The conventional process of medication, from pharmacies and pharmaceutical distribution channels to patients has been both error-prone and inefficient. This has considerably escalated costs, complicated efforts, increased risks, and delayed therapies for meeting regulatory requirements. This has further forced administrators, nurses and pharmacists to discover benefits of automating medication use procedure, thereby resulting into improvement of medication management systems.
According to the recent research report published by Future Market Insights, the global market for medication management system is likely to witness expansion at exponential CAGR over the forecast period (2017-2026). In terms of revenues, the market is estimated to reach a valuation of approximately US$ 7.3 Bn by the end of forecast period.
Medication management system improves dispensing of inventory management and machines, also aids in managing Adverse Drugs Event. In the earlier few years, it has been observed that there was a considerable lack of healthcare and pharmacies professionals, which resulted in the requirement of medication management system to confirm effective workflow.
Rapid increase in the amount of prescriptions globally is the key reason for the adoption of medication management system across different healthcare surroundings. For instance, statistics provided by the U. S. Department of Health & Human Services states that amount of prescriptions in the U. S. increased to 3.9 Bn from 3.5 Bn during 2010-2014. In addition, the American College of Clinical Pharmacy has projected nearly 5.1 Bn prescriptions to be allotted in the U. S. by the end of 2021. This increasing amount of prescriptions explode the liability on pharmacists, which has led to increase demand for medication management systems to develop workflow efficiency.
What are the key strategies of leading players operating in the market?
A huge number of clinics and hospitals are investing in the medication management system, to minimize medication errors. Prominent players in the market are engaging in approaches such as mergers and acquisition for growing their presence in the market. Some of the prominent companies in the market are obtaining shares of new entrants and smaller firms to exploit on their technological developments and improve their portfolio. Propagation of IT in healthcare sector is the major trend impelling demand for medication management system throughout the world in foreseeable future.
Further, prominent companies in the market are constantly engaging themselves in development of their products and integration of latest technologies for achieving competitive edge as well as delivering better service at competitive price.
How much revenues will cloud-based solutions bring?
Among the modes of deliveries, cloud-based solutions is likely to remain at the forefront in the global medication management system market, with sales estimated to bring in over US$ 3.3 Bn by the end of 2026. On-premise solutions is likely to remain selective mode of delivery for medication management systems. However, web-based solutions’ sales are estimated to mirror the highest CAGR throughout the forecast period.
What is performance of the market across the globe?
In terms of revenues, the North America will continue to remain at forefront in the medication management system across the globe. Further, APEJ and Europe are likely to remain the largest revenue contributor to the market. The market for medication management system in the APEJ region is likely to record highest growth through 2026.
What are the prominent companies operating in the medical management system market?
Some leading players operating in the market has been profiled in the report such as Omnicell, Inc., Allscripts, Dickinson and Company, Cerner Corporation, GE Healthcare, Medication Management Systems, Inc., Talyst, McKesson Corporation, and Becto.
A sample of this report is available upon request@ https://www.futuremarketinsights.com/reports/sample/rep-gb-1419