The global medication management system market is expected to hold a value worth USD 2.7 billion in 2023. From 2023 to 2033, the global medication management system market is likely to display a CAGR of 12.4% while garnering USD 9.0 billion. Growth of the market can be attributed to the increasing investment by hospitals to enhance workflow and rapid development in medical technology.
Medication management software develops inventory management, controls Adverse Drug Events (ADE), and dispenses medicines. In current times, there has been a significant shortage of healthcare professionals and pharmacists. Therefore, to ensure efficient workflow, there has been an increase in the adoption of medication management software.
The adoption of IT in the healthcare culture is likely to benefit the market during the forecast period. The increasing number of prescriptions, the development of technologies, and the growing government reforms and policies boosting the integration of IT in healthcare are projected to fuel the industry in the forecast period.
Persistent challenges faced by healthcare professionals for better management of clinical operations lessened healthcare costs, and streamlined workflow is likely to increase demand for automated solutions in healthcare facilities. Also, increasing prescriptions is likely to boost healthcare institutions' adoption of medication management solutions.
As per a report published by the USA Department of Health and Human Services, the total number of prescriptions in the United States increased from 4.2 billion in 2019 to 6.3 billion by 2020. Also, the American College of Clinical Pharmacy anticipated that more than 5 billion prescriptions would be dispensed by 2021. An increasing number of prescriptions boosts the burden on pharmaceuticals, which is projected to grow the adoption of automated solutions in workflow management.
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Rising Medication Error to Develop the Global Market
According to the WHO Report 2017, medication error costs about USD 42 billion globally annually. It has increased demand for medication management systems as a vital part of healthcare infrastructure. As per another report by WHO, by 2020, about 73% of global deaths would be from chronic illness like cardiovascular diseases and cancer, which demands long-term medication with proper medication dispensing and continuous patient monitoring, which can be performed efficiently through medication management system.
The deployment of advanced technologies in medication management is projected to augment the market size in the forecast period. For instance, in August 2019, Pharmazam launched personalized real-time medication management and the healthcare system. Pharmazam’s Pharmacogenetic (PGx) test results consist of a comprehensive DNA test and a sample collected using an FDA-cleared device. Such factors are expected to benefit the market during the forecast period.
Clinical Decision Support System to Gain Significant Traction
Clinical Decision Support System (CDSS) is a healthcare IT system that aims to support clinical decisions for healthcare professionals and physicians. This equipment includes computerized alerts and reminders to care providers and patients, diagnostic support, focused patient data reports, summaries, and documentation templates.
Further, increasing demand for reducing human errors in medication management, growing demand for quality care, and growing adoption rate in emerging economies are the most vital factors expected to boost the expansion of the clinical support segment solutions in the coming time.
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Heavy Expenses Associated with the Deployment of Medication Management System to Hinder the Market
Heavy expenses associated with the installation, maintenance, and operations are expected to hinder the market in the coming time. Also, lack of expertise in a computerized program and reluctance to adopt modern techniques among evolving economies are other vital factors restraining industry growth in the forecast period.
However, with the growing efforts of manufacturers to develop novel medication management systems, the market can counter hampering factors and aid in market growth in the coming time.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 12.4% |
| Market Valuation (2023) | USD 2.7 billion |
| Market Valuation (2033) | USD 9.0 billion |
From 2018 to 2022, the global market is expected to have displayed a CAGR of 8.4%. The development of the market can be attributed to the growing number of hospitals investing in technologies to enhance healthcare process management. Further, key players are adopting various strategies like mergers and acquisitions to gain market share.
For instance, in 2017, McKesson Corporation acquired CoverMyMeds LLC, one of the fastest-growing technology companies in the United States. McKesson has made 21 investments with 23 acquisitions and spent over USD 18.95 billion for acquisitions. Due to such factors, the global medication management system is anticipated to have displayed significant growth during the period above.
From 2023 to 2032, the global market is anticipated to display a CAGR of 12.4%. The market's growth can be attributed to the increasing demand for reducing human errors, the rising demand to reduce healthcare expenditure, the increasing demand to improve the quality of care, and expanding chronic illness.
Additionally, the launch of new products is expected to benefit the market in the forecast period. For instance, in 2021, Jubilee BioTech developed JUBIwatch, a new device that aims to enhance patients’ medication adherence - taking medicines at the right time with the right dose. Such factors are expected to benefit the market during the forecast period.
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Hospitals to have dominated the market by claiming a 71.1% of Revenue Share in 2023
The hospital segment is anticipated to have dominated the global medication management system market while claiming 71.1% of the global revenue.
The domination of the segment can be attributed to the increasing investment of hospitals to upgrade their IT systems. They aim to enhance workflow efficiency, simplify complex processes, and dispense medication safely.
Pharmacy to Display a CAGR of 11 % during the Forecast Period.
The increasing number of prescriptions and a shortage of pharmacists are anticipated to play the most significant role in developing the global market during the forecast period.
As per the study, the segment is projected to exhibit a CAGR of 11% during the forecast period.
| Countries | Forecast Period Share Between 2023 to 2033 |
|---|---|
| United States | 48.4% |
| Germany | 6.4% |
| Japan | 3.4% |
| Countries | Forecast Period CAGR Between 2023 to 2033 |
|---|---|
| Australia | 10.8% |
| China | 14.9% |
| India | 12.2% |
| United Kingdom | 8.6% |
As per the analysis, North America's medication management system market is expected to dominate the global market. The United States is projected to contribute the maximum to developing the industry in the forecast period. As of 2023, the region is expected to claim 51.7% of the global revenue.
The region's domination can be attributed to the increasing equipment approval by the FDA. For instance, in 2017, The United States Food and Drug Administration approved Abilify MyCite (aripiprazole tablets with sensor), the first drug in the United States with a digital ingestion tracking system.
It has an ingestible sensor embedded in the pill that records that the medication was taken. The product is approved for treating schizophrenia, acute treatment of manic and mixed episodes associated with bipolar I disorder, and for use as an add-on treatment for depression in adults.
Other factors contributing to the marker development include:
As per the analysis, Europe is expected to show decent growth during the forecast period. In 2023, the region is likely to secure 23.4% of the global revenue. The development of the regional market can be attributed to the increasing focus on cloud-based solutions.
Many players are focusing on developing cloud-based deployment solutions that allow easy information to be shared with clients and stakeholders. The major factor that offers the growth of the medication management system is easy access to information in remote locations using such solutions.
APAC is projected to be the fastest-growing region for the medication management market during the forecast period. In 2023, APAC is expected to secure 18% of global revenue. The development of the market can be attributed to the increasing automation of pharmacies.
Growing demand to minimize medication errors is likely to benefit the market in the coming time. Also, the presence of developing countries like India, China, and South Korea, is likely to become a focal point for expansion in the APAC. Further, the contribution of regional players is likely to augment the market size.
For instance, in 2021, Omnicell, Inc. (US) opened a new software development centre in Bangalore, India, aiming at product innovations to deliver cloud-based infrastructures. Such factors are expected to drive the market in APAC.
TOM Medications (Switzerland), Synapse Medicine (France), Hero (US), AiCure (US), Taking Medicine (UK), Cureatr (US), Pillo Health (US), and Emocha (US) are some of the renowned players in the global medication management market.
Competition Analysis
Key players in the global market include Omnicell, Inc., Cerner Corporation, McKesson Corporation, Medication Management Systems, Inc., Talyst, GE Healthcare, Becton, Dickinson and Company, and Allscripts.
Recent Updates from the Market Include:
| Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Software Type, Mode of Delivery, End User, Region |
| Key Companies Profiled | Omnicell, Inc.; Cerner Corporation; McKesson Corporation; Medication Management Systems, Inc.; Talyst; GE Healthcare; Becton; Dickinson and Company; Allscripts |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Medication management systems are expected to reach USD 2.7 billion in 2023.
Cloud-based solutions are expected to dominate the market.
The rapid development of medical technology and increased hospital investments to grow the market.
The United States is expected to dominate the medication management system market.
Omnicell, Inc., Cerner Corporation, and McKesson Corporation dominate the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Software Type 5.1. Computerized Physician Order Entry 5.2. Clinical Decision Support System Solutions 5.3. Electronic Medication Administration Record 5.4. Inventory Management Solutions 5.5. Other Software Types 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Hospitals 6.2. Pharmacies 6.3. Other Healthcare Institutions 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mode of Delivery 7.1. On-Premise Solutions 7.2. Web-Based Solutions 7.3. Cloud-Based Solutions 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Omnicell, Inc. 18.2. Cerner Corporation 18.3. McKesson Corporation 18.4. Medication Management Systems, Inc. 18.5. Talyst 18.6. GE Healthcare 18.7. Becton 18.8. Dickinson and Company 18.9. Allscripts 18.10. QuadraMed Affinity Corporation 19. Assumptions & Acronyms Used 20. Research Methodology
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Medication Management System Market
