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.
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In such scenarios, medication management services have been proving to be effective providing medication reconciliation, medication therapy management, patient/family education on medications and medication set-up simulations for the patient. Many home care providers have also started to make in-home medication management a core component of their operations.
For many aging populaces, relinquishing medication management services to a third party is one of the easier options. And it’s becoming a market differentiator among seniors looking for reliable, competent and service-minded companies to manage one of their most critical medical issues. Also, for the patients suffering from chronic illnesses who usually have to administer and monitor 10-12 medications per day, resorting to smart medication management systems which promote their wellbeing becomes useful.
As a result, the uptake of medication management is growing which, in turn, is increasing the size of the global medication management market. Moreover, the recent trend of prescription medicine is escalating the market on the global platform.
Considering the colossal growth, the market perceives currently; Market Research Future (MRFR), in its recently published study report asserts that the global medication management market will grow exponentially by 2023, registering approximately 13.4% CAGR throughout the forecast period (2018 – 2023).
Additional factors helping the market to boost further are the ever-increasing population, geriatric populaces, and increased occurrence of chronic diseases which are growing the need for the medication management solutions.
Advancements in IT technology and increasing uptake of healthcare IT for efficient management are expected to increase the size of the market. Furthermore, the rising government supports and the need for curtail healthcare costs without compromising the quality of care are some of the factors impacting the growth of the market, positively.
On the other hand, factors such as high software implementation and service maintenance costs are impeding the growth of the market. Nevertheless, the advantages that medication management offers allowing the consolidation of all expenses which consequently saves the further cost of patient care is expected to act as a major tailwind supporting the growth of the market.
for care management solutions. Moreover, the increasing healthcare expenditures are escalating the market on the global platform, increasing the need to curtail cost without compromising the quality of care.
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.
Medication Management Market – Regional Analysis
The North American region, heading with the presence of numerous key players is estimated to retain its dominance over the global medication management market. This region accounts for the best of the medical facilities around the world, and so is the higher rate of patients which along with the robust economy and high healthcare expenditure drive the medication management market in the region.
Furthermore, the increasing number of polypharmacy, hospitals, and ambulatory centers alongside the well-developed technology drive the market growth in the region, meeting the higher demand of a vast patient population.
The medication management market in the European region accounts for the next-largest market share, globally. Factors allowing the market to substantiate include the increasing demand for management software & platforms, strong government support, and availability of funds among others. Western European region backed by the presence of well-developed economies such as the U.K., Germany, and France holds a significant share in the regional market. Indeed, the resurging economy is playing a vital role in the growth of the market, making the high cost of medication affordable and increasing per capita income in this region.
The Asia Pacific medication management market has emerged as a profitable market, globally. Factors such as the rapidly proliferating healthcare sector that is led by the improving economy, the increasing number of players, increasing government’s support and foreign investments, and vast technological advancements are impacting the regional market, positively. Additionally, the growing number of patients suffering from chronic diseases alongside the increasing per capita healthcare expenditure provide impetus to the growth of the market.
The Asia Pacific together accounts for over 41% of the global population, and most of the APAC countries are in the developing phase which leads to providing immense opportunities for the market players. Larger countries such as China and India backed by the densely populated area are considered as the biggest market for the Medication Management Products in the region.
Global Medication Management Market – Competitive Analysis
The medication management market appears fiercely competitive with the presence of several large and small players. The key strategies traced from the analysis of recent market developments include agreement & partnership, product launch, acquisition, and expansion. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional players to compete with them.
Major Players:
Key players leading the global medication management market include Mckesson Corporation, Allscripts Healthcare 0Electric Company, Medical Information Technology, Inc., Optum Inc., Omnicell, Inc., QuadraMed Affinity Corporation, and Siemens Ltd among others.
Industry, Innovation & Related News
March 06, 2019 ---- BrightSpring Health Services (the US) a leading provider of comprehensive home and community-based health services announced its merge with the PharMerica (the US), a pharmacy powerhouse to position itself to lead the medication management, potentially.
BrightSpring hopes to effectively address medication needs while also providing caregiver services by providing its clients the right medications suiting their ailments in a timely and reliable manner and then helping to make sure they do so consistently.
The merging deal will give BrightSpring a footprint with difficult-to-top proximity to the patients and clients it serves including behavioral health and specialty populations, along with older adults. KKR an affiliate of Walgreens Boots Alliance Inc. and a global investment firm had recently acquired BrightSpring (formerly ResCare) as part of the deal.
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