Medication Management Market All Set to Grow at 17% CAGR during 2019-2025, Pharmacies are Adopting Medication Management Systems for Improving Efficiency of their Operations-The Revert News
Global Medication Management Market: North America accounted for highest revenue share with a CAGR of 15.7% with top companies, Siemens Healthcare, CareFusion Corporation, B. Braun Melsungen, Koninklijke Philips, Omnicell, Hospira, GE Healthcare, Allscripts Healthcare.
Global medication management market report gives comprehensive outlook on medication management across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global medication management market gives historical, current, and future market sizes (US$ Mn) on the basis of system, service, delivery mode, end user and region. This report studies global medication management market dynamics elaborately to identify the current trends and drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global medication management market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global medication management market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global medication management market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global medication management products.
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Key player’s profiles in the global medication management market include:
- Siemens Healthcare
- CareFusion Corporation
- Braun Melsungen AG
- Mindray Medical International Limited.
- Koninklijke Philips N.V.
- Omnicell, Inc
- Hospira (Pfizer)
- McKesson Corporation
- GE Healthcare
- Allscripts Healthcare
- Cerner Corporation
- Epic Systems Corporation
Global medication management market is surging owing to expansion of their production facilities for medication management to meet the demands of the customers in the market. For Instance, in April 2017, Siemens Healthineers acquired Medicalis Corporation. The addition of Medicalis’ technology solutions to the Siemens Healthineers portfolio supports their offerings in Population Health Management and Value-Based Healthcare, a key priority for their ongoing expansion through their Services business.
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The global medication management market valued US$3,400.2 Mn in 2018 and is poised to grow with a CAGR of 16.6%. Some of the key factors fostering the market growth include increasing demand of mHealth technologies, rise in healthcare expenditure, growing penetration of mobile devices and increase in investments by the hospitals to improve the quality of treatment services. However, lack of awareness about medication management systems and high cost of services are the major factors limiting the market growth. In addition, growing demand from developing and developed countries provides huge growth opportunity for the market therefore market players expand geographically in the emerging countries of Africa, Asia, and Latin America.
Pharmacies are Adopting Medication Management Systems for Improving Efficiency of their Operations
Healthcare organizations are deploying medication management systems owing to their provision of process improvements in terms of quality and productivity. Managing information is significantly facilitated by use of medication management systems when it comes to vital parameters including regulatory and compliance information, patient analysis, account balances, supplier costs, and valuation analysis.
Retail pharmacy outlets are becoming aware about advantages of medication management systems in smooth workflow of operations and enhance productivity. These systems enable optimization, reducing patient waiting time and operational costs, and alleviating profit margins through the development of IT infrastructure. Meanwhile these systems help healthcare settings in generating reports on the administrative and clinical performance that can be utilized for practice improvement plans.
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North America Accounts for Larger Market Revenue Share in Global Medication Management Market
North America accounted for larger revenue share in global medication management market with a CAGR of 15.7%. This can be attributed to high awareness about new technologies, presence of a large number of small- and medium-scale players offering medication management solutions to various hospitals and pharmacies, and shortage of primary care physicians. According to a study published in the Journal of American Medical Association, shortage of physicians in U.S. is expected to reach nearly 91,500 by 2020. Also, high adoption of IT in healthcare, technological advancement, increase in incidence of infectious and chronic diseases, and rise in number of prescriptions in the region were other key factors behind the region’s dominance.
Key Findings of the Report:
- Global medication management market expanding at significant CAGR over 2018 to 2025 owing to increasing demand of mHealth technologies
- Based on region, North America accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global medication management market
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
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- 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
By Delivery Mode
- Cloud – Based
- Web – Based
By End User
- North America
- Latin America
- Middle East and Africa (MEA)
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Table of Content
- Executive Summary
- Global Medication Management Market Introduction
- Global Medication Management Market Dynamics
- Global Medication Management Market Analysis, 2014 – 2018 and Forecast, 2019 2025
- Global Medication Management Market, By System, 2014 – 2018 and Forecast, 2019 – 2025 (Revenue, USD Mn)
- Global Medication Management Market Forecast, By Service, 2014 – 2018 and Forecast, 2019 2025
- Global Medication Management Market Forecast, By Delivery Mode, 2014 – 2018 and Forecast, 2019 – 2025 (Revenue, USD Mn)
- Global Medication Management Market Forecast, By End User, 2014 – 2018 and Forecast, 2019 – 2025 (Revenue, USD Mn)
- Global Medication Management Market Forecast, By Region, 2014 – 2018 and Forecast, 2019 – 2025 (Revenue, USD Mn)
- North America Medication Management Market Analysis, 2014 – 2018 and Forecast, 2019 – 2025 (Revenue, USD Mn)
- Europe Medication Management Market Analysis, 2014 – 2018 and Forecast, 2019 – 2025 (Revenue, USD Mn)
- Asia-Pacific Medication Management Market Analysis, 2014 – 2018 and Forecast, 2019 – 2025 (Revenue, USD Mn)
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