The Medication Management Market Report Provides In-Depth study of market drivers, restraints, size & share, trends, opportunities, SWOT Analysis, and challenges by forecast year 2028.
Pune, Maharashtra -- (SBWIRE) -- 08/16/2022 -- Medication Management Market Scope & Overview:
The Medication management is a crucial component of individualized care since it aids in achieving the care plan's objective and achieving targeted health results. Medication management is a process for tracking, monitoring, and reconciling a person's prescriptions. Over-the-counter drugs, dietary supplements, vitamins, and other traditional therapy are some of the pharmaceutical management considerations. Utilizing a medication management system lowers the likelihood of medication delivery errors. New pharmaceuticals and treatments are being produced more often now than in previous years, and medication management systems are being utilized to keep up with their delivery and make clinical choices.
As per the recent report by SNS Insider, the medication management market is expected to cross USD 4.6 billion by 2028, with a CAGR of 11% over the forecast period of 2022–2028.
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Major Company Profiles included in Medication Management Market are:
- Omnicell, Inc.
- Cerner Corporation
- McKesson Corporation
- Dickinson and Company (CareFusion)
- Quadra Med Affinity Corporation
- GE Healthcare
Drivers, Restraints, Opportunities, and Challenges
Some of the factors driving the growth of the medicalion management market for medication management include the effective increase in population ageing, increased demand for mHealth technology, growth in the prevalence of chronic diseases, increase in health care spending, and initiatives by government associations to develop the regulatory standards. Additionally, the prevalence of chronic diseases is rising, which is fueling market expansion. The increased emphasis on value-based healthcare, rising demand for the sophisticated healthcare system, and expanding government support all contribute to the simplification of the drug management market's growth.
Impact of the COVID-19 Pandemic
The COVID-19 pandemic had a positive impact on the medication management market. Medical facilities all over the world are under a great deal of stress as a result of the present pandemic. To avoid the illness from spreading, lockdowns and social isolation were implemented. Patients with chronic illnesses who were unable to access healthcare facilities for routine treatment and medication distribution suffered. Thanks to retail pharmacies, these people may get help quickly and easily. In order to reduce the strain on the world's overburdened healthcare systems, community pharmacists' involvement in these centers' management of chronic health disorders and encouragement of medication adherence during this pandemic was essential.
Medication Management Market Segmentation Analysis
Based on software, the market's greatest share belonged to the segment for computerized physician order entry systems, which is driven by rising demand for remote patient monitoring services and an advanced healthcare system. Additionally, because of the rise in chronic diseases and the growing number of elderly people, the clinical decision support system is anticipated to expand at the fastest rate in the market.
The medication analytics services segment held the biggest market share in terms of services owing to growing demand for the modern healthcare system. During the projection period, it's also expected that demand for Ade surveillance services would grow significantly.
The hospitals made up the largest end-user segment of the medication management market. The prevalence of chronic diseases is one of the causes driving up hospital demand for drug management.
Major Segments and Sub-Segment of Medication Management Market are Listed Below:
- Computerized Physician Order Entry
- Clinical Decision Support System
- Administration Software
- Inventory Management
- Automated Dispensing Systems (ADS)
- Assurance System Software
- Medication Analytics
- Point-of-Care Verification
- ADE Surveillance
By Mode of Delivery
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Regional Analysis Covered in this report:
- North America [United States, Canada]
- Europe [Germany, France, U.K., Italy, Russia]
- Asia-Pacific [China, Japan, South Korea, India, Australia, China Taiwan, Indonesia, Thailand, Malaysia]
- Latin America [Mexico, Brazil, Argentina]
- Middle East & Africa [Turkey, Saudi Arabia, UAE]
North America has emerged as the market leader for medication management on account of factors like the rising elderly population, rising medication errors, rising prescription and hospitalization rates, increasing adoption of healthcare IT solutions, and rising public awareness of technological advancements. The factor that distinguishes this progress is the expansion of medication management market in this region. Due to factors like rising rates of infectious diseases, quick advancements in the healthcare industry, big populations, and increased understanding among the populace, China and India are two countries in the Asia-Pacific region that significantly contribute to the market growth.
Frequently asked question in this report is:
- How big is the Medication Management Market 2022?
- Which major players analysis included in this report?
- What are driving factors and restraints of Medication Management Market?
- What is the market size of North America of Medication Management Market?
Table of Contents – Major Key Points
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Medication Management Market Segmentation, By Software
9. Medication Management Market Segmentation, By Services
10. Medication Management Market Segmentation, By End-Users
11. Medication Management Market Segmentation, By Mode Of Delivery
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
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