The medication management market size is expected to advance at a CAGR of 10.7% during 2021–2030, to reach $5,911.5 million by 2030. This growth can be attributed to the surging demand for advanced health monitoring information systems and the increasing investments by HIT players. In addition, the rising need for remote patient monitoring services, increasing demand for health management technologies, and surging support from government organizations are also driving the market.
Furthermore, the tradition of online shopping for medicine management aids and the increasing popularity of drug management systems in home healthcare are the key trends observed in the medicament industry.
Moreover, the rapid increase in prescriptions worldwide is projected to accelerate the use of health control management programs in hospital facilities. According to the Department of Health and Human Services, there were 6.3 billion prescriptions written in the U.S. in 2020, up from 4.2 billion in 2019, and it is expected to rise at a significant rate in the coming years, due to the surging prevalence of diseases. Moreover, increased workload for pharmacists due to the rise in prescriptions will encourage the implementation of automated workflow management solutions.
Medication management systems and software are gaining popularity in hospitals and home healthcare settings, due to their innovative and advanced applications, such as automatically dispensing, double-checking medication administration procedures, and electronic medication administration records. These applications reduce the chances of adverse drug events and medical errors. Moreover, these systems and software improve the quality of healthcare management and reduce medical costs.
In home healthcare settings, the solutions play a pivotal role in drug delivery and dosage calculations. Most patients cannot remember their entire medical regimen and forget to take their medicine on time. In such conditions, smartphone-based self-management systems with real-time medical monitoring technology remind the patients to take their medication at the same time in the prescribed dose. Thus, the innovative applications of health management attract end users to adopt these systems.
Inventory management software is a dominant category, accounting for around 30% revenue share in 2021. The costs of medications and related expenses make up a high amount of hospital and pharmacy budgets. Therefore, it is projected that the rising requirement for workflow standardization, streamlined procedures, and effective inventory procurement would help in the market expansion in this category.
The adoption of the Health Information Technology for Economic and Clinical Health (HITECH) Act has led to a rise in the integration of IT software in healthcare systems. The goal of this law is to aid healthcare providers in providing better treatment.
Moreover, mHealth is the practice of delivering digital care services, including medication management solutions, with the help of mobile devices, such as cell phones, laptops, tablets, and personal digital assistants (PDAs). The high penetration of mobile devices has fueled the adoption of mHealth technologies. Such technologies help hospitals reduce medical costs and provide effective remote patient monitoring, as patients need not visit healthcare facilities for regular check-ups and other medical purposes. Also, mHealth technologies offer various applications for disease and treatment management and wellness management.
Key medication management market players are Allscripts Healthcare Solutions Inc., Becton, Dickinson and Company, McKesson Corporation, Omnicell Inc., B.Braun Melsungen AG, ARxIUM, and Omnicell.