Medication Management System Market Size, Share & Trends Analysis Report By Software, By Service, By Mode Of Delivery (On-premise, Web-based, Cloud-based), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the medication management system market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for medication management system market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of medication management system market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Medication Management System Market Categorization:

The medication management system market was categorized into five segments, namely software (Computerized Physician Order, Clinical Decision Support System Solutions, Inventory Management Software, Administration Software, Automated Dispensing Systems, Assurance System Software), service (Medication Analytics, Point-of-Care Verification, ADE Surveillance), mode of delivery (On-premises, Web-based, Cloud-based), end use (Hospitals, Pharmacy), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The medication management system market was segmented into software, service, mode of delivery, end use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The medication management system market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-six countries, namely, the U.S.; Canada; Germany; the UK.; Germany; France; Italy; Spain; Russia; Denmark; Sweden; Norway; Japan; China; India; Australia; Singapore; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait...

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Medication management system market companies & financials:

The medication management system market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Allscripts - Allscripts delivers IT solutions and services to healthcare organizations. The solutions offered by Allscripts aid in achieving healthcare settings' financial, clinical, and operational goals. The company's portfolio includes solutions for population management, financial management, electronic health records, and precision medicine/consumer solutions. Allscripts operates in two business segments-software and services. As of December 2016, as many as 2,500 hospitals, 180,000 physicians, and 45,000 post-acute networks used the firm’s products and services. Allscripts primarily operates in North America (U.S., Canada), UK, Asia, Australia, and the Middle East. Furthermore, the company has its subsidiaries in the U.S., Canada, Mauritius, Malaysia, India, Singapore, Australia, UK, Israel, and the Netherlands, among others.

• Becton, Dickinson and Company (CareFusion) - Becton, Dickinson and Company (BD) is a medical technology company manufacturing, developing, and selling medical devices & instruments worldwide. The company aims at research and development for producing new drugs & vaccines, enhancing the efficient & speedy diagnosis of diseases. In March 2015, BD completed the acquisition of CareFusion Corporation and it is now a wholly owned subsidiary of BD. With this acquisition, the comprehensive offerings of CareFusion in the field of medication management, infection prevention, operation room, and respiratory care are now a part of BD's medical segment. BD operates in two business segments: BD Medical and BD Life Sciences. BD Medical is involved in supplying medical devices and innovating injection- and infusion-based drug delivery systems, whereas, BD Life Sciences provides products that are used for safe collection and transportation of diagnostics specimens as well as instruments & reagents required for the detection of various infectious diseases, healthcare-associated infections, and cancers. The company serves more than 190 countries globally with independent distribution channels and directly to end-users.

• GE Healthcare - GE Healthcare is a subsidiary of General Electric Company (GE), founded in 2004 The company provides medical technologies and services that aim to deliver advanced patient care worldwide. Its main area of expertise includes technologies and services such as medical diagnostics, drug discovery, medical imaging & information technologies, patient monitoring systems, performance solution services, and biopharmaceutical technologies. GE Healthcare serves healthcare professionals and patients in around 100 countries globally with improved through the company's IT solutions.

• Talyst, LLC. - Talyst, LLC. focuses on improving patient safety and provides automated medication management systems to acute care hospital pharmacies. The long-term care division of Talyst is one of the leading providers of automated medication management, which focuses on enhancing workflow efficiency and improving patient safety for long-term care facilities. The company has installed 500 facilities with its automated solutions as of 2016, comprising acute care hospitals, healthcare systems, and correctional institutes. The company also offers pharmacy automation technology in the Middle East and Canada.

• McKesson Corporation - McKesson Corporation is engaged in providing pharmaceutical distribution services and is an information technology company, ranked 11th among Fortune 500 companies. The company focuses on providing pharmaceutical & medical supplies and offers services that improve the efficiency of healthcare operations. The company operates through two segments-McKesson Distribution Solutions and McKesson Technology Solutions. The company works with healthcare providers, payers, pharmaceutical companies, and pharmacies to improve the quality of care services and enhance safety & efficiency of healthcare.

• Cerner Corporation - Cerner Corporation is a company operating in healthcare information technology. The company's offerings include a wide range of intelligent solutions that support various organizations' clinical, financial, and operational requirements. Its systems are used in more than 27,000 hospitals, laboratories, ambulatory centers, physicians' practices, health centers, radiology clinics, cardiac centers, surgery centers, retail pharmacies, and others. In addition to software services, the company also offers various complementary hardware and devices. The company provides its healthcare IT solutions to physicians, hospitals, managed care organizations, medical centers, home health agencies, blood banks, imaging centers, pharmaceutical companies, pharmacies, governments, and public health organizations. It has offices in the Americas, Europe, Asia Pacific, and the Middle East.

• ARxIUM - ARxIUM is a company involved in development of pharmacy automation, consulting, and workflow solutions. ARxIUM was formed due to Intelligent Hospital Systems, Inc.'s acquisition of AutoMed Technologies, Inc. in 2015. The two companies combined created an integrated pharmacy solutions company, as both companies are leaders in pharmacy technology. ARxIUM provides various pharmacy technology solutions that help improve patient safety, improve workflow efficiency, and reduce operating costs. The company has a global presence with, its international headquarters preseth the U.S. and Canada.

• QuadraMed Affinity Corporation - QuadraMed Affinity Corporation is a provider of healthcare software and services focused on improving patient care's safety, quality, and efficiency. Solutions offered by the company assist in streamlining operations and increasing efficiency. The staff at the company supports clients at more than 1,200 healthcare provider facilities. It provides software and solutions to hospitals, health systems, and associated facilities across the U.S., Canada, the UK, and Saudi Arabia.

• Omnicell, Inc. - Omnicell, Inc. provides automation and business analytics software for medication and supply management in healthcare. The company operates through two business segments-Automation & Analytics and Medication Adherence. The company caters to more than 4,000 customers globally with its supply chain and analytics solutions to help increase operational efficiency, minimize errors, and improve patient safety. It provides solutions to hospitals, health systems, post-acute care settings, and home care patients.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Medication Management System Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Medication Management System Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.