Innovative technical products in the Medication Management System Market are intended to help people properly organise, track, and dispense their prescriptions. These programmes seek to increase patient safety overall, decrease errors, and promote drug adherence. Prescription management systems are now essential tools for patients, carers, and healthcare professionals due to the complexity of prescription regimens and the rise in chronic disease prevalence.
Medication reminders are one of these systems’ major components. Users are reminded when to take their drugs through voice prompts, messages, or even alarms. This function assists people in adhering to their prescription regimens, lowering the possibility of forgotten dosages or inadvertent timing.
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Medication organisation is a further important consideration. These systems frequently offer automated medication packaging or pill dispensers that separate drugs into separate compartments for various times and days. By streamlining the medication procedure and ensuring the proper medicines are taken at the right time, this organisation helps to reduce confusion and potential mistakes.
Between 2022 and 2032, it is projected that the global market for medication management systems would expand at a CAGR of 11% and reach US$ 7.1 billion. Hospitals spending more money to enhance workflow and the speedy development of medical technologies are both contributing to the market’s expansion.
Over the past few years, government authorities in the Asia Pacific, Middle East, and Africa regions have been luring start-up companies and MNCs to boost industrial growth in the healthcare and medical device sectors. Leading businesses in the medical device sector are increasing their market share by leveraging economies of scale. There is a good chance that this will help the market for cranial stabilisation devices.
Key Takeaways from the Study:
- The global medication management system market is expected to hold a value worth US$ 2.5 Billion in 2022.
- From 2017-21, the global medication management system market is projected to have displayed a CAGR of 10.8%.
- In 2022, the medication management system market in North America is anticipated to secure 52% of global revenue.
- In 2022, the medication management system market in Europe is expected to claim 23% of the global revenue.
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Competition Analysis
Key players in the global medication management system market include
- Omnicell, Inc.,
- Cerner Corporation,
- McKesson Corporation,
- Medication Management Systems, Inc.,
- Talyst,
- GE Healthcare,
- Becton Dickinson and Company,
- Allscripts
Recent Updates from the Market Include:
- In December 2021, Omnicell, Inc. a known provider of medication management solutions and adherence tools for health systems and pharmacies, announced it has inked an agreement with ReCept Holdings, Inc., The agreement aims to acquire its business for total aggregate cash consideration of $100 million, subject to customary adjustments. The acquisition will broaden Omnicell’s portfolio of capabilities and services to address the significant need to improve access to and care coordination for complex medications.
- In July 2022, BD (Becton, Dickinson and Company) announced it has completed the acquisition of Parata Systems. Parata advances BD’s transformative solutions strategy by offering a portfolio of innovative pharmacy automation solutions that power a growing network of pharmacies to lessen costs, increase patient safety and enhance the patient experience for retail.
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Medication Management System Segmentation by Category
Software Type:
- Computerized Physician Order Entry
- Clinical Decision Support System Solutions
- Electronic Medication Administration Record
- Inventory Management Solutions
- Other Software Types
End Use:
- Hospitals
- Pharmacies
- Other Healthcare Institutions
Mode of Delivery:
- On-Premise Solutions
- Web-Based Solutions
- Cloud-Based Solutions
Region:
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
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