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Medication Management Market Analysis | 2020-2026
Medication Management Market Size, Share, Trends, Forecast & Competitive Analysis: 2020-2026
Medication Management Market is segmented by Software (Computerized Physician Order Entry (CPOE), Clinical Decision Support System Solutions, Medication Administration Software, Inventory Management Software, Others), Mode of Delivery (On-premise, Web-based, Cloud-based), End-Use (Hospitals, Pharmacies, Other Healthcare Institutions) and Region (North America, Europe, Asia-Pacific, and Rest of the World).
The Medication Management Market was estimated at US$ 1.7 billion in 2020 and is expected to grow at an impressive CAGR of 21.5% during 2020-2026 to reach US$ 5.3 billion by 2026.
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Medication engagement enables the prescribing, supply, and administration of medicines to be tracked and validated electronically. It is a strategy that ensures that the patient understands the purpose of the medications and administers them correctly at the correct time. Also, it focuses on improving the use of medicines for the patient’s condition. Interventions can include medication therapy management, patient/family education on medications medication reconciliation, and medication set-up simulations for the patient.
Key players operating in the global medication management market are-
The increasing geriatric population is one of the prime factors boosting the medication management market.
Senior adults have significant comorbidities that can result in an increase in medication use and increase the risk of poor outcomes.
As per a study published by Clinical Epidemiology in 2018, in high-income nations, polypharmacy affects around 40-50% of senior adults.
Polypharmacy increases the risk of severe drug-related events in older people due to a rise in the number of drugs that are associated with a high risk of harmful drug-drug interactions, thus creating a need for medication management.
The COVID-19 pandemic has positively impacted the medication management industry. The current pandemic is placing a huge strain on healthcare facilities across the globe. Social distancing and lockdowns are implemented to help curb the spread of the virus. This can adversely affect patients with chronic illnesses who are unable to access healthcare facilities for their routine care and medicine management. Retail pharmacy outlets are the facilities for easy and quick access by these patients. The contribution of community pharmacists in these facilities to manage chronic health conditions and promote medication adherence during this pandemic will be vital in lowering the burden on already strained health systems worldwide.
Based on software, the global medication management market has been categorized into clinical decision support system solutions, computerized physician order entry, inventory management software, medication administration software, and others.
Among these, the inventory management software segment witnessed the highest market share in 2020 and is likely to register a healthy CAGR during the review period. Reagents are substances used for testing and examining stools.
The growing need for streamlined processes, standardization of workflow, and efficient procurement of inventory is expected to bolster the growth of this segment.
By region, the North American market witnessed the highest market share in 2020 and is projected to grow at a robust CAGR during the review period.
This can be attributed to technological advancements, increasing adoption of IT in healthcare, a surge in the incidence of chronic and infectious diseases, and a rise in the number of prescriptions in the region.
The US is the largest medication management systems market in the region as well as across the globe, which further augments the regional growth.
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The Medication Management Market is expected to reach US$ 5.3 billion by 2026.
Allscripts (The U.S), Becton, Dickinson and Company (The U.S), GE Healthcare (The U.S), Talyst, LLC (The U.S), McKesson Corporation (The U.S), Cerner Corporation (The U.S), ARxIUM (Canada), QuadraMed Affinity Corporation (The U.S) and Omnicell, Inc. (The U.S) are among the key players in the medication management market.
The Medication Management Market is expected to grow at an impressive CAGR of 21.5% during 2020-2026.
North America market witnessed the highest market share in 2020 and is projected to grow at a robust CAGR.
The inventory management software segment witnessed the highest market share in 2020 and is likely to register a healthy CAGR.
Medication management companies, Hospitals, Senior care homes, Academic institutions, Research centers & organizations are the target audience in the medication management market.
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