Medication Management Market Overview
The global medication management market size is expected to reach $4.3 billion by 2020, registering a CAGR of 26.1% during the period 2015-2020.
In terms of services, the market has been bifurcated into adverse drug experience (ADE) surveillance, medication analytics, and point-of-care verification services. Among these, the medication analytics category dominated the market during the historical period, and is expected to maintain this trend during the forecast period. It is also likely to be the fastest growing category in the medication management market in the coming years.
On the basis of software type, the medication management market has been classified into computerized physician order entry (CPOE), clinical decision support system (CDSS), inventory management, administration software, automated dispensing system (ADS), and others. Among these, CPOE is expected to witness the fastest growth during the forecast period in the market. It is also projected to be the largest revenue generating category in this market during the forecast period.
Based on geography, Europe held the second largest share in the global medication management market, during the historical period. Moreover, the region is further expected to hold 25% share by 2020 in the global market. The growth in the European market can be attributed to the rising prevalence of chronic diseases, increasing demand for mHealth technologies, and surge in geriatric population. Among the European countries, Germany is projected to hold 47% share by 2020 in the European market.
Dynamics of Medication Management Market
Increasing popularity of online retailing of medication aids is one of the evolving trends observed in the medication management market. Availability of aids such as inhalers, eye drop dispensers, and pill removers on e-commerce websites has made medication management aids more accessible to patients. There is a rising demand for these aids as online retailing provides instant access, facilitates product purchasing at point of time across the globe, and offers products at a discounted price.
Surge in aging population, increasing demand of mHealth technologies, rising prevalence of chronic diseases, rise in healthcare expenditure, and initiatives taken by government associations to strengthen regulatory norms are some the factors driving the growth of medication management market. mHealth technologies offer effective remote patient monitoring and are cost-effective in nature. Therefore, increasing penetration of mobile devices has led to the adoption of mHealth technologies. In addition, this technology has a number of applications in the treatment and management of a disease.
There is an opportunity for the market players to expand geographically in the emerging countries of Africa, Asia, and Latin America, as these geographies offer great potential for the growth of medication management market. Even though, this industry is still in its budding stage, there has been significant development of medication management aids in the European and North American regions, wherein, the countries are witnessing rise in the number of hospitals and pharmacies.
Medication Management Market Competitive Landscape
General Electric Company, QUALCOMM Incorporated, Cerner Corporation, Siemens AG, McKesson Corporation, Allscripts Healthcare Solutions Inc., Epic Systems Corporation, and Becton Dickinson and Company are some of the key market players operating in the global medication management market.