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 high demand for computerized physician order entry systems over the last few years due to 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 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.
Industry Dynamics
Growth Drivers
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.
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, 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.
Geographic Overview
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.
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)
Global Medication Management Market Coverage
System Insight and Forecast, 2014-2024
Service Method Insight and Forecast, 2014-2024
Mode of Delivery Insight and Forecast, 2014-2024
End User Insight and Forecast 2014-2024
Geographical Segmentation
Medication management Market by Region
North America
Europe
Asia-Pacific
Rest of the World
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