The global Medication Management System Market is likely to display a CAGR of 11% while garnering US$ 7.1 Billion during the forecast period of 2022-2032. Growth of the market can be attributed to the increasing investment by hospitals to enhance workflow and rapid development in medical technology.
As per the WHO report 2017, globally, medication error costs about US$ 42 Billion annually. This has resulted in increased demand for medication management systems as a vital part of overall healthcare infrastructure. As per another report by WHO, by 2020, about 73% of global deaths would be from chronic illness like cardiovascular diseases, and cancer, which demands long-term medication with proper medication dispensing and continuous patient monitoring, which can be performed efficiently through the medication management system.
The deployment of advanced technologies in medication management is projected to augment the market size in the forecast period. For instance, in August 2019, Pharmazam launched personalized real-time medication management and the healthcare system. Pharmazam's Pharmacogenetic (PGx) test results consist of a comprehensive DNA test and a sample that is collected using an FDA-cleared device. Such factors are expected to benefit the market during the forecast period.
Increasing demand for reducing human errors in medication management, growing demand for quality care, and growing adoption rate in emerging economies are the most vital factors that are expected to boost the expansion of the clinical support segment solutions in the coming time. However, heavy expenses associated with the installation, maintenance, and operations are expected to hinder the market in the coming time. Also, lack of expertise in a computerized program and reluctance to adopt modern techniques among evolving economies are other vital factors that can restrain industry growth in the forecast period.
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.
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, and 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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