Global Medication Management Market - Forecasts from 2019 to 2024

The medication management market is estimated to witness a CAGR of 15.15% to reach US$2,688.703 million in 2024 from US$1,153.225 million in 2018. Medication management is a patient-centered care system which is used for the optimization of safe, effective and appropriate drug therapy. The market is expected to grow at a significant rate during the given time frame due to the emergence and development of the more complex therapies. The rise in challenges faced by healthcare professionals for efficient management of clinical operations has also anticipated the growth of the market. Technological advancements like remote medication management system and rosette etc. are expected to widen up the growth opportunities of the medication management system market. However, the high implementation and maintenance cost of the services might hamper the growth of the market.

The market has been segmented by software type, delivery mode, approach, end-user, and geography. On a software basis, the inventory management system is expected to hold a significant market share owing to its wide adoption to minimize the wastage of resources and spending. Geographically, North America is projected to be a substantial shareholder in the market during the forecasted period due to its high adoption of IT in the healthcare sector by countries like the USA.

Drivers

The rise in the number of chronic diseases
Increasing geriatric population

Restraints

High operating cost.

Industry Update

In April 2019, GE Healthcare and Nasscom association entered into a partnership for health-tech innovation.

In May 2018, United Health Group acquired Geona Healthcare’s pharmacy and telepsychiatry business segment.

In December 2017, Sinfonia Rx and San Mateo entered into a partnership to deliver a comprehensive medication management system.

In August 2017, Talyst got acquired by Swisslog Healthcare for its innovative pharmacy of the automation solution.

The major players profiled in the Medication Management market are Genoa Healthcare, Becton, Dickinson and Company, Sinfonia Rx (A Tabula Rasa Healthcare Company), CSAM Health AS, Honeywell International Inc., GE Healthcare, Talyst, LLC, Cerner Corporation, OptumRx, and McKesson Corporation.

Segmentation

The medication management market has been analyzed through the following segments:

By Software Type
Computerized Physician Order Entry
Clinical Decision Support System Solutions
Inventory Management Solutions
Administration Software
Others

By Delivery Mode
On-premise
Cloud-Based

By Approach
Prescription Focused
Patient Centred

By End User
Hospitals and Clinics
Pharmacies
Ambulatory Surgical Centers

By Geography
North America
USA
Canada
Mexico

South America
Brazil
Argentina
Others

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
South Korea
India
Others