The Global medication management market size is expected to grow at an approximate CAGR of 13.4% during forecast period.
Improvement in medication management workflow of hospitals is the key factor driving the medication management market. For instance, in 2015, Hospital Israelita Albert Einstein (HIAE) enterede an agreement with Swisslog Healthcare Solutions for material transport and medication management to re-engineer its pharmacy processes.
Various other factors such as increasing number of healthcare organizations across the globe, advancement in medical technology, and global adoption of IT in the healthcare sector are also boosting the market growth. However, high software implementation and service maintenance costs restraints the market growth during the forecast period.
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The Global medication management market is segmented based on systems, services, mode of delivery, end user and region.
The global market for medication management systems is segmented into computerized physician order entry systems, clinical decision support systems, administration software, inventory management systems, automated dispensing systems and assurance systems. The administration software is further classified as electronic medication administration records (eMAR) software and bar code medication administration (BCMA) software. The automated dispensing systems segment is further classified as centralized automated dispensing systems and decentralized automated dispensing systems (ADS). The centralized automated dispensing system includes robots/robotic automated dispensing systems and carousels. The decentralized automated dispensing system (ADS) includes pharmacy-based decentralized automated dispensing systems, ward-based decentralized automated dispensing systems and automated unit-dose decentralized automated dispensing systems.
The market by services segment is divided into point-of-care verification services and adverse drug effects (ADE) surveillance services.
The market by mode of delivery segment is divided into web-based solutions, on-premise solutions and cloud-based solutions.
Based on end-user, the market is segmented into hospitals, pharmacies and others.
The Americas dominated the global market for medication management. This can be attributed to the increasing geriatric population and presence of major market players within the region.
Europe stood second in 2017 owing to the presence of developed economies like UK, Germany, France, and others within the region provides a driving force for the market to grow.
Asia Pacific was projected to be the fastest growing region in 2017. Factors such as growing healthcare IT sector, increasing penetration of the market players within the region, and increasing government’s support for foreign investments drives the regional markets of the Asia Pacific region.
On the other hand, the Middle East and Africa held least share in the global medication management market due to the presence of poor economies and low per capita income, especially within the African region. The Middle Eastern region is estimated to be a major market for the Middle East and African region.
Some of the key players in the global medication management market are Allscripts Healthcare Solutions, Inc., Carefusion Corporation (BD), Cerner Corporation, Epic Systems Corporation, General Electric Company, Mckesson Corporation, Medical Information Technology, Inc., Omnicell, Inc., Optum Inc., QuadraMed Affinity Corporation, Siemens Ltd and others.
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