Medication Management Market Overview
According to the estimates of P&S Intelligence, a market research firm based in India, the global medication management market will grow substantially in the coming years. The market is being driven by the growing popularity of mHealth technologies. The soaring investments being made by healthcare information technology (HIT) companies, the rising adoption of remote patient monitoring services. The rising number of initiatives being launched by several private and public organizations operating in this domain.
mHealth technologies are highly cost-effective and provide effective and efficient remote patient monitoring services. This is in turn propelling the requirement for medication management solutions. Apart from these factors. The increasing population of geriatric people and the rising incidence of chronic diseases are also driving the advancement of the medication management market across the globe.
Medication Management Market Demand
The players operating in the medication management industry are increasingly focusing on expanding their facilities in the developing countries of Asia, Latin America, and Africa, as these countries offer them lucrative growth opportunities. Although the industry is still in its initial development stage, there have been rapid advancements in medication management aids in the North American and European regions. These advancements are caused because of the sharp surge in the number of pharmacies and hospitals in these regions.
Moreover, Depending on software type, the medication management market is divided into clinical decision support system (CDSS), computerized physician order entry (CPOE), administration software, inventory management, and automated dispensing system (ADS). Out of these, the CPOE category is predicted to register the fastest growth in the market in the upcoming years. In addition to this, this category is predicted to record the highest growth in the market in the future years.
Medication Management Market Size
Likewise, One of the biggest trends currently being witnessed in the market is the rising demand for the online retailing of medication aids across the world. The availability of various aids such as eye drop dispensers, pill removers. Inhalers on e-commerce websites is making mediation management aids highly accessible to numerous patients. As online retailing makes instant access possible, allows rapid product purchasing. Offers items at discounted prices, it is experiencing a massive rise in popularity throughout the world.
Globally, Europe accounted for the second-highest share in the medication management market during the last few years. Furthermore, this region is predicted to hold more than 20% share in the market by 2020. The expansion of the market in this region will be driven by the increasing incidence of chronic diseases. The growing requirement for mHealth technologies, and the surging geriatric population in the regional countries. In Europe, Germany will hold over 40% share by 2020.
Therefore, it can be said with surety that the market will demonstrate huge expansion all over the world in the forthcoming years. Mainly because of the rising incidence of chronic diseases and the growing adoption of mHealth technologies.
However, The surging population of ageing people, increasing demand for mHealth technologies, and rising occurrence of chronic diseases are some of the major factors driving the growth of the market. In addition to these factors the initiatives been taken by several governments to reinforce various regulatory norms are also propelling the market. In addition, Owning to its cost-effective nature and the ability to offer the best monitoring options for patients remotely. The popularity of mHealth technologies is surging sharply. The growing penetration of the internet is fueling the development of mHealth technologies. Which are being increasingly used for the management and treatment of diseases.
Medication Management Market Outlook
Meanwhile, According to the estimation of the market research company, P&S Intelligence, the ability of the technology to remotely manage and treat a disease is helping the worldwide medication management market grow. The increasing healthcare expenditure, on account of soaring cost of medical treatment and patient care is another major market growth driver. Moreover the formulation and development of novel drugs, surging number of pharmacies and hospitals. For instance, The increasing research and development (R&D) activities being carried out in drug development processes are also augmenting the healthcare expenditure of several countries. Which is in turn propelling the progress of market for medication management.
The medication management market is divided, on the basis of software, into computerized physician order entry. Clinical decision support system, medication administration software, inventory management. An automated dispensing system, and others. Amid all these categories, the clinical decision support system category is expected to encounter the fastest growth in the market during the forecast period with a CAGR of 38.8%. The adoption of CDS is attributed to the fact that it is beneficial to provide information about the patients which can be further used for taking any vital decisions adding to their treatment by the health care professionals. It is a system that assists care providers in offering better treatment and patient care to people.
Medication Management Market Trends
Similarly, QUALCOMM Incorporated, General Electric Company, Cerner Corporation, Siemens AG, Becton Dickinson and company, and Epic Systems Corporation are some of the key players operating in the medication management market. The market players are getting numerous opportunities for expanding geographically. Especially like in the developing nations of Latin America and Asia. Africa, North American, and European regions, owing to the burgeoning need for medication management aids in these regions.
In conclusion, This research offers the actual historical market size for the period 2011 – 2014. Estimate for 2015, and forecast for the period 2015 – 2020 of the global medication management market in U.S. dollars.
GLOBAL MEDICATION MANAGEMENT MARKET
- By Software – Computerized Physician Order Entry (CPOE), Clinical Decision Support System (CDSS), Medication Administration Software, Inventory Management, Automated Dispensing System (ADS), and Others
- By Service – Medication Analytics Services, Adverse Drug Event (ADE) Surveillance Services, and Point-Of-Care Verification Services
- By End User – Hospitals, Pharmacy, and Others.
- By Mode of Delivery – Web-Based, Cloud-Based and On-Premises.
- By Region – North America, Europe, Asia, and Rest of the World (RoW).
SOFTWARE
- CPOE Market, By Region
- CDSS Market, By Region
- Medication Administration Software Market, By Region
- Inventory Management Market, By Region
- ADS Market, By Region
SERVICE
- Medication Analytics Services Market, By Region
- ADE Surveillance Services Market, By Region
- Point-Of-Care Verification Services Market, By Region
END USER
- Hospitals Medication Management Market, By Region
- Pharmacy Medication Management Market, By Region
MODE OF DELIVERY
- Web-Based Medication Management Market, By Region
- On-Premises Medication Management Market, By Region
- Cloud-Based Medication Management Market, By Region
GLOBAL MEDICATION MANAGEMENT MARKET, BY GEOGRAPHY
North America Market
- By Country – The U.S, Canada, and Rest of North America
- By Software
- By Services
- By End User
- By Mode of Delivery
Europe Market
- By Country – Germany, the U.K., France, and Rest of Europe
- By Software
- By Services
- By End User
- By Mode of Delivery
Asia Market
- By Country – China, Japan, India, and Rest of Asia.
- By Software
- By Services
- By End User
- By Mode of Delivery
Rest of the World (RoW) Market
- By Software
- By Services
- By End User
- By Mode of Delivery
P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
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P&S Intelligence
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