Medication Management Market Size, Share and Analysis By Software Type (Computerized Physician Order Entry, Clinical Decision Support System, Administration Software, Automated Dispensing Systems, Inventory Management Solutions, and Others), By Mode-Of-Delivery (Cloud-Based, Web-Based, and On-Premise), By End-Use (Hospitals, Pharmacies, and Other End-Users), and Regional Forecast, 2024-2032

Medication management manages the medical demand for people by distributing the right quantity of medicine to the right person at right time. The system uses automated software and robotic mechanisms for this purpose. The adoption of these systems has been rising over the past few years due to the increasing demand for incorporating technical innovations in the pharmaceutical industry.    

• In June 2019, the U.S. Census Bureau released estimates showing that the 65-and-older population grew by over a third (~34%) during the past decade, and by a little over 3% from 2018 to 2019, and the number of incidents associated with polypharmacy risks increases as the older adults grow. This is resulting in the higher adoption of drugs for the treatment and alternatively, the demand for this software is increasing.

The medication management market is mostly used by Hospitals, Pharmacies, and governmental organizations. Hospitals and Pharmacies are focusing on making the healthcare system more reliable, systemized, and efficient in order to make it easy for payers and providers. The medication management system has simplified the process of dispensing medicines safely to patients and in improving workflow efficiency. People have started spending more on health since COVID-19 which is going to impact Medication Management Market positively.

• According to the Centers for Medicare & Medicaid Services, National health spending is projected to grow at an average annual rate of 5.4% for 2019-28 and to reach USD 6.20 trillion by 2028 that will contribute to the growth of this market.

The medication management market is further driven by the growth in the number of healthcare facilities getting international accreditation. These healthcare facilities encourage the hospitals to adopt the latest technologies and equipment, focus on providing higher standards of care and ensure higher levels of patient safety.

• A report named as ‘Pharmaceutical industries’ by the European Medicines Agency stated that the Pharmaceutical industry is going to witness growth in the future. The report stated that there is going to be a full implementation of the regulatory framework for innovative trial designs and a more patient-oriented medicine development.


• According to Centers for Medicare & Medicaid Services, Retail prescription drug spending growth is projected to have accelerated from 3.0 percent in 2020 to 4.7 percent in 2021, largely driven by faster Medicaid drug spending growth, which was driven, in part, by faster projected Medicaid enrollment growth which will contribute to the market.  

Impact of COVID-19 on the Medication Management System Market

The COVID-19 pandemic has positively impacted the Medication Management Market. The contemporary pandemic is setting large stress on healthcare centres throughout the globe. Social distancing and lockdowns are applied to stop the unfolding of the virus. This can adversely affect patients with continual ailments who are unable to get admission in healthcare centers due to COVID-19. Medication management portals helped sufferers during COVID-19 in getting their medications delivered in time. Thus, the increasing application of medication management systems during the pandemic has resulted in the higher adoption and subsequently contributed to the growth of the market.

Key insights: 

This report will cover the following key insights:

• Technological advancements in Medication management system market.


• New product launches , By Key players.


• Key Industry developments- Partnerships, Mergers and Acquisitions.


• Impact of COVID-19 on Medication Management System Market.

Analysis by software systems: 

Inventory management is the leading segment in the medication management market in terms of software systems. Healthcare structures are striving to reduce the wastage of assets and decrease spending. Thus, the rising demand for standardization of workflow, streamlined processes, and green procurement of stock is predicted to make a contribution for the segmental dominance.

For example, in Nov 2018, ARxIUM introduced mobile inventory management application RxWorks Pro, which allows pharmacists and technicians to manage inventory throughout the pharmacy footprint instead of being confined to workstations for Health system and Hospital Pharmacies.

Analysis by region: 

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North America market is accounted for the largest market share because of the higher adoption of IT in healthcare. Apart from that, high awareness, a good economy, and advanced healthcare infrastructure are also some of the factors contributing to the growth of this region in this market.

European countries also hold a significant share in medication management system due to less availability and high demand for healthcare professionals. The other countries are also pacing fast in this market which is going to contribute to the market growth.

Key players:

The report will include the profiles of key players such as McKesson Corporation, Oracle, Allscripts Healthcare Solutions, Inc, Omnicell, Inc, ARxIUM, BD, Talyst, LLC, General Electric Company.

Segmentation-

Key industry developments-

• In April 2022, Omnicell has released “Omnicell one” to gain better control of medical inventory. It helps in tracking of medicine. Omnicell one has four new features to track medication visibility, Pharmacy metrics, savings and purchasing.


• In April 2022, Allscripts app “VisitEase”, has developed the E/M Data Assist application to enhance organizations’ EHR solutions and help ensure that all claims get sent with the required documentation for medical necessity. 


• In March 2022, Omincell has announced to release of its IVX station robotic compounding technology in winter 2022, which will help to reduce human error.