Medication Management System Market: Development is Changing Business Needs

Posted by Ganesh Shinde on December 26th, 2022

During the forecast period of 2022-2032, the global Medication Management System Market is expected to grow at a CAGR of 11% and generate US$ 7.1 billion. The market's expansion can be attributed to hospitals' increasing investment in improving workflow and the rapid advancement of medical technology.

According to the WHO report 2017, medication errors cost approximately US$ 42 billion globally each year. As a result, there is a greater demand for medication management systems as a critical component of overall healthcare infrastructure. According to another WHO report, by 2020, chronic illnesses such as cardiovascular disease and cancer will account for approximately 73% of global deaths, necessitating long-term medication with proper medication dispensing and continuous patient monitoring, which can be accomplished efficiently through the medication management system.

The implementation of advanced technologies in medication management is expected to boost market size during the forecast period. Pharmazam, for example, launched personalised real-time medication management and the healthcare system in August 2019. Pharmazam's Pharmacogenetic (PGx) test results include a comprehensive DNA test as well as a sample collected with an FDA-approved device. During the forecast period, such factors are expected to benefit the market.

The most important factors that are expected to boost the expansion of clinical support segment solutions in the coming time are rising demand for reducing human errors in medication management, rising demand for quality care, and rising adoption rate in emerging economies. However, high installation, maintenance, and operation costs are expected to stymie the market in the near future. Other critical factors that may limit industry growth during the forecast period include a lack of expertise in a computerised programme and a reluctance to adopt modern techniques among developing economies.

Key Takeaways from the Study:

• In 2022, the global medication management system market is expected to be worth US$ 2.5 billion.
• The global medication management system market is expected to grow at a CAGR of 10.8% between 2017 and 21.
• The North American medication management system market is expected to account for 52% of global revenue in 2022.
• The European medication management system market is expected to account for 23% of global revenue in 2022.

Competition Analysis

Key players in the global medication management system market include Omnicell, Inc., Cerner Corporation, McKesson Corporation, Medication Management Systems, Inc., Talyst, GE Healthcare, Becton, Dickinson and Company, and Allscripts.

Recent Updates from the Market Include:

• Omnicell, Inc., a well-known provider of medication management solutions and adherence tools for health systems and pharmacies, announced in December 2021 that it had signed an agreement with ReCept Holdings, Inc. The agreement calls for the acquisition of its business for a total cash consideration of 0 million, subject to customary adjustments. The acquisition will broaden Omnicell's portfolio of capabilities and services, addressing the critical need to improve access to and coordination of complex medications.
• BD announced the completion of its acquisition of Parata Systems in July 2022. By providing a portfolio of innovative pharmacy automation solutions that power a growing network of pharmacies to reduce costs, increase patient safety, and improve the patient experience for retail, Parata advances BD's transformative solutions strategy.

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