019 – 2024 (USD Million)

Table 30 Europe Medication Management Market Size, by End-User, 2014 – 2018 (USD Million)

Table 31 Europe Medication Management Market Size, by End-User, 2019 – 2024 (USD Million)

Table 32 Europe Medication Management Market Size, by Country, 2014 – 2018 (USD Million)

Table 33 Europe Medication Management Market Size, by Country, 2019 – 2024 (USD Million)

Table 34 Asia-Pacific Medication Management Market Size, by Service, 2014 – 2018 (USD Million)

Table 35 Asia-Pacific Medication Management Market Size, by Service, 2019 – 2024 (USD Million)

Table 36 Asia-Pacific Medication Management Market Size, by Service, 2014 – 2018 (USD Million)

Table 37 Asia-Pacific Medication Management Market Size, by Service, 2019 – 2024 (USD Million)

Table 38 Asia-Pacific Medication Management Market Size, by Mode of Delivery, 2014 – 2018 (USD Million)

Table 39 Asia-Pacific Medication Management Market Size, by Mode of Delivery, 2019 – 2024 (USD Million)

Table 40 Asia-Pacific Medication Management Market Size, by End-User, 2014 – 2018 (USD Million)

Table 41 Asia-Pacific Medication Management Market Size, by End-User, 2019 – 2024 (USD Million)

Table 42 Asia-Pacific Medication Management Market Size, by Country, 2014 – 2018 (USD Million)

Table 43 Asia-Pacific Medication Management Market Size, by Country, 2019 – 2024 (USD Million)

Table 44 RoW Medication Management Market Size, by Service, 2014 – 2018 (USD Million)

Table 45 RoW Medication Management Market Size, by Service, 2019 – 2024 (USD Million)

Table 46 RoW Medication Management Market Size, by Service, 2014 – 2018 (USD Million)

Table 47 RoW Medication Management Market Size, by Service, 2019 – 2024 (USD Million)

Table 48 RoW Medication Management Market Size, by Mode of Delivery, 2014 – 2018 (USD Million)

Table 49 RoW Medication Management Market Size, by Mode of Delivery, 2019 – 2024 (USD Million)

Table 50 RoW Medication Management Market Size, by End-User, 2014 – 2018 (USD Million)

Table 51 RoW Medication Management Market Size, by End-User, 2019 – 2024 (USD Million)

Table 52 RoW Medication Management Market Size, by Country, 2014 – 2018 (USD Million)

Table 53 RoW Medication Management Market Size, by Country, 2019 – 2024 (USD Million)

Table 54 Snapshot – Allscripts Healthcare Solutions, Inc.

Table 55 Snapshot – Cerner Corporation

Table 56 Snapshot – Carefusion Corporation

Table 57 Snapshot – Siemens Healthcare

Table 58 Snapshot – GE Healthcare

Table 59 Snapshot – Optum Inc.

Table 60 Snapshot – McKesson Corporation

Table 61 Snapshot – Epiq System Corporation

Table 62 Snapshot – Qualcomm Incorporated

Table 63 Snapshot – Quadramed Corporation

Table 64 Snapshot – Omnicell, Inc.

Table 65 Snapshot – MediTech

List of Figures

Figure 1   Market Coverage

Figure 2   Research Phases

Figure 3   Secondary Sources for Different Parameters

Figure 4   Methodology

Figure 5   Data Mining & Exploration

Figure 6   Data Triangulation

Figure 7   Assumptions for Market Estimation and Forecast

Figure 8   Executive Summary

Figure 9   Global Medication Management Market - Growth Drivers and Restraints

Figure 10   Porte’s Five Forces Analysis

Figure 11   Value Chain Analysis

Figure 12   Company Share Analysis

Figure 13   Global Medication Management Market Highlight

Figure 14   Global Medication Management Market Size, by Service, 2014 – 2024 (USD Million)

Figure 15   Global Medication Management Market Size, by Service, 2014 – 2024 (USD Million)

Figure 16   Global Medication Management Market Size, by Mode of Delivery, 2014 – 2024 (USD Million)

Figure 17   Global Medication Management Market Size, by End-User, 2014 – 2024 (USD Million)

Figure 18   Global Medication Management Market Size, by Region, 2014 – 2024 (USD Million)

Figure 19   North America Medication Management Market Highlight

Figure 20   North America Medication Management Market Size, by Service, 2014 – 2024 (USD Million)

Figure 21   North America Medication Management Market Size, by Service, 2014 – 2024 (USD Million)

Figure 22   North America Medication Management Market Size, by Mode of Delivery, 2014 – 2024 (USD Million)

Figure 23   North America Medication Management Market Size, by End-User, 2014 – 2024 (USD Million)

Figure 24   North America Medication Management Market Size, by Country, 2014 – 2024 (USD Million)

Figure 25   Europe Medication Management Market Highlight

Figure 26   Europe Medication Management Market Size, by Service, 2014 – 2024 (USD Million)

Figure 27   Europe Medication Management Market Size, by Service, 2014 – 2024 (USD Million)

Figure 28   Europe Medication Management Market Size, by Mode of Delivery, 2014 – 2024 (USD Million)

Figure 29   Europe Medication Management Market Size, by End-User, 2014 – 2024 (USD Million)

Figure 30   Europe Medication Management Market Size, by Country, 2014 – 2024 (USD Million)

Figure 31   Asia-Pacific Medication Management Market Highlight

Figure 32   Asia-Pacific Medication Management Market Size, by Service, 2014 – 2024 (USD Million)

Figure 33   Asia-Pacific Medication Management Market Size, by Service, 2014 – 2024 (USD Million)

Figure 34   Asia-Pacific Medication Management Market Size, by Mode of Delivery, 2014 – 2024 (USD Million)

Figure 35   Asia-Pacific Medication Management Market Size, by End-User, 2014 – 2024 (USD Million)

Figure 36   Asia-Pacific Medication Management Market Size, by Country, 2014 – 2024 (USD Million)

Figure 37   RoW Medication Management Market Highlight

Figure 38   RoW Medication Management Market Size, by Service, 2014 – 2024 (USD Million)

Figure 39   RoW Medication Management Market Size, by Service, 2014 – 2024 (USD Million)

Figure 40   RoW Medication Management Market Size, by Mode of Delivery, 2014 – 2024 (USD Million)

Figure 41   RoW Medication Management Market Size, by End-User, 2014 – 2024 (USD Million)

Figure 42   RoW Medication Management Market Size, by Country, 2014 – 2024 (USD Million)