Overview and Scope
A medication management system refers to managing patients’ data in the system because of the rising number of clinical practices and lengthy prescription times.
Sizing and Forecast
The medication management system market size has grown exponentially in recent years. It will grow from $2.95 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%. The growth in the historic period can be attributed to data utilization, emergence of telemedicine, patient engagement focus, pioneering solutions, rising chronic diseases, healthcare infrastructure development.
The medication management system market size is expected to see rapid growth in the next few years. It will grow to $7.36 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to market growth potential, regulatory changes, economic factors, competitive landscape, consumer behavior, global health challenges. Major trends in the forecast period include interoperability demands, data analytics and insights, healthcare cost containment, patient-centric care.
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Segmentation & Regional Insights
The medication management market covered in this report is segmented –
1) By Product Type: Computerized Physician Order Entry, Clinical Decision Support System Solutions, Electronic Medication Administration Record, Inventory Management Solutions, Other Product Types
2) By Mode of Delivery: Web-Based, Cloud-Based, On-Premise
3) By End Users: Pharmacies, Hospitals, Other End Users
North America was the largest region in the medication management system market in 2023. The regions covered in the medication management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in medical costs is expected to propel the growth of the medication management system market going forward. Medical costs refer to the cost incurred by the individual while taking medical treatment and also the cost incurred by the hospitals on buying their equipment and maintenance. Medical management systems are being adopted by hospitals because they are effective at reducing costs and increasing efficiencies. For instance, in December 2023, according to the Centers for Medicare & Medicaid Services, a US-based government agency in charge of providing health insurance, national health expenditure increased by 4.1% to $4.5 trillion in 2022, or $13,493 per person, accounting for 17.3% of GDP. In addition, national health spending is expected to reach $6.2 trillion by 2028. Therefore, the increase in medical costs is driving the growth of the medication management systems market.
Key Industry Players
Major companies operating in the medication management system market report are McKesson Corporation, Optum Inc., Cardinal Health Inc., Siemens Healthcare Private Limited, Becton Dickinson and Company, GE Healthcare, Baxter International Inc., B. Braun Melsungen AG, Cerner Corporation, Epic Systems Corporation, Hospira Inc., Omnicell Inc., Genoa Healthcare LLC, Allscripts Healthcare Solutions Inc., Ginkgo Bioworks Inc., Swisslog Healthcare (US) Inc., Nexus AG, Clarest Health Inc., QuadraMed Affinity Corporation, AdhereHealth LLC, Hero Health Inc., ARxIUM Inc., Talyst LLC, Jini Health Inc., CareRight Technologies LLC, Wiegand AG, eMARneek BIQHS, CARI Health, Impruvon, Vivante Health, Virta Health, Nanodropper Inc., Healthera Ltd.
The medication management system market report table of contents includes:
1. Executive Summary
2. Medication Management System Market Characteristics
3. Medication Management System Market Trends And Strategies
4. Medication Management System Market – Macro Economic Scenario
5. Global Medication Management System Market Size and Growth
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32. Global Medication Management System Market Competitive Benchmarking
33. Global Medication Management System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medication Management System Market
35. Medication Management System Market Future Outlook and Potential Analysis
36. Appendix
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