In 2022, it is anticipated that the market for Medication Management Systems will be worth US$2.5 billion. The global market for medication management systems is anticipated to grow at a CAGR of 11% between 2022 and 2032, reaching US$ 7.1 billion. The market is expanding as a result of hospitals investing more money to improve workflow and the quick advancement of medical technology.
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|Data Points||Key Statistics|
|Expected Market Value (2022)||US$ 2.5 Billion|
|Anticipated Forecast Value (2032)||US$ 7.1 Billion|
|Projected Growth Rate (2022-2032)||11%|
The demand for effective management systems to ensure workflow is driving growth in the global market for medication management systems due to a shortage of pharmacists and healthcare professionals. Due to altered demand-supply patterns brought about by the pandemic, the medical and healthcare industries have undergone significant changes. However, the need to reduce medical errors has grown stronger, driving up demand for medication management systems.
The most recent revision of Future Market Insights’ (FMI) report on the “medication management system” market study provides in-depth analyses of the global industry, growth & restraining factors, and demand-supply trajectories across 20+ countries from 2021 to 2031. The report claims that industry participants will prosper from the increase in machines and inventory management equipment in the healthcare and hospital sectors while focusing on key geographical areas like North America, Europe, and Asia Pacific, to name a few.
Key Takeaways from Market Study
- The global medication management system industry to ascend at over 15% CAGR through 2031
- High requirement for computerized physician order entry and inventory management solutions is likely to be witnessed
- Growing requirement from hospitals and pharmacies to favor manufacturers
- On-premise and web-based solutions to gain traction in terms of mode of delivery
- The United States to remain the epicenter of the world’s largest medication management system industry North America
- Germany to remain dominant in the Europe medication management system industry
- Asia-Pacific to exhibit the fastest growth during the forecast period
- China, Japan, India, the United Kingdom, France, Italy, and a few other countries to remain lucrative for stakeholders
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How is the Increase in Demand from Hospitals Industry Fuelling Sales of Medication Management System Suppliers?
Medication management systems are being deployed extensively by healthcare professionals in order to efficiently manage various information such as patient analysis, regulatory & compliance information, valuation analysis and other vital parameters in healthcare industry.
According to the report titled “Industries at a Glance: Hospitals” published by the Bureau of Labor Statistics, the United States hospitals industry is highly potential and progressive and comprises of medical, diagnostic, treatment, and other inpatient and outpatient services which include physician, nursing, and other health services. As stated in the report, the employment in this sector has decreased to 5,135.1 in thousands in February, 2021, compared to 5,136.3 in thousands in November, 2020. These data give a glimpse of the upcoming opportunities for medication management system providers around the globe.
Who is Winning in this Space?
With the competition getting stricter, key players in the global medication management system market are diversifying their products in order to target broader end-use sectors.
- Omnicell, Inc. lunched its new extensive range of products such as i.v.STATION Non-hazardous Compounding Robot, IVX Workflow, AccuFlex, MTS-350 Filler and Sealer, and others during the last 5 years
- Cerner Corporation launched its new Automated Dispensing Cabinet, Drug Database Solutions, and others a couple of years back
More Valuable Insights In its latest report, FMI offers an unbiased analysis of the medication management system market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of software type (computerized physician order entry, clinical decision support system solutions, electronic medication administration record, inventory management solutions, and other software types), end use (hospitals, pharmacies, and other healthcare institutions), and mode of delivery (on-premise solutions, web-based solutions, and cloud-based solutions), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Medication Management System Segmentation by CategorySoftware Type
- Computerized Physician Order Entry
- Clinical Decision Support System Solutions
- Electronic Medication Administration Record
- Inventory Management Solutions
- Other Software Types
- Other Healthcare Institutions
Mode of Delivery
- On-Premise Solutions
- Web-Based Solutions
- Cloud-Based Solutions
About Future Market Insights (FMI)
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