According to a recent research analysis compiled by Future Market Insights (FMI), a CAGR of over 20% has been projected for the global market for medication management system during the assessment period (2017-2026). Nearly US$ 7,300 Mn revenues are estimated to be generated from worldwide sales of medication management system globally.
Mounting Number of Prescriptions to Create Demand for Medication Management System
Medication management system enhances dispensing of machines and inventory management as well as helps in controlling Adverse Drugs Events (ADE). Over the past few years, there has been a substantial lack of pharmacists and healthcare professionals, which in turn has necessitated the requirement for medication management system to ensure efficient workflow. Rapid rise in the number of prescriptions worldwide is expected to create avenues for medication management systems’ adoption among various healthcare settings. For example, the U.S. Department of Health & Human Services has stated that the number of prescriptions in the U.S. rose from 3.5 Bn to 3.9 Bn between 2010 and 2014. Additionally, the American College of Clinical Pharmacy has estimated around 5 Bn prescriptions to be dispensed in the U.S. by 2021. Such mounting number of prescriptions burgeon the burden on pharmacists, thereby creating demand for medication management systems to improve workflow efficiency.
A large number of hospitals and clinics are making investments in the medication management systems, in a bid to curtail medication errors. Key players in the global medication management system market are increasingly engaging in strategies such as mergers & acquisitions for increasing their market presence. Several leading players in the market are acquiring shares of smaller firms and new entrants in a bid to capitalize on their technological innovations and enhance their product portfolio. Proliferation of IT in the healthcare sector will remain a key trend influencing demand for medication management system across the globe in the foreseeable future.
Key players in the market are continuously engaging themselves in product innovation and incorporation of new technologies for gaining a competitive edge and providing better services at competitive prices. With the rise in amalgamation between the IT and healthcare industry for improving their services has led to rapid investment by leading market players in R&D to develop IT for the pharmaceutical industry, thereby influencing the development of medication management systems. Key companies in the global medication management system include Allscripts, Becton, Dickinson and Company, GE Healthcare, Talyst, Medication Management Systems, Inc., McKesson Corporation, Cerner Corporation, and Omnicell, Inc.
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Cloud-based Solutions to Remain Sought-After among Mode of Deliveries for Medication Management System
Cloud-based solutions will continue to be sought-after among mode of deliveries for the medication management system, with sales poised to bring in more than US$ 3,300 Mn by 2026-end. On-premise solutions will also remain preferred mode of delivery for medication management systems, with sales expanding at a CAGR that is nearly equal to that of cloud-based solutions. However, sales of web-based solutions are projected to exhibit the highest CAGR through 2026.
Medication management system is anticipated to seek the largest end use in Hospitals, trailed by pharmacies. However, revenues from medication management system sales in pharmacies will register a relatively higher CAGR than those from hospitals.
Computerized Physician Order Entry to be Fast-Selling Software in the Market
Based on software type, inventory management solutions and clinical decision support system solutions are anticipated to remain dominant in the global market for medication management system, in terms of revenues. Computerized physician order entry will emerge as the fast-selling software type in the market during the assessment period.
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North America will continue to lead the global market for medication management system in terms of revenues, Europe and Asia-Pacific excluding Japan (APEJ) will also remain leading revenue contributors to the market. The market in APEJ will record the fastest expansion through 2026.