Medication Management System Market

Market Overview

The global medication management system market size was valued at USD 2.22 billion in 2021, and it is anticipated to reach USD 5.79 billion by 2030 at a CAGR of 11.25%.

Medication Management Services are a spectrum of patient-centered, pharmacist-delivered, collaborative services to improve health outcomes by focusing on medication appropriateness, effectiveness, safety, and adherence. Pharmacists offer these services.

When we talk about comprehensive medication management services, we're referring to a continuous drug therapy management system in which pharmacists complete medication evaluations. When conducting these reviews, one of the things that are done is to search for any contraindications, medications that aren't necessary, and other ways to improve the care from the perspective of pharmaceutical care. These management systems contribute to tracking and verifying the medication given to patients at various points of care to ensure quality care is provided. They are helpful to healthcare organizations in reducing the number of instances of medical errors that take place within the context of the healthcare setting.

The variables driving the medication management system market are the growing number of prescriptions written worldwide and the expanding necessity to reduce pharmaceutical errors. Accelerating the medication management system market growth are factors such as the increasing use of information technology in the healthcare industry, the increasing adoption of automated solutions in workflow management as a result of the significant burden placed on pharmacists, and the surge in investment by hospitals to purchase new software for the effective management of healthcare processes. The provision of medication management services as part of healthcare reforms, technical improvements, and a high acceptance rate of these management systems due to their reputation for reducing the number of medication errors and the expense of healthcare are all positive developments. Additionally, mergers and acquisitions among significant competitors, an increase in the elderly population, high rates of chronic illness, and rising healthcare expenditures all favor the market for prescription management systems.

Market Dynamics

Market Drivers

The expansion of the senior population

Comorbidities are a severe problem among older persons, which can lead to a rise in the amount of medication taken and an increase in the risk of bad outcomes.

A study conducted in 2018 and published in the journal Clinical Epidemiology found that polypharmacy affects approximately 40-50% of seniors in high-income countries. Due to an increase in the number of drugs associated with a high risk of dangerous drug-drug interactions, polypharmacy raises the risk of severe drug-related events in older persons. As a result, medication management is required in these cases.

The rising demand for prescriptions that are both precise and efficient

This approach ensures patient safety by reducing the likelihood of medical errors. This information technology management system market is required to fill the void caused by the continuously increasing proportion of the elderly population and the insufficient number of healthcare professionals. Another factor contributing to this trend is the lengthening of patient medication lists, which has been linked to the rise in the prevalence of chronic diseases. This market makes it simpler for medical professionals and nurses to manage lengthy pharmaceutical lists. The expense of medical care continues to rise with the ever-increasing number of patients. Another significant aspect contributing to the rapid expansion of the market for medication management systems is the declining cost of healthcare. This automated system contributes to the workflow's smooth operation and simplifies records maintenance. This system assists in storing and utilizing such massive data files created due to the discovery of new diseases and medications.

The market for medication management reduces the risk of adverse drug events (ADEs), which can occur when a patient takes too much medication, consumes the wrong drug, takes medication at the wrong time, etc., leading to an increase in the cost of health care systems. A further aspect driving the market is the rise in investment that hospitals are making in management software. It is another component that is driving the market.

Market Restraints

High operating and maintenance costs

Even though the software that makes up the medication management system is quite adequate, it has high operating costs and expensive maintenance fees. Healthcare systems in a large number of developing countries are struggling to keep up with the astronomically high cost of maintenance. In addition, some people may not have the understanding necessary to comprehend how drug management systems work. As a result, the growth of the market for medication management systems is hampered by rising prices and a shortage of knowledge.

Segmental Analysis

The global medication management system market is segmented into four parts based on software, mode of delivery, end-user, and region. Further, based on software, the global market is segmented into computerized physician order entry (CPOE), clinical decision support system solutions, electronic medication administration record, inventory management software, and other software. A healthcare IT system known as a clinical decision support system (CDSS) is created expressly to help clinical decision-making for doctors and other healthcare professionals. The CDS includes several tools that improve clinical workflow decision-making. These tools include, among others, clinical guidelines, focused patient data reports and summaries, diagnostic support, and documentation templates. Automated alerts and reminders to healthcare professionals and patients are also included.

The expansion of the clinical decision support system solutions market is expected to be fueled by factors such as the increasing number of chronic disease sufferers, the desire to lower healthcare costs, and the increased adoption rate in emerging nations.

The global market is segmented into on-premise, web-based, and cloud-based based on the mode of delivery. Currently, on-premise and web-based solutions are the leaders in the market. Lower costs and higher reliability are the driving forces behind growth.

The global market is segmented based on end-use: hospitals, pharmacies, and other healthcare institutions.

Regional Analysis

According to the region, the global medication management system market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America dominates the market.

The critical reasons for North America's dominance in the medication management market are an increase in the incidence of infectious and chronic diseases, a rise in the number of prescriptions written in the region, robust adoption of information technology in healthcare, technological advancements, and a rise in the number of prescriptions written in the region. These are the reasons why North America has dominated the market.

It can be due to a high level of awareness regarding new technologies, a significant number of small- and medium-scale firms offering medication management solutions to various hospitals and pharmacies, and a scarcity of primary care specialists. Consequently, the market for medication management systems will be anticipated to expand in North America over the period covered by the forecast.

Recent Developments

• In May 2022, the Application Store was reopened as the Allscripts App Expo, according to an announcement from Allscripts. The branding will give Allscripts' customers a memorable way to recognize all applications created and certified through the Allscripts Developer Program (ADP) using the company's proprietary and FHIR APIs and some third-party products. Allscripts also sells.
• In January 2022, Oracle Corporation declared that it had received clearance from the European Commission and all other necessary antitrust permits for its proposed acquisition of Cerner.
• In June 2022, GE Healthcare's cutting-edge diagnostic and therapeutic solutions are created to help improve detection, clinical effectiveness, operational effectiveness, and results for cancer patients through early detection, remote monitoring, and data sharing.
• In June 2022, A joint venture between McKesson's US Oncology Research (USOR) and HCA Healthcare's Sarah Cannon Research Institute was announced due to an agreement between the two companies (SCRI).

Medication Management System Market Segmentation

By Software

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

By Mode of Delivery

• On-premises Solutions
• Web-based Solutions
• Cloud-based Solutions

By End-use

• Hospitals
• Pharmacies
• Other Healthcare Institutions

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East & Africa