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Medication Management Market Report by Software (Computerized Physician Order Entry System, Clinical Decision Support System, Administration Software, Inventory Management System, Automated Dispensing Systems, Assurance System), Services (Medication Analytics Services, Point-Of-Care Verification Services, Adverse Drug Event (ADE) Surveillance Services), Mode of Delivery (Web-based, Cloud-based, On-premises), End User (Pharmacies, Hospitals and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A6596
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Global Medication Management Market:
The global medication management market size reached US$ 3.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.51% during 2024-2032. The increasing investments by healthcare facilities in improving operational efficiency and workflow are stimulating the market.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 3.0 Billion |
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Market Forecast in 2032
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US$ 5.8 Billion |
| Market Growth Rate 2024-2032 | 7.51% |
Medication Management Market Analysis:
- Major Market Drivers: The inflating need for minimizing healthcare expenditures and medication errors is propelling the overall market. Moreover, the increasing geriatric population suspectable to the healthcare conditions is further augmenting the market.
- Key Market Trends: The rising trend of automating workflow management solutions via the usage of new technologies is acting as a significant growth-inducing factor.
- Competitive Landscape: Some of the companies in the market include Allscripts Healthcare Solutions Inc., ARxIUM Inc., Becton Dickinson and Company, BIQ Health Solutions, Cardinal Health Inc., Mckesson Corporation, Omnicell Inc., Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation, and Talyst LLC (Swisslog Healthcare), among many others.
- Geographical Trends: The increasing emphasis on value-based medicine is providing lucrative opportunities in North America. Furthermore, the rising number of M&As is also catalyzing the regional market.
- Challenges and Opportunities: The fragmentation of data across several healthcare systems is hampering the market. However, the implementation of integrated digital platforms is projected to fuel the market in the coming years.
Medication Management Market Trends:
Growing Use of Personalized Medicines
Pharmacogenomics and other technologies enable tailored drug therapies based on an individual's genetic profile. This is leading to safer and more effective medication regimens, thereby minimizing the risks of adverse drug reactions and improving treatment efficacy. In June 2024, PatchRx introduced PatchRx Connect, an easy-to-integrate tool that brings medication adherence data directly into the unified care management suite. Moreover, clinical teams can gain real-time insight into patients' medication-taking behaviors without disrupting existing workflows. This is expanding the medication management market forecast report.
Widespread Use of Automated Technologies
The increasing popularity of automation and AI, as they are revolutionizing medication management by streamlining processes, such as drug dispensing, prescription refills, patient monitoring, etc., is propelling the market. For instance, in August 2024, Omnicell announced the development of its central med automation service, a subscription-based solution designed to help health systems continuously optimize and establish centralized medication management for consolidated pharmacy services centers (CPSCs) and similar operations. This, in turn, is augmenting the medication management market outlook report.
Increasing Digital Health Integration
The escalating demand for cloud-based platforms and mobile apps is enabling real-time tracking of medication adherence, providing reminders, and allowing for better coordination between patients and healthcare providers. In March 2024, NVIDIA Healthcare launched generative AI microservices to advance drug discovery, MedTech, and digital health. Besides this, the new suite of NVIDIA healthcare microservices includes optimized NVIDIA NIM™ AI models with industry-standard APIs, or application programming interfaces, to serve as building blocks for deploying cloud-native applications.
Global Medication Management Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global medication management market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on software, services, mode of delivery and end user.
Breakup by Software:
- Computerized Physician Order Entry System
- Clinical Decision Support System
- Administration Software
- Electronic Medication Administration Record (EMAR) Software
- Barcode Medication Administration (BMA) Software
- Inventory Management System
- Automated Dispensing Systems
- Centralized Automated Dispensing Systems
- Robots/Robotic Automated Dispensing Systems
- Carousels
- Decentralized Automated Dispensing Systems (Ads)
- Pharmacy-Based Decentralized Automated Dispensing Systems
- Ward-Based Decentralized Automated Dispensing Systems
- Automated Unit-Dose Decentralized Automated Dispensing Systems
- Centralized Automated Dispensing Systems
- Assurance System
Computerized physician order entry system accounts for the majority of the total medication management market share
The report has provided a detailed breakup and analysis of the market based on the software. This includes computerized physician order entry system, clinical decision support system, administration software (electronic medication administration record (EMAR) software and barcode medication administration (BMA) software), inventory management system, automated dispensing systems (centralized automated dispensing systems (robots/robotic automated dispensing systems and carousels) and decentralized automated dispensing systems (Ads) (pharmacy-based decentralized automated dispensing systems, ward-based decentralized automated dispensing systems, and automated unit-dose decentralized automated dispensing systems), and assurance system. According to the report, the computerized physician order entry system represented the largest market segmentation.
Computerized physician order entry (CPOE) systems incorporate machine learning algorithms to provide predictive analytics and personalized treatment recommendations. This is augmenting the growth of the segment. Players, including Epic Systems, Cerner, and Allscripts, have introduced advanced CPOE systems that integrate seamlessly with electronic health records (EHRs).
Breakup by Services:
- Medication Analytics Services
- Point-Of-Care Verification Services
- Adverse Drug Event (ADE) Surveillance Services
Medication analytics services accounted for the medication management market outlook
The report has provided a detailed breakup and analysis of the market based on the services. This includes medication analytics services, point-of-care verification services, and adverse drug event (ADE) surveillance services. According to the report, medication analytics services represented the largest market segmentation.
Medication analytics services offer actionable insights into patient outcomes. Companies like Optum, IBM Watson Health, and McKesson unveiled advanced analytics platforms that leverage machine learning, big data, artificial intelligence, etc., to analyze vast amounts of medication data.
Breakup by Mode of Delivery:
- Web-based
- Cloud-based
- On-premises
The report has provided a detailed breakup and analysis of the market based on the mode of delivery. This includes web-based, cloud-based, and on-premises.
Web-based medication management systems are accessible via internet browsers without the need for hardware installations. Cloud-based medication management has rapidly gained traction due to its security, scalability, and real-time data accessibility. Apart from this, on-premises medication management systems are hosted locally within the healthcare provider's infrastructure.
Breakup by End User:
- Pharmacies
- Hospitals
- Others
Hospitals accounted for the medication management market demand
The report has provided a detailed breakup and analysis of the market based on the end user. This includes pharmacies, hospitals, and others. According to the report, hospitals represented the largest market segmentation.
Hospitals represent the largest segment of the market due to their complex and extensive needs in managing patient care. Moreover, they are more likely to adopt advanced technologies, further driving their dominance in this market segment.
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America currently dominates the market
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.
As per the medication management market analysis report, North America exhibited the largest market, driven by a strong focus on patient safety. The region's regulatory environment, with agencies like the FDA emphasizing stringent standards for medication safety, will continue to fuel the market in the coming years.
Competitive Landscape:
The medication management market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include:
- Allscripts Healthcare Solutions Inc.
- ARxIUM Inc.
- Becton Dickinson and Company
- BIQ Health Solutions
- Cardinal Health Inc.
- Mckesson Corporation
- Omnicell Inc.
- Optum Inc. (UnitedHealth Group Incorporated)
- Oracle Corporation
- Talyst LLC (Swisslog Healthcare)
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Medication Management Market Recent Developments:
- August 2024: Omnicell announced the development of its central med automation service, a subscription-based solution designed to help health systems continuously optimize and establish centralized medication management for consolidated pharmacy services centers (CPSCs) and similar operations.
- June 2024: PatchRx introduced PatchRx Connect, an easy-to-integrate tool that brings medication adherence data directly into the unified care management suite.
- March 2024: NVIDIA Healthcare launched generative AI microservices to advance drug discovery, MedTech, and digital health.
Medication Management Market Report Scope:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Scope of the Report | Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
|
| Softwares Covered |
|
| Services Covered | Medication Analytics Services, Point-Of-Care Verification Services, Adverse Drug Event (ADE) Surveillance Services |
| Mode of Deliveries Covered | Web-based, Cloud-based, On-premises |
| End Users Covered | Pharmacies, Hospitals, Others |
| Regions Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Allscripts Healthcare Solutions Inc., ARxIUM Inc., Becton Dickinson and Company, BIQ Health Solutions, Cardinal Health Inc., Mckesson Corporation, Omnicell Inc., Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation, Talyst LLC (Swisslog Healthcare), etc. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the medication management market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the global medication management market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the medication management industry and its attractiveness.
- The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.
The global medication management market was valued at US$ 3.0 Billion in 2023.
We expect the global medication management market to exhibit a CAGR of 7.51% during 2024-2032.
The emerging trend of automating workflow management solutions via the utilization of advanced technologies, along with the rising need for minimizing medication errors and healthcare expenditures, is primarily driving the global medication management market.
The sudden outbreak of the COVID-19 pandemic has led to the widespread adoption of medication management systems to reduce the increasing prevalence of the coronavirus disease and the mortality rates.
Based on the software, the global medication management market can be categorized into computerized physician order entry system, clinical decision support system, administration software, inventory management system, automated dispensing systems, and assurance system. Currently, computerized physician order entry system accounts for the majority of the total market share.
Based on the services, the global medication management market has been segregated into medication analytics services, point-of-care verification services, and Adverse Drug Event (ADE) surveillance services. Among these, medication analytics services currently hold the largest market share.
Based on the end user, the global medication management market can be bifurcated into pharmacies, hospitals, and others. Currently, hospitals exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global medication management market include Allscripts Healthcare Solutions Inc., ARxIUM Inc., Becton Dickinson and Company, BIQ Health Solutions, Cardinal Health Inc., Mckesson Corporation, Omnicell Inc., Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation and Talyst LLC (Swisslog Healthcare).
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