The global medication management market generated $1,076.5 million revenue in 2014, progressing at a CAGR of 26.1% during the forecast period. The market growth is driven by factors such as rising demand of mHealth technologies, increasing investments by healthcare information technology (HIT) players, implementation of remote patient monitoring services, and surge in the number of initiatives taken by public and private organizations in this arena.
On the basis of software type, the clinical decision support system (CDSS) category is expected to encounter fastest growth in the medication management market during the forecast period, registering a CAGR of 30.8%.
The use of medication management systems allows healthcare professionals to prescribe medications electronically. Moreover, medication management systems are less time-consuming and requires reduced workforce. It regulates the operations of the entire hospital by offering a number of services, including automated dispensing of medicines, prescribing medicines, and monitoring of medicine administration. Moreover, medication management systems reduce errors by providing appropriate dosage calculations and enhanced legibility of prescriptions.
The growing popularity of medication management systems in home care settings and increasing availability of these systems on e-commerce portals are the evolving trends in the medication management market, globally. Moreover, the market holds great potential for the manufacturers to gain significant market share in the coming years, by reducing errors in their medication management systems, which, in turn, will improve the quality of medicines and patient’s safety.
However, factors like cybersecurity and privacy issues, and high cost of systems and their management are impeding the growth of the medication management market.
On the basis of geography, North America held the largest share in the global market in 2014. However, APAC is expected to be the fastest growing region for medication management systems. The APAC market is expected to advance at a CAGR of 31.4% during the forecast period.
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General Electric Company, QUALCOMM Incorporated, Cerner Corporation, McKesson Corporation, Becton Dickinson and Company, Epic Systems Corporation, Allscripts Healthcare Solutions Inc., and Siemens AG are the key companies operating in the global medication management market.
GLOBAL MEDICATION MANAGEMENT MARKET SEGMENTATION