Medication Management Market: By System and Assurance System Software), By Service, By Delivery Mode, By End User, and Geography
Medication Management Market size is accounted for US$ 5,389.8 Million in 2022 and is poised to grow at a significant CAGR of 16.6% from 2023 to 2029. The growing demand of mHealth technologies is driving the growth of the medication management market. Mobile health (mHealth) uses mobile technologies to assist healthcare professionals in providing efficient and adequate patient care. The growing burden of chronic diseases, rising geriatric population, supportive healthcare regulatory norms and increasing healthcare cost are increasing the acceptance of mHealth technologies. Additionally, the high penetration of mobile devices has fuelled the adoption of mHealth technologies. The rising number of prescriptions adds to pharmacists' workload, and the growing number of hospitals investing in new software to improve healthcare process management and reduce medication errors will accelerate the use of automated workflow management systems. Furthermore, the significant increase in the number of prescriptions written around the world is predicted to increase the use of medication management software in healthcare facilities. In January 2018, In order to better oncology and critical care treatment, GE and Roche formed a partnership to build an integrated digital diagnostics platform. In addition, the report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities).
Study Period
2024-2030Base Year
2023CAGR
16.6%Largest Market
North AmericaFastest Growing Market
Asia Pacific
Medication management systems are being used by healthcare organizations due to process improvements in terms of quality and productivity. When it comes to critical aspects like regulatory and compliance information, patient analysis, account balances, supplier costs, and valuation analysis, the usage of medication management systems makes it much easier to manage information. Retail pharmacies are beginning to see the value of medication management systems in streamlining operations and increasing efficiency. Through the growth of IT infrastructure, these solutions enable optimization, decreasing patient waiting times and operational expenses while also cutting profit margins. However, the market's growth is being hampered by a lack of understanding regarding prescription management systems, as well as privacy and security concerns.
The North American medication management market has registered the highest revenue share in 2022 and is expected to continue its dominance in the future. The region's dominance was fueled by high adoption of IT in healthcare, technical innovation, growth in the frequency of infectious and chronic diseases, and an increase in the number of prescriptions written in the region. Prescription management has become more popular in North America as concerns about medication errors and monitoring the misuse and overuse of medications that can lead to major adverse drug events have grown. However, the Asia Pacific region is expected to develop at the fast rate in the market. The pressing need for healthcare infrastructure modernization, owing to the aging population and rising prevalence of chronic diseases, will propel the market.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market CAGR |
16.6% |
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By System |
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By Service |
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By Delivery Mode |
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By End User |
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Enormous Data Mounting from Healthcare Industry
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.
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