Market Overview:
The Medication Management Market was estimated at USD 4,756.96 million in 2021 and is projected to reach USD 18,043.66 million by 2028, growing at a CAGR of 20.98%.
Using the brown bag technique, medication management is a strategy for engaging with patients and caregivers to generate a comprehensive and accurate medication list. The foundation for addressing medication reconciliation and medication management difficulties is a thorough and accurate medication list. These tools will also assist in identifying patient behaviors that may put them at risk for an adverse drug event, such as overdosing, underdosing, or missing pills, as well as other significant contextual elements that may limit adherence. Patients must understand the purpose, safety, and effectiveness of their medications, as well as the risks associated with mixing medications with food or supplements. Understanding why they need to take certain drugs in a specific manner might also motivate them to take a more active role in managing their medications and their overall mental health thus, supporting the development of the medication management market in the forecast period.
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Major Key Players for Medication Management Market:
- Allscripts Healthcare Solutions Inc
- GE Healthcare (GE Company)
- Talyst, LLC (Psychiatric Solutions, Inc)
- ARxIUM
- Cerner Corporation
- Omnicell, Inc.
- Becton, Dickinson, and Company
- QuadraMed Affinity Corporation
- McKesson Corporation
- Siemens Ltd
- Others
Market Dynamics and Factors:
Increased Satisfaction
Patients get better care for less money while also feeling like they’re getting individualized attention and being seen as a valuable and integral component of their care. Physicians see greater results, connect with more engaged, satisfied patients, and spend less time on medication-related issues, allowing them to focus on other critical components of patient care. thus, driving the growth of the medication management market in the forecasted timeframe.
Reduced Costs
Medication management, when done correctly, can improve results while also lowering costs for patients and the healthcare system as a whole. Patients save money by only purchasing medications that have been determined to be appropriate and effective. Improved adherence to a regimen and a reduction in adverse events, which may require additional treatment, result in significant savings. The healthcare system saves money by lowering hospital admissions, emergency department visits, and time spent (i.e., wasted) on ineffective regimen assessment and adjustment thereby, strengthening the expansion of the medication management market over the forecasted timeframe.
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Medication Management Market Report Highlight:
By type, the CDSS segment is anticipated to have the highest share of the medication management market during the projected timeframe. CDS includes several tools that aid in clinical decision-making. Computerized alerts and reminders to caregivers and patients, clinical guidelines, focused patient data reports and summaries, diagnostic support, and documentation templates are just a few of the other tools.
By delivery mode, the cloud-based segment is anticipated to lead the development of the medication management market in the analysis timespan. Healthcare professionals can access patients’ medication-related information via cloud platforms with patient consent. It also helps in cost savings as it provides information about in-stock medicines preventing extra stocking.
By end-users, the hospital segment is expected to dominate the medication management market over the forecast period. Healthcare professionals can leverage this technology to prevent high dosage, and hospital readmission, and to provide a better quality of care.
The North American region is set to lead the development of the medication management market over the forecasted timeframe attributed to the significant adoption of IT in healthcare, as well as technological advancement, growth in the incidence of infectious and chronic diseases, and an increase in the number of prescriptions.
Key Industry Development:
In April 2021, Better and Omnicell Inc have formed a new integrated collaboration to assist close the loop in the medication management process. Omnicell’s Automated Dispensing Cabinets (ADCs) and Better’s electronic medication prescribing technology Better Meds have now been integrated, allowing the two systems to share vital information about patients’ individual medication needs.
In March 2021, BD announced the acquisition of GSL Solutions. This acquisition expands BD’s advanced medication management capabilities to better serve retail pharmacies, including outpatient settings.
Medication Management Market Segmentation:
By Type
- Computerized provider order entry (CPOE)
- Clinical decision support systems (CDSS)
- Electronic Medication Administration Record
- Automated Dispensing
- Others
By Delivery Mode
- On-premise
- Cloud-based
By End Users
- Hospitals
- Pharmacies
- Others
For this report, Introspective Market Research has segmented the Medication Management Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Medication Management Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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Report Published by Introspective Market Research 2022:
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