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. The rapid increase in aging population, technological advancement, increasing demand for reducing healthcare cost, and increasing need for remote patient monitoring are the major factors leading to the high demand medication management, globally.
Increasing prevalence of chronic diseases is another factor leading to the growth of the medication management industry. 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.
Browse Market Insight and In-Depth TOC on "Global Medication Management Market – Analysis and Forecast (2019-2024)"
Different type of medication management systems includes clinical decision support systems, computerized physician order entry systems, inventory management systems, assurance systems, administration software, and automated dispensing systems. Among all these systems, computerized physician order entry systems account for the largest revenue in the market. The major factors leading to the high demand for computerized physician order entry systems are the need for remote patient monitoring services and increasing demand for the advanced healthcare system. In addition, the clinical decision support system is expected to grow at the highest CAGR during the forecast period in the market, due to mounting chronic diseases and expanding the geriatric population.
Based on services, the market is categorized into adverse drug effects (Ade) surveillance services, medication analytics services, and point-of-care verification services. Among all services, medication analytics services hold the largest share in the market due to the need for better healthcare outcomes and to reduce the cost of healthcare. The demand for Ade surveillance services is also anticipated to increase at a significant rate during the forecast period.
There are three modes of delivery in the medication management market, web-based solutions, cloud-based solutions, and on-premise solutions. Of all mode of delivery, the web-based solutions accounted for the largest share in the medication management market. Low maintenance and IT infrastructure requirements are some of the factors responsible for the growth of the web-based solution segment. The cloud-based solutions are expected to grow at the fastest rate during the forecast period.
Based on end users, the market is segmented into 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 are the largest end-user segment in the medication management market.
North America is the largest medication management market primarily during the high healthcare cost and increasing prevalence of chronic diseases. 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. Asia-Pacific is predicted to observe the fastest growth in the market, as the region comprises of the large population base. In addition, expanding the geriatric population, increasing the prevalence 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 in technologically advanced products in their product portfolio across the globe. 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.
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
Medication management Market by Region
Rest of the World