The purpose of medication management, a nursing intervention, is to optimize the use of medications administered to patients and enable their safe outcome. Presently, medication management service providers are keen on providing professional-assisted medication management regime for patients and assure their safety at all stages of their recovery. Medication management systems operate at hospitals, private healthcare centers and at personal levels. The regime at personal level includes regular visits of assigned healthcare professionals, organizing weekly medications, ensuring uninterrupted flow of medications and regular reminders to the concerned patients.
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According to the U.S. Centers for Disease Control and Prevention, every year 1.7 million patients are affected by healthcare associated infections that lead to around 99,000 deaths per year. In addition to this, the aging global population and its associated disorders also create a demand for effective medication management programs and initiatives. Various services offered by key players aim to keep a track of the various healthcare associated infections, and in turn lead to improved efforts to reduce the disease incidences. It also helps improve patient health in an effective manner, thereby reducing trial and error medication administration.
The medication management market holds immense growth potential due to rise in the demand for medication management systems across the globe. Some of the medication management services offered by key players are medication analytics, point-of-care verification, medication technologies, infusion solutions and ADE surveillance. The market can be segmented on the basis of various medication management services and levels of service providers such as hospitals, private healthcare centers and others.
The major factors positively impacting the growth of this market are rise in the population above 60 years of age in major developed countries, increase in drug related complications due to failure of patients to adhere to medication regimes, increased dependency of the patients on healthcare service providers and increased incidence of medication errors. Efficacy of medication management regimes and various services offered might hamper the growth of this market. Some of the key medication management service providers are CareFusion, Inc., Hospira, Inc., Baxter International, Inc., B.Braun Melsungen AG, Webster Care and Terumo Medical Corporation.
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