Medication Management Market Size will Observe Lucrative Surge by the End 2024

Posted by Aman Jaiswar on July 23rd, 2019

The growing legal liabilities associated with medication errors have been reason enough for healthcare providers to invest in medication management systems. There is also a promising opportunity developing for medication management in homecare settings. While large multi-facility hospitals are the biggest users of medication management systems, smaller hospitals worldwide are warming up to the idea of streamlining their medication process as well. What works in the favor of the medication management market, however, is that implementation of such systems has become easier with the support of healthcare IT. The growing dependence of the aged—who comprised 11.7% of the global population in 2013—on healthcare providers to plan and dispense medication is further contributing to the revenue growth of the medication management market.

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Market data for medication management systems has been compiled based on sales and the corresponding revenue generated. Prices considered for the purpose of compiling data have are essentially averages taken from quotes provided by suppliers, distributors, and manufacturers. The report delves into the key segments of the medication management market by application, end use, and type. The size of key geographical markets has been derived via a summation of countries in each major region (North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America).

With more evidence emerging about the ability of medication management systems to make medication error-free, efficient, and more accessible to patients, a noticeably favorable outlook toward the solution is developing. Besides, the contribution of automated medication dispensing systems in establishing decentralized medication management systems is enticing more healthcare providers to invest in the latter. The factors listed above are collectively enabling the global medication management market to post progressively higher growth every year.

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Medication management systems are deployed at private healthcare centers, multi-facility and specialty hospitals, and in homecare settings. This necessitates the use of medication management systems of different sizes, features, and capabilities. For instance, medication management systems designed for personal use are primarily programmed to organize a weekly medication schedule, setting reminders, and organizing regular visits by healthcare professionals.

The market is currently witnessing strong demand for the following types of medication management systems: infusion solutions, point-of-care verification, medication analytics, medication technologies, and ADE surveillance. However, since it is still early days for the medication management market, a few complications still exist with their operation and maintenance.

To dive into the second and third levels of the global medication management market, the report shears it down on the basis of the following criteria: type of medication management services and service provider type. Service providers such as private healthcare providers, hospitals, and others are analyzed in the report.