Published: February 2016
Report Code: LS10544
Category : Healthcare
The global medication management market accounted $1,076.5 million revenue in 2014, and it is expected to grow at a CAGR of 26.1% during 2015-2020. Among the various software types, the CDSS segment is expected to witness the fastest growth during the forecast period, at a CAGR of 30.8%. The global medication management market is growing at a significant rate, due to growing demand for advanced healthcare information system and growing investments by HIT players.
Medication is involved in the treatment of medical conditions and impacts every aspect of the patient's life. Medication errors are the second most common type of medical events reported in healthcare facilities. Among all the medication errors, medicine omission or overdose occurs most frequently. The reduction of all medication errors would significantly improve patient safety and facilitate quality use of medicines.
Medication management systems enable the accomplishment of prescribing, supply and administration of medicines electronically. These systems regulate functions of the entire hospital medication procedures, including medicine prescribing by doctors, dispensing of medication by pharmacists, and administration of medicines by nurses. In addition, these systems reduce medication errors through improved prescription legibility and appropriate dosage calculations.
In addition, the growing need for remote patient monitoring services, increasing demand of mHealth technologies and increasing support from government organizations are also driving the growth of the global medication management market.
As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing with high rate. The number increased from a global share of 9.2% in 1990 to 11.7% in 2013, and is expected to reach 21.1% by the end of 2050.
The restraints associated with the growth of the global medication management market include privacy and security issues; high capital expenditure and maintenance requirement; and inadequate healthcare infrastructure in developing economies. The tradition of online shopping for the medication management aids and increasing popularity of medication management systems in home healthcare are the key trends observed in the global medication management market.
Geographically, North America is expected to maintain dominance in the global market of medication management during 2015-2020. This is due to improved healthcare infrastructure, increased healthcare spends, growing geriatric population, and growing prevalence of chronic and lifestyle associated diseases. In addition, the increased awareness about innovative and advanced applications of CDSS and CPOE are also supporting the growth of the medication management market in North America.
The European medication management market is growing, mainly due to growing aging population, increasing prevalence of chronic diseases, and growing demand for mHealth technologies. However, the Asian market of medication management is expected to witness the highest growth globally, during the forecast period. This is due to growing geriatric population and upsurge in the occurrence rate of different chronic diseases. Additionally, the increased patient demand and increasing life expectancy are likely to increase IT investments in the healthcare industry in the region.
Some of 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.