Medication Management Market Overview
The global medication management market size is projected to reach $4.3 billion by 2020, growing at a CAGR of 26.1% during the forecast period.
Based on software type, the global medication management market is segmented into CPOE, CDSS, administration software, inventory management, ADS, and others. The CPOE segment accounted for the major market share in the global market during the forecast period. The CDSS segment is projected to witness the fastest growth during the forecast period.
Based on services, the global medication management market is segmented into medication analytics, PoC verification and ADE surveillance. The medication analytics segment accounted for the major market share in the global market in the forecast period. The segment is also expected to witness the fastest growth during the forecast period.
Geographically, the European medication management market is the second largest in the world. The European market is growing, mainly due to the growing aging population, increasing prevalence of chronic diseases, and growing demand for mHealth technologies. The European market for medication management is projected to account for over 25% of the global market by 2020. Among the European nations, Germany held the largest share in the medication management industry and by 2020, it is projected to hold a market share of 47% by 2020.
Medication Management Market Dynamics
The growing online retailing of medication aids is one of the key trends observed in the global medication management market worldwide. The online availability of medication management aids, such as eye drop dispensers, pill removers, and inhaler aid leads to its increased accessibility around the world. In addition, online retailing is more convenient, time saving, provides instant access, offers discounted prices, and facilitates purchase of products at anytime from anywhere. These factors are increasing the customer preference for online retail shopping.
The massive unexplored medication management market across the globe has created abundant opportunities for the major players. Although, there has been significant development in the developed economies of European and the U.S., the medication management industry is still at its nascent form, especially in the developing countries of Asia, Latin America, and Africa. Developing countries have been witnessing high growth in the end user categories including hospitals, and pharmacy. This provides immense growth opportunities for the medication management market in these countries.
The growing demand of mHealth technologies is driving the growth of the medication management market. The growing geriatric population, increasing burden of chronic diseases, increasing healthcare cost, and supportive healthcare regulatory norms are fuelling the adoption of mHealth technologies. Additionally, the high penetration of mobile devices has fuelled the adoption of mHealth technologies. mHealth technologies help healthcare organizations to reduce medical cost and provide effective remote patient monitoring, as patients need not visit healthcare facilities for regular check-ups and medication purposes. Moreover, mHealth technologies offer various applications for disease and treatment management, and wellness management.
Medication Management Market Competitive Landscape
The key companies operating in the global medication management market include Cerner Corporation, General Electric Company, McKesson Corporation, QUALCOMM Incorporated, Allscripts Healthcare Solutions Inc., Becton Dickinson and Company, Siemens AG, and Epic Systems Corporation.