Global Medication Management Market – Industry Size & Forecasts 2024-2032
By Ritesh on June 18, 2024
age, medicine, health care and people concept – close up of senior woman cupped hands with pills at home or hospital
The global medication management market size was worth around USD 2.25 Billion in 2021 and is projected to grow around USD 5.87 Billion by 2030, with a compounded annual growth rate (CAGR) of roughly 10.90% from 2022 to 2030.
➤ The market’s development is being driven by the increasing adoption of new technologies in hospitals and the increasing necessity to reduce healthcare costs.
The number of hospitals worldwide has experienced a significant increase as a result of the growing prevalence of chronic diseases and the global geriatric population. This has allowed an increasing number of hospitals to make substantial investments in innovative technologies and software to facilitate the efficient administration of a variety of healthcare processes. As a result, the market is experiencing growth as a result of the shortage of healthcare professionals and the increased burden on pharmacists, which has led to an increase in the adoption of medication management software.
➤ The market’s expansion is hindered by the high costs of advanced software and systems and the lack of awareness.
The market’s expansion during the forecast period may be hindered by the substantial expenses associated with the implementation and maintenance of software and advanced systems. Additionally, the market’s expansion may be further restricted to a certain extent by a lack of awareness regarding the advantages of implementing medication management systems, particularly in developing and underdeveloped countries.
➤ Increased investment in the healthcare sector to provide lucrative opportunities for market expansion…
The healthcare sector has experienced an extraordinary increase in investment from prominent market participants in order to improve and streamline workflow, in conjunction with the exponential advancement of advanced medical technology. In addition, the global medication management market has been presented with numerous opportunities for growth due to the relentless increase in expenditure on healthcare information technology (HIT) and the adoption rate of drug distribution systems, which has been facilitated by the prevalence of favorable government initiatives.
➤ The absence of adequate healthcare infrastructure in certain developing and underdeveloped countries may pose a challenge to market expansion.
It is of the utmost importance for every nation to have a properly functioning healthcare infrastructure that can effectively provide the necessary treatment and assistance to its citizens in response to the maladies or outbreaks they encounter. Nevertheless, the medical management industry may face a significant challenge in terms of the inefficient healthcare infrastructure in underdeveloped and certain developing countries, as well as the decreased awareness of medical management.
The global Medication Management market profiles key players such as:
● Cerner Corporation
● GE Healthcare
● McKesson Corporation
● Medication Management Systems Inc.
● Siemens Healthcare Private Limited
● Optum Inc.
● Medical Information Technology Inc.
● Omnicell Inc
● Talyst LLC
● QuadraMed Affinity Corporation
● BIQHS
● Allscripts
● Healthcare Solutions
● ARxIUM
???? Recent Developments:
• Zhongchao Inc., a China-based online information company that offers services to patients with oncology and other diseases, announced in January 2023 that its subsidiary, Shanghai Zhongxin Medical Technology Co. Ltd., had launched an innovative program called the Medication Management Assistance Mini Program on the highly popular internet platform WeChat. The program is designed to help cancer patients navigate and resolve a variety of medication intrusions, thereby facilitating the seamless management of a variety of issues during the medication process and expediting the entire treatment process.
• Omnicell, a leading provider of medical management solutions for a variety of pharmacies and health systems, announced the introduction of its Specialty Pharmacy Services in October 2022. This extensive selection is specifically tailored to facilitate the establishment, operation, and improvement of a fully managed, hospital-owned specialty pharmacy program in health systems.
➤ The market is anticipated to be dominated by the North American region during the forecast period.
Approximately 52.3% of the market share was held by the North American region in 2021, and it is anticipated to continue to grow exponentially at a positive CAGR throughout the forecast period. An increase in the number of cases of life-threatening and chronic diseases, a rise in the geriatric population, and the adoption of a sedentary lifestyle, particularly among millennials in this region, are the primary factors driving the growth of the medication management industry.
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