SEATTLE, June 08, 2021, (MEDGADGET) — Medication management system involves usage of different IT-based services by retail pharmacies or hospitals to provide right dose to right patient at right time. Medication management system is becoming an essential part of pharmacies across the globe to improve operational efficiency by avoiding situation of overstocking, understocking, increased drug cost, drug adversity, and dispensing error. This is done by utilizing automated software and robotics system, which aids in inventory management, efficient dispensing of medication and better patient tracking thereby improving productivity. Medication management system plays an important role in management of data, as number of complex therapies is increasing in clinical practice along with increasing length of prescriptions, and lack of structured decision making for selecting drug and doses. Physicians and nurses are facing complexity in their area of function such as large patient pool with requirement of chronic therapy, which can be eased with the help of medication management system. Managing bunch of information right from patient data, regulatory compliance to product related data is made easy due to medication management system.
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Increasing medication error and rising geriatric patients are expected to drive growth of the medication management system market
According to the World Health Organization (WHO) report in 2017, medication error costs around US$ 42 billion annually worldwide. This factor is expected to drive demand for medication management system as essential part of an overall healthcare infrastructure. As per the World Population Prospect, 2017, Revision report by United Nations, in 2017, around 962 million people were under geriatric category, which would demand for rising primary healthcare and long term care. This population is likely to face adverse drug event due to likely chance of error made by them in administering medicine, which can be minimized by using medication management system. This factors are expected to propel growth of the global medication management system. According to WHO Factsheet, by 2020, around 73% of global deaths would be from chronic diseases such as cancer, cardiovascular disease or diabetes, which requires long term medication with efficient medication dispensing and continuous patient monitoring, and can be achieved effectively through medication management system. According to the report published by International Pharmaceutical Federation in 2017, among 74 surveyed economies, 55.73% of prescription medicines are sold through hospital pharmacy. Increasing adoption of IT technology for operational efficiency, lack of trained pharmacist, and nurses is expected to boost growth of the medication management system market.
Medication Management System Market Taxonomy
On the basis of system type:
- Inventory Management Solutions
- Computerized Physician Order Entry (CPOE)
- Clinical Decision Support System Solutions
- Electronic Medication Administration Record
On the basis of mode of delivery:
- Location-based Delivery
- Web-based Delivery
- Cloud-based Delivery
On the basis of end users:
- Retail Pharmacies
- Home-based Care
Tailored Information as per niche requirement:
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North America is expected to hold the dominant position in medication management system market due to presence of healthcare IT infrastructure, high incidence, and prevalence of chronic disease and high per capita expenditure
North America, especially U.S. is expected to hold the dominant position in the medication management system market, owing to the high prevalence of chronic disease in the U.S. For instance, according to Centre for Disease Control and Prevention (CDC) review in 2017, seven out of ten death were from chronic disease in 2014. Moreover, in 2012, the U.S. had 117 million population with one or more chronic disease. Thus, population with chronic disease is expected to drive demand for efficient medication management, which is further expected to propel growth of the medication management system market. The Agency for Healthcare Research and Quality reported that in 2015, there were 41.4 adverse drug events per 1,000 population especially in therapies, which can be reduced by utilizing medication management system. Health infrastructure in the U.S. is also increasingly using IT-based services to better manage patient pool. There is expected to be shortage of nurses and physicians in near future, according to study in 2017 by Association of American Medical Colleges, U.S. would have a shortage of between 40,800 and 104,900 physicians by 2030, which is expected to increase adoption of medication management system.
Key players are strengthening their market position through mergers, acquisitions, and new product launches
- In 2015, Becton, Dickinson and Company completed the acquisition of CareFusion Corporation at US$ 12.2 billion. CareFusion Corporation is specialized in reducing medication error. This acquisition offered scale and depth to Becton and Dickinson and Company in medication management and patient safety solution.
- In August 2017, Swisslog Healthcare acquired Talyst. Talyst is market leader in pharmacy automation solutions for hospitals and long term care facilities. In November 2017, Swisslog Healthcare launched cloud-based data analytics platform called Pharmacy Analytics, which is designed to help hospital pharmacies to improve operational efficiencies.
- In August 2017, Allscripts acquired McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for US$ 185 million in cash.
- In December 2017, Becton, Dickinson and Company launched BD ‘HealthSight’ platform, a comprehensive medication management for enterprise medication management, which offers a unique combination of connective technologies, analytics, and expert services.
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Key players operating in the medication management system market include Becton, Dickinson and Company, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Omnicell, Inc., Cerner Corporation, Siemens Healthcare, Genoa Healthcare Inc., Swisslog Healthcare, GE Healthcare, and QuadraMed Affinity Corporation.
Table of Content
Global Medication Management System Market Research Report
Section 1: Global Medication Management System Industry Overview
Section 2: Global Economic Impact on Medication Management System Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Medication Management System Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Medication Management System Market Forecast
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