Medication Management System Market by Software (Inventory Management Solutions, Computerized Physician Order Entry, Clinical Decision Support System Solutions, and Electronic Medication Administration Record), by Mode of Delivery (Location Based Delivery, Web-based Delivery, and Cloud-based Delivery), by End User (Hospitals, Retail Pharmacies, and Home based care), and by Geography - Global Industry Insights, Trends, Outlook and Opportunity Analysis 2018-2026

  • To Be Published : Aug 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Medication management system involves the use of different IT based services by retail pharmacies or hospitals to provide right dose torightpatient at right time. Medication management system is becoming an essential part of pharmacies across the globe to improve operational efficiency by avoiding situation of overstocking, understocking, increased drug cost, drug adversity, and dispensing error. This is done by utilizing automated software and robotics system, which aids in inventory management, efficient dispensing of medication and better patient tracking thereby improving productivity. Medication management system plays an important role in management of data, as number of complex therapies is increasing in clinical practice along with increasing length of prescriptions, and lack of structured decision making for selecting drug and doses. Physicians and nurses are facing complexity in their area of function such as large patient pool with requirement of chronic therapy, which can be eased with the help of medication management system. Managing bunch of information right from patient data, regulatory compliance to product related data is made easy due to medication management system.

Increasing medication error and pool of geriatric patient to drive growth of the medication management system market worldwide

According to the World Health Organization (WHO) report in 2017, medication error costs US$ 42 billion annually worldwide. This figures suggest increasing demand for medication management system as essential part of an overall healthcare infrastructure. As per the World Population Prospect, 2017, Revision report by United Nations, in 2017, around 962 million people under geriatric category, which would demand for rising primary healthcare and long term care. This population is likely to face adverse drug event due to likely chance of error made by them in administering medicine, which can be minimized by using medication management system. This would propel the growth for the global medication management system. According to WHO Factsheet, by 2020, about 73% of global deaths would be from chronic disease such as cancer, cardiovascular disease or diabetes, which requires long term medication with efficient medication dispensing and continuous patient monitoring, which can be done effectively through medication management system. According to the report published by International Pharmaceutical Federation in 2017, among 74 surveyed economies, 55.73% of prescription medicines are sold through hospital pharmacy. Increased use of IT technology for operational efficiency, lack of trained pharmacist and nurses is expected to boost growth of the medication management system market.

Medication Management System Market Taxonomy

On the basis of system type:

  • Inventory Management Solutions
  • Computerized Physician Order Entry (CPOE)
  • Clinical Decision Support System Solutions
  • Electronic Medication Administration Record

On the basis of mode of delivery:

  • Location Based Solution
  • Web-based Solution
  • Cloud-based Solution

On the basis of end users:

  • Hospitals
  • Retail Pharmacies
  • Home based care

North America is expected to hold the dominant position in medication management system market due presence of healthcare IT infrastructure, high incidence, and prevalence of chronic disease and high per capita expenditure

North America and especially U.S. is expected to hold the dominant position in the medication management system market, owing to the high prevalence of chronic disease in the U.S. According to Centre for Disease Control and Prevention (CDC) review in 2017, seven out of ten death were from chronic disease in 2014. Also, in 2012, the U.S. had 117 million population with one or more chronic disease. Thus presence of population with chronic disease would need efficient medication management, which would propel growth of the medication management system market. The Agency for Healthcare Research and Quality reported that in 2015, there were 41.4 adverse drug events per 1000 population especially in therapies, which can be reduced by utilizing medication management system. Health infrastructure in the U.S. is also increasingly using IT based services to better manage patient pool. There is expected to be shortage of nurses and physicians in near future, according to study in 2017 by Association of American Medical Colleges, U.S. would have a shortage of between 40,800 and 104,900 physicians by 2030, which would create need to adopt medication management system.

Key Players are consolidating their market position through mergers and acquisition and new product launches

  • In 2015, Becton, Dickinson and Company completed the acquisition of CareFusion Corporation at US$ 12.2 billion. CareFusion Corporation is specialized in reducing medication error. This acquisition would provide scale and depth to Becton and Dickinson and Company in medication management and patient safety solution.
  • In August 2017, Swisslog Healthcare announced acquisition of Talyst, Swisslog Healthcare is leading company in medication and supply chain services and solutions. Talyst is market leader in pharmacy automation solutions for hospitals and long term care facilities. In November 2017, Swisslog Healthcare launched cloud-based data analytics platform called Pharmacy Analytics, which is designed to help hospital pharmacies to improve operational efficiencies.
  • In August 2017, Allscripts announced to acquire McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for US$ 185 million in cash.
  • In December 2017, Becton, Dickinson and Company launched BD ‘HealthSight’ platform, a comprehensive medication management for enterprise medication management, which offers a unique combination of connective technologies, analytics and expert services.

Key players present in the medication management system market includes Becton, Dickinson and Company, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Omnicell, Inc., Cerner Corporation, Siemens Healthcare, Genoa Healthcare Inc., Swisslog Healthcare, GE Healthcare, and QuadraMed Affinity Corporation.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Smiley face

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
Smiley face

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

Choose License Type

"How Can I Help You" ?

Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.

[email protected]

Key Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.