Medication Management Systems Market Size to Reach USD 7.1 Billion by 2032

According to the analysis, the medication management systems market in North America is expected to dominate the global market. According to the analysis, Europe is expected to show decent growth over the forecast period. In 2022, the region should secure 23% of global turnover.

NEWARK, DE /ACCESSWIRE/September 19, 2022/ The Global medication management systems market is likely to post a CAGR of 11% while fetching US$7.1 billion during the forecast period of 2022-2032. The growth of the market can be attributed to the growing investments by hospitals to improve workflow and the rapid development of medical technology.

According to the 2017 WHO report, globally, medication errors cost an estimated $42 billion a year. This has led to an increased demand for medication management systems as an essential part of the overall healthcare infrastructure. According to another WHO report, by 2020, about 73% of deaths worldwide will be due to chronic diseases such as cardiovascular disease and cancer, which require long-term medication with appropriate drug distribution. and ongoing patient monitoring, which can be done efficiently through the medication management system.

The deployment of advanced technologies in medication management is expected to increase the market size over the forecast period. For example, in August 2019, Pharmazam launched real-time personalized medication management and healthcare system. Pharmazam’s Pharmacogenetic (PGx) test results consist of a comprehensive DNA test and a sample taken using an FDA-approved device. These factors are expected to benefit the market over the forecast period.

Rising demand for reduction of human error in medication management, increasing demand for quality care and growing adoption rate in emerging economies are the most vital factors expected to drive the expansion of support segment solutions clinic in the future. However, heavy expenses associated with installation, maintenance and operations are expected to hamper the market in the coming times. Furthermore, lack of expertise in computerized program and reluctance to adopt modern techniques among the evolving economies are other vital factors that may restrain the growth of the industry during the forecast period.

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Main lessons of the study:

  • The global medication management systems market is expected to be worth US$2.5 billion in 2022.
  • From 2017 to 2021, the global medication management systems market is expected to have registered a CAGR of 10.8%.
  • In 2022, the medication management systems market in North America is expected to account for 52% of global revenue.
  • In 2022, the medication management systems market in Europe is expected to represent 23% of global sales.

Competition analysis

Key players in the global medication management systems market include Omnicell, Inc., Cerner Corporation, McKesson Corporation, Medication Management Systems, Inc., Talyst, GE Healthcare, Becton, Dickinson and Company, and Allscripts.

Recent market updates include:

  • In December 2021, Omnicell, Inc., a well-known provider of medication management solutions and adherence tools for healthcare systems and pharmacies, announced that it had signed an agreement with ReCept Holdings, Inc., the agreement is to acquire his business for a total cash consideration of $100 million, subject to customary adjustments. The acquisition will expand Omnicell’s portfolio of capabilities and services to address the important need to improve access and care coordination for complex medications.
  • In July 2022, BD (Becton, Dickinson and Company) announced that it had completed the acquisition of Parata Systems. Parata advances BD’s transformative solutions strategy by delivering a portfolio of innovative pharmacy automation solutions that power a growing network of pharmacies to reduce costs, increase patient safety and improve patient experience for sale at detail.

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More valuable information

future market outlook, in its new offering, presents an unbiased analysis of the global medication management systems market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period 2022-2032.

The study reveals critical insights on the basis of software type (computerized physician order entry, clinical decision support system solutions, electronic medication administration record, inventory management solutions, other types of software), by end use (hospitals, pharmacies, other healthcare facilities), by delivery method (on-premises solutions, web-based solutions, cloud-based solutions), & Region (North America, Europe, Asia-Pacific, Middle East and Africa and Latin America).

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Contents

1. Global Economic Outlook

2. Global Medication Management Systems Market – Executive Summary

3. Global Medication Management System Market Overview

3.1. Introduction

3.1.1. Taxonomy of Global Medication Management System Market

3.1.2. Global Medication Management System Market Definition

3.2. Global Medication Management System Market Size (Million US$) and Forecast, 2022-2032

3.2.1. YoY Growth of Global Medication Management Systems Market

3.3. Global Medication Management System Market Dynamics

3.4. The cost structure

3.5. Scope of Electronic Medication Management

3.6. Projects for Medication Management System Market

3.7. E-health technologies and their applications in the medication management system market

3.8. Patents

3.9. List of service providers

3.10. PESTL analysis

3.11. Product life cycle

3.12. Major Participants Market Presence (Heat Map) by Region

TOC Continued…!

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