Medication Management Systems Market
Medication Management Systems Market Analysis, By Product (Inventory Management Solutions, Clinical Decision Support System Solutions, Others), By Mode of Delivery (On-premise, Web-based, Other), By Service (Medication Analytics, Point-of-care Verification,), By End User & By Region - Global Market Insights 2023-2033
Analysis of Medication Management Systems Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Medication Management Systems Market Outlook (2023-2033)
Expanding at an impressive CAGR of 10%, the global medication management systems market is set to increase from a valuation of US$ 3.33 billion in 2023 to US$ 8.64 billion by the end of 2033.
A medicine management system, as its name suggests, is a method for properly allocating and delivering the appropriate dosage of medication to the appropriate patients at the right time. The system completes this task with the assistance of several IT services.
This management system is used by pharmacies all around the world to prevent dosage errors, especially since many chronic treatment patients need lengthy prescriptions. This technology makes it simpler for doctors and staff to accomplish their jobs by accurately prescribing the right number of drugs using automated software and robotics technologies. These systems can help to prevent several mistakes. Thus, the demand for medication management solutions is increasing rapidly.
The term 'medication management systems tracer' generally refers to participants such as pharmacists, pharmacy technicians, and staff who manage meds for the specific patient whereas the medication management system analyst is known for managing the technical work associated with the software.
Medication management systems are bifurcated into inventory management solutions, clinical decision support system solutions, computerized physician order entry (CPOE), medication administration software, automated dispensing systems, and assurance system software. Global demand for clinical decision support system solutions is expected to rise at a CAGR of 11.5% during the next 10 years.
A healthcare IT system known as a clinical decision support system (CDSS) is created expressly to help doctors and other healthcare professionals in clinical decision-making. The CDS includes several functions that improve clinical workflow decision-making such as clinical guidelines, focused patient data reports and summaries, diagnostic support, and documentation templates. Computerized alerts and reminders to healthcare professionals and patients are also functions of this system.
Additional factors that are likely to increase demand for clinical decision support system solutions include the growing need to reduce human error and lower healthcare costs, the necessity to improve care quality, the growth of chronic disease populations, and the higher adoption rate in emerging economies.
Worldwide sales of inventory management solutions are predicted to increase at a CAGR of 8.5% during the forecast period. The cost of medications and related expenses makes up a sizable amount of hospital and drugstore budgets. Medical systems are working to save costs and eliminate waste as much as possible. Thus, it is projected that the increasing demand for workflow standardization, reduced procedures, and effective inventory procurement would contribute to the growth of the medication inventory management systems market.
The introduction of health with IT-related laws and regulations by respective governments has led to a rise in the integration of IT software in medical practices. Government policies that support IT integration in healthcare are also supporting sales of medicine inventory management systems.
Market Size (2023E)
US$ 3.33 Billion
Forecasted Market Value (2033F)
US$ 8.64 Billion
Global Market Growth Rate (2023-2033)
China Market Growth Rate (2023-2033)
Japan Market Growth Rate (2023-2033)
Germany Market Growth Rate (2023-2033)
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Which Factors are Generating New Opportunities in the Medicine Management Systems Market?
“Increasing Number of Medication Errors”
A significant global public health issue and a primary cause of death are due to medical errors. Finding a consistent source of errors, and even if one is identified, coming up with a consistent, workable solution that reduces the likelihood of a reoccurring event are difficult tasks. Patient safety can be increased by acknowledging unfavourable incidents, taking note of them, and making an effort to prevent them.
- The World Health Organization claims that medication errors, such as giving the wrong medication or therapy, claim five lives per minute. Ineffective healthcare is estimated to cost US$ 40 billion annually, excluding life lost.
As a result, there is now more demand for drug management systems, which are an essential component of the whole healthcare system.
- According to a WHO report, chronic illnesses such as cancer and cardiovascular diseases accounted for 73% of all deaths worldwide in 2020.
These conditions call for long-term medication, proper medication dispensing, and ongoing patient monitoring, all of which can be accomplished effectively with the aid of a medication management system. During the projection period, it is anticipated that the introduction of advanced medication management systems will increase market size.
- For instance, Pharmazam launched its healthcare platform with individualized real-time drug management in August 2019. Results from Pharmazam's Pharmacogenetic (PGx) tests are based on thorough DNA analysis and a sample that was obtained using an FDA-approved tool.
Why is Demand for Health Record Management Systems Increasing Rapidly?
“Growing Burden of Written Prescriptions”
Medication management software builds inventory, monitors adverse drug events (ADE), and regulates medication delivery. There is a severe lack of pharmacists and healthcare professionals in some poor economies. Therefore, there has been a rise in the implementation of medication management software to ensure effective workflow.
During the forecast period, the market is projected to profit from the adoption of IT in the healthcare culture. During the projected period, the demand is expected to be supported by rising prescription rates, technological advancements, and expanding government reforms and regulations encouraging the integration of IT in healthcare.
Healthcare personnel continue to face obstacles to improving the administration of clinical operations. Demand for automated solutions in healthcare facilities is projected to rise due to reduced healthcare expenses and better operations. Additionally, more prescriptions are probably going to lead to more advanced healthcare facilities such as prescription management systems.
- According to a report released by the U.S. Department of Health and Human Services, there were 6.3 billion prescriptions written in the U.S. by 2020, up from 4.2 billion in 2019.
- Additionally, the American College of Clinical Pharmacy predicted that in 2021, more than 5 billion prescriptions were been dispensed.
The strain on pharmaceuticals is rising as a result of more prescriptions written, and this is expected to accelerate the adoption of automated workflow management solutions.
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What is Hampering Medication Management System Sales to Some Extent?
“Significant Costs Associated with Implementation of Medication Management Services”
High implementation and maintenance costs for sophisticated systems and lack of knowledge regarding drug inventory management systems, particularly in developing countries, are some of the factors that are restraining sales growth.
During the forecast period, issues with the adoption of medication management systems are expected to pose a challenge before the medication management system market growth. Other significant concerns that could limit sales growth include a lack of experience in electronic medication management systems and an unwillingness to adopt contemporary procedures in developing nations.
How Fast is Demand for Medication Management Systems Progressing in the U.S.?
“Rapid Technological Advancements in Healthcare Industry”
The United States currently dominates the majority of the North American market for medication management systems due to the rapid adoption of IT in healthcare, technological advancements, and the rising prevalence of infectious and chronic diseases.
The presence of numerous small- and medium-sized firms that provide medication technology systems to various hospitals and pharmacies, as well as the introduction of the latest technologies, are all contributing towards sales of medical management services in the U.S.
What is Supporting Product Sales Growth in Germany & the United Kingdom?
“Rising Trend of Adoption of Electronic Medical Management Systems”
The second-largest e-Health trends in Europe are telehealth services and patient electronic health records. Two key factors fostering sales growth in European nations such as Germany and the U.K. are the rising acceptance of remote monitoring systems and technological advancements such as the adoption of artificial intelligence (AI).
Many firms are concentrating on creating cloud-based deployment options that might make it simple for information to be shared with patients and medical professionals. Easy access to information in remote areas utilizing such solutions is a key aspect that promotes the growth of drug supply management systems.
Which Markets are Developing Rapidly in the Asia Pacific Region?
“India & Japan Witnessing Swiftly Advancing E-health Services”
The Asia Pacific market is anticipated to expand at a profitable pace due to the growing adoption of medication management systems, the rapidly developing healthcare industry, and the rising number of suppliers entering the region's emerging economies, including Japan, India, China, and South Korea.
- The Ministry of Health, Labour, and Welfare of Japan has selected four test locations for its computerised prescription project. This will take place before the launch of e-prescriptions across the country in January of the following year (i.e. 2023).
- For instance, in Bangalore, India, Omnicell, Inc. (US) constructed a new software development facility in 2021 to deliver product breakthroughs for cloud-based infrastructures.
Will Hospitals Continue Accounting for a Significant Market Share?
“Increasing Emphasis on Streamlining Workflow and Adoption of Comprehensive Medication Management Services”
Hospitals are one of the dominating end users of IT solutions. In the past few years, hospitals have begun developing significant financial investments in the purchasing and upgrading of their IT systems. They are emphasizing optimizing workflow productivity, safely administering medication, and streamlining intricate clinical procedures. Hospitals currently have the largest market share due to these practices.
An effective technique to increase medication safety in hospitals is expected to be closed-loop electronic medication management systems. These advanced technologies are expected to enhance doctor clinic management systems growth.
Some of the major factors supporting the growth of the medication management systems market in pharmacies are increasing rate of prescriptions. The introduction of automated pharmaceutical systems is expected to reduce the burden on pharmacists and enable them to manage patient prescriptions effectively.
Additionally, the number of prescriptions dispensed by pharmacists is probably going to rise due to the increased burden of chronic and contagious diseases. On account of these, the market for integrated medication management systems is expected to grow rapidly.
Why are Cloud-based Medication Management Systems Highly Popular?
“Higher Protection against Theft and Robust Data Security”
Based on mode of delivery, the medication management systems are segmented into on-premise medication management systems, web-based medication management systems, and cloud-based medication management systems.
Cloud-based medication management systems currently hold a dominating share of the market. Demand for cloud solutions is increasing rapidly due to the factors such as easy access to information in faraway locations using such systems, greater attention being paid to patient data protection, and the implementation of regulations addressing it.
Due to several security flaws in web-based and on-premises deployment, the deployment of cloud-based technologies is getting a lot of support. In addition, cloud service providers provide solutions that address different threats and give protection against theft and loss of data.
Key players in the medication management systems market are continuously working to offer specialized solutions, engage in mergers and acquisitions, and create opportunities in underdeveloped commercial regions. Furthermore, businesses are spending huge amounts creating new platforms and products with improved and expanded capabilities as part of a commercialization strategy.
- Omnicell, Inc., a well-known supplier of medication management solutions and adherence tools for healthcare organisations and pharmacies, announced in December 2021 that it had signed a contract with ReCept Holdings, Inc. Subject to usual modifications, the deal seeks to buy its business for an aggregate total cash consideration of US$ 100 million. The acquisition will increase Omnicell's capabilities and service offerings, which will help it to better meet the urgent demand for better care coordination and improved access to complicated pharmaceuticals.
Key Segments of Medication Management Systems Industry Research
By Product :
- Inventory Management Solutions
- Clinical Decision Support System Solutions
- Computerized Physician Order Entry (CPOE)
- Medication Administration Software
- Automated Dispensing Systems
- Assurance System Software
By Mode of Delivery :
By Service :
- Medication Analytics
- Point-of-care Verification
- ADE Surveillance
By End User :
- Other Healthcare Institutions
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The global medication management systems market is valued at US$ 3.33 billion in 2023.
Global demand for medication management systems is expected to increase at a CAGR of 10% during the forecast period.
The market for medication management systems is projected to reach US$ 8.64 billion by 2033.
Rising demand for sophisticated health monitoring information systems and increasing burden of written prescriptions are driving product and solution sales growth.
Key providers of medication management systems are Allscripts Healthcare Solutions, Inc., CareFusion Corporation, Cerner Corporation, and GE Healthcare.