Medication management systems are the systems that are intended to support the medicine management cycle. The medicine management systems are used by the healthcare service provides in order to prevent the adverse drug events. The medication management system in hospitals can be used for supplying, prescribing and administering of medicines. This procedure helps in reducing error rate during medicine administration of prescription based and over-the-counter drugs. The introduction of new products and technologies are gaining attention of healthcare service providers to reduce the complications in drug administration and clinical decisions. For example, the CSC’s Medication Management solution which provides a complete web base solution, helps the hospitals to easily extend its operations. The developing countries provides enormous potential for the medication management system market owing to the high rate of adoption of medication management system.
Medication Management System Market: Drivers and Restraints:
Increasing prevalence of infectious disease, autoimmune disease and others has significantly enhanced the outpatient visits across the globe. This increase in number of outpatient visits has ultimately increased the drug prescription which requires continuous monitoring during the course of treatment. Moreover, the increasing number of aging population suffering from chronic disorders would results in elevated demand for the medication management system. Thus, driving the growth of medication management systems market. Medication management systems facilitates drug management by reducing the cost and time. The restraining factors for the medication management system market are high cost of services and limited adoption rate of the systems.The medication management system market is anticipated to grow with a significant CAGR owing to the increase in number of prescriptions, rising pressure to reduce medication errors and increasing healthcare expenditure.
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Medication Management System Market: Segmentation:
The global medication management system market are classified on the basis of type of system, end use and geography.
Based on the type of system, the global medication management system market is divided into following:
- Automated Dispensing Systems
- Inventory Management
- Administration system
- Clinical Decision Support System
Based on end user, the global medication management system market is divided into following:
- Retail Pharmacy
Medication Management System Market: Overview:
The increased awareness about medication management system is giving rise to the adoption of these systems. The elimination of errors in medication helps the patient in getting better treatment and cure. The adoption rate of medication management system in hospitals is comparatively high and is estimated to be the fastest growing segment. The automated dispensing system segment are used forthe administration of unit dosage to the patients. These system have higher adoption rate owing to the effective utilization of resources and thus has a positive impact on medication management system market. Inventory management system segment is expected to hold significant share in the medication management system as it deals with the management of medications stored, which is a time consuming task.
Medication Management System Market: Regional Overview:
On the basis of geography, the global medication management system market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan, Japan, and Middle East & Africa. North America hold major share in medical management system market. European countries are expected to represent significant growth rates due to the growth in healthcare practices. Amongst the Asian countries, India and China are more promising countries owing to large population pool, increased prevalence of infectious diseases, increasing awareness, rapid improvement in healthcare services and saturation in the developed markets.
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Medication Management System Market: Key Players
Some of the key players in medication management system market are Cerner Corporation, Siemens Healthcare, Allscripts Healthcare Solutions, Inc., CareFusion Corporation, McKesson Corporation, Swisslog, Omnicell, Inc., Becton, Dickinson and Company, Mindray Medical International Limited, and Koninklijke Philips N.V. The focus of these manufacturers is to develop new technologies which would reduce the medication errors and improve medication safety as compared to that of the products available commercially.