Global Medication Management System Market Analysis
The use of various IT-based services by drug stores or hospitals to deliver the appropriate dose to the right patient at the right time is referred to as a medication management system. Over-stocking, under-stocking, higher prescription costs, drug adversity, and dispensing mistake are all examples of situations where a medication management system is becoming increasingly important in pharmacies throughout the world. Owing to the number of complicated treatments rising in clinical practice, combined with the lengthening of prescriptions and the lack of organized decision-making for drug and dose selection, medication management systems play an essential role in data processing. Physicians and nurses have challenges in their fields, such as a huge patient population requiring continuous therapy, which can be alleviated with the use of a drug management system. The medication management system makes it simple to handle a large amount of data, including patient data, regulatory requirements, and product-related data.
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The global medication management system market is expected to increase due to rising medication errors and a growing pool of elderly patients. According to a research published by the World Health Organization (WHO) in 2017, pharmaceutical errors cost the global economy US$ 42 billion per year. These data indicate that drug management systems are becoming a more important element of the overall healthcare infrastructure. According to the United Nations’ World Population Prospects, 2017 Revision report, there were about 962 million individuals in the geriatric group in 2017, indicating a growing demand for basic healthcare and long-term care. This demographic is more prone to experience adverse drug events as a result of medication errors, which can be reduced by utilizing a medication management system. The global medication management system market is anticipated to develop due to higher usage of IT technology for production excellence and a shortage of qualified pharmacists and nurses.
Due to the availability of healthcare IT infrastructure, high incidence rates of chronic disease, and high per capita spending, North America is projected to dominate the global medication management system market.
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Due to the significant burden of cancer disease in the United States, North America is projected to dominate the global medication management system market. According to a 2017 assessment by the Centers for Illness Control and Prevention (CDC), chronic disease was responsible for seven out of 10 deaths in 2014. In addition, the U.S. has 117 million people living with one or more chronic diseases in 2012. As a result, the emergence of a population with chronic disease would necessitate effective medication administration, propelling the global medication management system market further. According to the Agency for Healthcare Research and Quality, there were 41.4 adverse drug events per 1000 people in 2015, mostly in treatments, which can be decreased by using a medication management system. In the U.S., health infrastructure is increasingly relying on IT-based services to effectively manage client pools.
Mergers and acquisitions, as well as new product launches, are helping key players consolidate their market positions.
CareFusion Corporation was acquired by Becton, Dickinson and Company in 2015 for US$ 12.2 billion. CareFusion Corporation is a company that focuses on lowering drug errors. Becton, Dickinson and Company would gain size and depth in drug management and patient safety solutions as a result of this purchase.
In August 2017, Swisslog Healthcare confirmed purchase of Talyst. Swisslog Healthcare is a leading business in pharmaceutical and supply chain services and solutions. Talyst is a global leader in pharmacy automation systems for hospitals and long-term care homes.
McKesson Corporation’s hospital and health system IT division, as well as Enterprise Information Solutions, were acquired by Allscripts in August 2017 for US$ 185 million in cash.
Becton, Dickinson and Company announced the BD ‘HealthSight’ platform in December 2017, which is a complete medication management platform for enterprise medication management that combines connective technologies, analytics, and professional services.
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Major companies contributing in the global medication management system market are Omnicell, Inc., Siemens Healthcare, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Dickinson and Company, Becton, QuadraMed Affinity Corporation, GE Healthcare, Swisslog Healthcare, Genoa Healthcare Inc., and Cerner 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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