Market Insights
Medication management is an approach to understand the purpose of the medications and its timely administration in the correct manner. Adherence to a medication regimen is vital especially for geriatrics and patients with multiple chronic conditions. Failing to comply with a medication regimen is often cited as a paramount reason why patients are readmitted in the hospital following discharge.
Market Research Future predicted that the global Medication Management system Market is set to reach the highest CAGR of 13.4% through the forecast period, 2018-2023.
Medication management focuses on improving medication use for the patient's condition. Interventions may include medication alignment, medication management, patient / family education about medications, and patient medication configuration simulations.
The growing geriatric population is one of the most important factors in the drug management market. Older people often have significant comorbidities that increase drug use and the risk of poor outcomes. According to a 2018 study published in Clinical Epidemiology, polypharmacy affects between 40% and 50% of older people in countries with high-income. Polypharmacy increases the risk of drug-related side effects in older people because more drugs are associated with a higher risk of harmful drug interactions. Several other factors, such as the emergence of funds in the healthcare sector and the need to reduce healthcare costs, are some of the drivers of the market.
However, the high costs of software implementation and service maintenance can hinder the market growth during the forecast period.
Regional Outlook
The United States has dominated the global drug management market. This growth can be ascribed to the rise in the elderly population and the presence of the main market players in the region.
Europe ranked second in 2017 due to the presence of developed economies such as the United Kingdom, Germany, France, and other countries in the region, which is an engine for market growth.
The Asia Pacific region is likely to see the fastest growth in 2017. Factors such as health technology sector growth, increasing market penetration in the region, and growing government support for foreign investment provide regional markets in the region. Asia Pacific.
In addition, the Middle East and Africa had the lowest share of the global drug management market due to the existence of low per capita income and poor economies, especially in the African region. The Middle East region is considered an important market for the Middle East and Africa region.
Market Segmentation
Global Medication Management Market – Segmentation
For ease of understanding, the MRFR analysis has been segmented into five key dynamics: -
By Systems : Computerized Physician Order Entry Systems, Administration Software, Clinical Decision Support Systems, Inventory Management Systems, Automated Dispensing Systems, and Assurance Systems among others.
By Services : Point-of-Care Verification Services and Adverse Drug Effects (ADE) Surveillance Services among others.
By Mode of Delivery : Web-based Solutions, On-premise Solutions, and Cloud-based Solutions among others.
By End-user : Hospitals and Pharmacies among others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Major Players
The leading players that are supporting the functioning of the global medication management market include General Electric Company, Siemens Ltd, Medical Information Technology, QuadraMed Affinity Corporation, Allscripts Healthcare Solutions, Cerner Corporation, Mckesson Corporation, Omnicell, Inc., Carefusion Corporation, Epic Systems Corporation, and Optum Inc.
Recent Updates
- Omnicell, Inc., a leading of medication management solutions for healthcare and pharmacy systems, has announced that Mercy, one of five US healthcare systems for Oklahoma, Arkansas, Missouri, and Kansas, will take over the management of medication in your service network through its Omnicell's automation and intelligence solutions. Omnicell works with major healthcare systems, such as Mercy, and the company launches its vision for independent pharmacies, a step-by-step plan for developing a fully automated zero-error drug management infrastructure. Based on automation, data intelligence, and specialized services, the autonomous pharmacy will allow pharmacists, nurses, physicians, and pharmacist staff to focus on patient and physician satisfaction.
Read More @ https://www.marketresearchfuture.com/reports/medication-management-market-7187
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