Medication Management Market

Global Medication Management Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027, Increasing geriatric population and rising demand of digital health in medication management are some of the major factors anticipated to driving the growth the Global Medications Management Market.

Global Medication Management Market is valued at USD 1879.2 Million in 2020 and expected to reach USD 4760.3 Million by 2027 with a CAGR of 14.2% over the forecast period.

Scope of Global Medication Management Market Report:

Medication management is a degree of outpatient therapy that includes the initial assessment of the patient's requirement for psychotropic medications, the arrangement of a medicine, and continuous clinical observing identified with the patient's utilization of the psychotropic prescription by a certified doctor or prescriber. Medication management incorporates monitoring, accommodating medications, and guaranteeing patients get the ideal results. It requires a careful survey of recommended drugs and their conceivable incidental effects to make treatment plans and monitor their security and effectiveness. Prescription treatment management, for the most part called medication use audit in the United Kingdom, is an assistance given normally by drug specialists that plans to further develop results by helping individuals to better understand their health situations and the meds used to oversee them.

The medication management plan works as a collaborative medication strategy which put in place by health professionals in tandem with their patients and caregivers.

COVID-19 pandemic has also impacted the growth of global medication management market. During COVID-19 pandemic, recommended solutions like social distancing and lockdowns in certain areas to help with containing the spread of the infection might influence special patient populaces like those with chronic sicknesses who can't get to medical care facilities for their routine care and medicines management. Retail drug store outlets are the probable facilities for simple access by these patients. The commitment of local area pharmacists in these facilities to handle chronic conditions and encourage medicine adherence during this COVID-19 pandemic will be fundamental in easing the weight on currently stressed health systems.

Global medication management market is segmented on the basis of software type, delivery mode, application, and regional & country level. Based upon software type, the global medication management market is classified into clinical decision support system (CDSS), computerized physician order entry (CPOD), automated dispensing systems (ADS), drug inventory management system (DIMS) and others. Based upon delivery mode, the market is divided into web & cloud based and on-premises. Based upon application, the global medication management market is classified into hospitals, pharmacies and others.

Global Medication Management Market Segmentation:

By Software Type:

• Clinical Decision Support System (CDSS)
• Computerized Physician Order Entry (CPOD)
• Automated Dispensing Systems (ADS)
• Drug Inventory Management System (DIMS)
• Others

By Delivery Mode:

• Web & Cloud Based
• On-premises

By Application:

• Hospitals
• Pharmacies
• Others

The regions covered in global medication management market are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global medication management is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (UAE, Egypt, Saudi Arabia) GCC, Africa, etc.

Key Players of Global Medication Management Market Report:

Some of the medication management companies are BD (bd medicine), Cerner Corporation, McKesson Corporation, UnitedHealth Group, Epic Systems Corporation, ArbiMed, Omnicell, GE Healthcare, DrFirst, Medical Information Technology, iRx Reminder, Healthcom, Plexus Technology Group and others.

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Increasing Geriatric Population and Rising Demand of Digital Health in Medication Management are Some of the Major Factors Driving the Market Growth

One of the major factors driving the growth of global medication management market is increasing geriatric population. Older people will in general have huge comorbidities which in result increment the medication utilize and raise the risk of helpless outcomes. As indicated by a recent report distributed in the Clinical Epidemiology, in major league salary nations, polypharmacy influences somewhere in the range of 40% and half of older adults. Polypharmacy builds the risk of adverse medication related events in older adults due to the higher number of medications are related with a higher risk of dangerous medication drug connections.

For instance; as per the World Health Organization (WHO), approximately 703 million people aged 65 years globally in 2019. The quantity of older people is projected to double to 1.5 billion out of 2050.

In addition, growing demand of digital solutions in medication management are also supplementing the market growth. Web and cloud-based arrangements are relied upon to add to and improve several aspects of the medical care area. Medication orders can be instantly digitized directly into a single, web-based application that supports customized work processes. Numbers of organizations are developing web and cloud-based medication management systems like Omnicell, CareMeds, PipelineRx, and other.

For instance; in 2017, BD dispatched its most recent advancement in exhaustive medication management, BD HealthSight stage for big business medication management. The BD HealthSight stage interfaces systems and cycles to help emergency clinics with driving a more secure, more proficient medication management process.

Furthermore, growing number of patients and thus, increasing number of prescriptions are also fostering the market growth. Rapid increase in the number of prescriptions universally is relied upon to additional lift the adoption of medication management solutions in medical services facilities. For instance, according to the American College of Clinical Pharmacy estimates, around 5 billion prescriptions will be apportioned by 2021.

However, high software implementation and service maintenance costs may hamper the global medication management market growth. In spite of that, rising healthcare IT funds and supportive government initiatives can provide various opportunities for the further growth of the global medication management market.

North America is Expected to Dominate the Global Medication Management Market

North America is expected to dominate the global medication management market during the forecast period due to rising prevalence of chronic diseases, technological advancements and presence of key companies in this region. For example; according to the World Health Organization (WHO); about 133 million Americans have chronic diseases, addressing more than 40% of the complete populace of this country. Asia Pacific is expected to witness the highest growth in global medication management market due to rising demand of mHealth technologies and growing healthcare expenditure in this region.

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

The Middle East and Africa

• GCC
• Africa
• Rest of the Middle East and Africa

Key Benefits of Global Medication Management Market Report-

• Global Medication Management Market report covers in-depth historical and forecast analysis.
• Global Medication Management Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
• Global Medication Management Market report helps to identify opportunities in marketplace.
• Global Medication Management Market report covers extensive analysis of emerging trends and competitive landscape.

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