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Pharmacy benefit management market
Medication Management Software Market Report Overview
The global Medication Management Software market size was USD 3096.1 million in 2022 and market is projected to touch USD 16026.74 million by 2032, exhibiting a CAGR of 17.9% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, with the medication management software market experiencing higher -than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
full medication management services refer to a strategy for managing long-term pharmaceutical therapy in which chemists conduct full medication reviews. These reviews are carried out by checking for any contraindications, unneeded prescriptions, and other ways to improve treatment from a pharmacological standpoint. These management systems aid in the tracking and validation of medications given to patients at sites of care. They benefit healthcare organizations by reducing medical errors that occur in the healthcare setting.
Growth can be ascribed to an increase in hospital expenditure to improve workflow, rapid innovation in medical technology, and a greater emphasis on eliminating drug errors. Furthermore, global use of IT in the healthcare sector will drive market growth over the predicted period. The expanding number of prescriptions and the increased demand to reduce medication errors are driving the medication management system market. The medication management system market is expected to grow as a result of rising IT adoption in the healthcare sector, increased adoption of automated workflow management solutions due to increased workload on chemists, and increased hospital investment in order to purchase new software for efficient management of healthcare processes.
COVID-19 Impact: Social Distance Protocol and Rapid Development in Healthcare Sector to Boost Market Growth
The COVID-19 epidemic had a beneficial impact on the market. The current pandemic is putting a major strain on healthcare facilities all across the world. Social isolation and lockdowns were used to control the spread of the virus. Chronic disease patients are unable to access healthcare facilities for normal treatment, and drug administration suffers as a result. Retail pharmacies offered these patients with easy and quick access. During the pandemic, the participation of community chemists at these centres in managing chronic health concerns and improving drug adherence was crucial in decreasing the strain on overburdened health systems around the world. Furthermore, as healthcare providers look for ways to treat patients remotely and reduce the danger of virus transmission, the COVID-19 pandemic has increased demand for medication management systems. The market for medication management systems is expected to rise in the future years as personalised medicine becomes more popular and electronic health records (EHRs) become more widely used.
Latest Trends
"Clinical Decision Support System Solutions segment is expected to dominate the market"
Clinical Decision Support Systems (CDSS) are healthcare IT systems that help healthcare professionals and physicians make clinical decisions. CDS includes a variety of technologies that aid in clinical workflow decision-making. These tools include, among other things, automatic alerts and reminders to carers and patients, clinical recommendations, focused patient data reports and summaries, diagnostic support, and documentation templates.
Medication Management Software Market Segmentation
- By Type Analysis
According to type, the market can be segmented into Cloud Based, Web Based. Cloud Based is anticipated to be the leading segment.
- By Application Analysis
Based on application, the market can be divided into Hospital, Clinic, Other. Hospital will be the dominating segment.
Driving Factors
"E-prescribing, telemedicine, mHealth, and other HCIT technologies are becoming more popular"
The epidemic has significantly increased the load on healthcare organisations around the world. Healthcare facilities are under tremendous pressure to develop a well-coordinated environment in which all clinical gadgets are internally connected and the organisation operates in collaboration with other healthcare units. As of December 5, 2022, there were around 650 million verified COVID-19 cases and 66 million fatalities worldwide, according to Worldometer. Given the high and growing number of cases, some countries' healthcare systems are experiencing a severe scarcity of hospital beds, healthcare workers, and basic medical equipment. This compels hospitals and other healthcare facilities to use capacity management tools in order to track COVID-19 patients and monitor and manage illness progression.
"Rising requirement for good medication management systems fuel market growth"
The requirement for good medication management systems in order to reduce medication errors Some of the reasons driving market expansion include the increasing prevalence of chronic diseases and the growing demand for remote patient monitoring. The expanding number of prescriptions around the world, as well as the growing need to decrease pharmaceutical errors, are driving the medication management system industry. The increasing adoption of IT in the healthcare sector, increasing adoption of automated solutions in workflow management due to the large burden on chemists, and a surge in hospital investment to purchase new software for efficient management of healthcare processes all contribute to the growth of the medication management system market. Medication management services are provided as part of healthcare reforms, technological advancements, and a high adoption rate of these management systems, which are known to reduce medication errors and lower healthcare costs. Furthermore, mergers and acquisitions among key competitors, an ageing population, a high incidence of chronic illness, and rising healthcare expenditure all have a favourable impact on the medication management system market. Furthermore, market potential in emerging nations and a shift towards value-based medicine create profitable chances for medication management system market players from 2021 to 2028.
Restraining Factors
"Developing-country IT infrastructure constraints may hamper the market growth"
The dearth of skilled IT workers in emerging countries has an impact on the adoption and use of HCIT solutions in these countries. Furthermore, one of the primary barriers to the adoption of HCIT systems is cost. These systems have higher maintenance and software costs than the programme itself. Furthermore, software upgrades to meet changing user requirements are an ongoing expense that accounts for nearly 30% of total cost of ownership. To some extent, the aforementioned limitations impede market expansion in emerging countries.
Medication Management Software Market Regional Insights
"North America will be the market leader during forecast period"
North America dominated the market, accounting for 52.0% of total revenue in 2022. The region's supremacy was fueled by high adoption of IT in healthcare, technical innovation, a growth in the incidence of infectious and chronic diseases, and an increase in the number of prescriptions. The United States has the largest prescription management systems market in the region and the world. This is due to a high level of awareness about new technologies, the presence of a significant number of small and medium-sized firms providing drug management solutions to hospitals and pharmacies, and a dearth of primary care physicians.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Mediware (U.S.)
- LogicStream (U.S.)
- Omnicell (U.S.)
- Swisslog (Switzerland)
- Vanas Engineering (Belgium)
- Nexus AG (Germany)
- Talyst (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 3096.1 Million in 2022 |
Market Size Value By |
US$ 16026.74 Million by 2032 |
Growth Rate |
CAGR of 17.9% from 2022 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the medication management system market expected to touch by 2028?
Based on our research the medication management system market is expected to reach 8294.5 million USD in 2028.
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What CAGR is the medication management system market expected to exhibit by 2028?
The medication management system market is expected to exhibit a CAGR of 17.9% by 2028.
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Which are the driving factors of the medication management system market?
Key drivers driving the medication management system market expansion include an increase in the number of prescriptions globally, an increase in hospital investments for workflow management, sophisticated technology, and an increase in government reforms and laws promoting IT integration in healthcare.
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Which are the top companies operating in the medication management system market?
The top key players in the medication management system market are Mediware, LogicStream, Omnicell, Swisslog, Vanas Engineering, BD, Nexus AG, Talyst.