Medication Management System Market Worth $6.3 Billion By 2030

Medication Management System Market Growth & Trends

The global medication management system market size is expected to reach USD 6.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.7% from 2023 t0 2030. Rise in the number of prescriptions globally, increase in investments by hospitals for workflow management, advanced technologies, and rise in government reforms and policies boosting the integration of IT in healthcare are estimated to drive market growth. 

Rise in challenges faced by healthcare professionals for efficient management of clinical operations, streamlined workflow, and reduced healthcare costs drive the demand for automated solutions in healthcare facilities. Rapid growth in prescriptions has increased the burden on care providers to efficiently manage prescriptions of patients and minimize medication errors. Thus, increase in the number of prescriptions is one crucial factor driving the market growth. In addition, a shortage of pharmacists and healthcare professionals will further boost the adoption of IT solutions in healthcare facilities.

The market had a positive impact during the pandemic. COVID-19 sickness began to spread over the world in early 2020, infecting millions of people globally, and major countries around the world-imposed foot restrictions and work stoppage orders. To assist control the spread of the infection, social distance and lockdowns were employed. Patients with chronic diseases unable to access healthcare facilities for routine treatment and medication administration suffered. Except for the medical supply and life support goods businesses, most industries have been severely hit, and have also been severely impacted.

There is a rise in investments by hospitals to streamline clinical processes and they have been purchasing new software to manage workflow, which is expected to boost the market growth. For instance, in March 2017, Saudi German Hospital-Dubai automated its medication management workflow by integrating Omnicell’s solutions. According to WHO, chronic diseases including cancer, diabetes, and cardiovascular disease accounted for approximately 73% of global death in 2020, this will generate a necessity for long-term medication with efficient dispensing and continuous patient monitoring, which can be accomplished effectively through medication management systems.

Also, according to a 2017 report by WHO, medication errors cost USD 42 billion per year globally. According to these numbers, there is a raising need for medication management systems as an essential component of comprehensive healthcare infrastructure. The population is at risk of adverse drug events due to the possibility of human error in delivering medication, which can be reduced by employing a medication management system. This would boost the worldwide medication management system market growth.

Reforms, policies, and initiatives are being taken by governments to increase the adoption of healthcare IT across the globe, which is expected to drive market growth. For instance, the German National Medication Plan is an initiative directed toward enhancing medication management software in hospitals and pharmacies in Germany.

To extend the geographic reach and client bases, key market players are using competitive strategies such as technology advancement, acquisitions and mergers, agreements, collaboration, and partnerships. For instance, in March 2022, Constellation Software, through N. Harris Computer (subsidiary), concluded its agreement for the acquisition of a net asset of Allscripts Healthcare Solutions’ hospitals and large physician practices business for a payment of USD 700 million in cash.

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Medication Management System Market Report Highlights

• The inventory management solutions segment held a majority of revenue share in the market in 2022 due to the rising need to reduce issues such as stockout and overstock

• The hospitals segment held the largest revenue share in 2022 owing to the rise in investments by hospitals to upgrade their IT infrastructure

• The cloud-based solutions segment dominated the market owing to greater data security

• North America dominated the market owing to high adoption of healthcare IT and technological advancements

Medication Management System Market Segmentation

Grand View Research has segmented the global medication management market on the basis of software, service, mode of delivery, end use, and region:

Medication Management System Software Outlook (Revenue, USD Million, 2016 - 2030)

• Computerized Physician Order

• Clinical Decision Support System Solutions

• Inventory Management Software

• Administration Software

• Electronic Medication Administration Record (EMAR)

• Barcode Medication Administration (BMA)

• Automated Dispensing Systems

• Centralized

• Robots

• Carousels

• Decentralized

• Pharmacy-based ADS

• Ward-based ADS

• Automated Unit-Dose Dispensing

• Assurance System Software

• Other Software

Medication Management System Services Outlook (Revenue, USD Million, 2016 - 2030)

• Medication Analytics

• Point-of-Care Verification

• ADE Surveillance

Medication Management System Mode of Delivery Outlook (Revenue, USD Million, 2016 - 2030)

• On-premises

• Web-based

• Cloud-based

Medication Management System End-Use Outlook (Revenue, USD Million, 2016 - 2030)

• Hospitals

• Pharmacy

• Others

Medication Management System Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Russia

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • India

  • China

  • Australia

  • South Korea

  • Singapore

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Medication Management System Market

• Allscripts

• Becton

• Dickinson and Company (CareFusion)

• GE Healthcare

• Talyst, LLC.

• McKesson Corporation

• Cerner Corporation

• QuadraMed Affinity Corporation

• Omnicell, Inc.