Medication Management System Market: Development is Changing Business Needs
According to the WHO report 2017, medication errors cost
approximately US$ 42 billion globally each year. As a result, there is a
greater demand for medication management systems as a critical component of
overall healthcare infrastructure. According to another WHO report, by 2020,
chronic illnesses such as cardiovascular disease and cancer will account for
approximately 73% of global deaths, necessitating long-term medication with
proper medication dispensing and continuous patient monitoring, which can be
accomplished efficiently through the medication management system.
The implementation of advanced technologies in medication
management is expected to boost market size during the forecast period.
Pharmazam, for example, launched personalised real-time medication management
and the healthcare system in August 2019. Pharmazam's Pharmacogenetic (PGx)
test results include a comprehensive DNA test as well as a sample collected
with an FDA-approved device. During the forecast period, such factors are
expected to benefit the market.
The most important factors that are expected to boost the
expansion of clinical support segment solutions in the coming time are rising
demand for reducing human errors in medication management, rising demand for
quality care, and rising adoption rate in emerging economies. However, high
installation, maintenance, and operation costs are expected to stymie the
market in the near future. Other critical factors that may limit industry
growth during the forecast period include a lack of expertise in a computerised
programme and a reluctance to adopt modern techniques among developing
economies.
Key Takeaways from the Study:
- In
2022, the global medication management system market is expected to be
worth US$ 2.5 billion.
- The
global medication management system market is expected to grow at a CAGR
of 10.8% between 2017 and 21.
- The
North American medication management system market is expected to account
for 52% of global revenue in 2022.
- The
European medication management system market is expected to account for
23% of global revenue in 2022.
Competition Analysis
Key players in the global medication management system
market include Omnicell, Inc., Cerner Corporation, McKesson Corporation,
Medication Management Systems, Inc., Talyst, GE Healthcare, Becton, Dickinson
and Company, and Allscripts.
Recent Updates from the Market Include:
- Omnicell,
Inc., a well-known provider of medication management solutions and
adherence tools for health systems and pharmacies, announced in December
2021 that it had signed an agreement with ReCept Holdings, Inc. The
agreement calls for the acquisition of its business for a total cash
consideration of $100 million, subject to customary adjustments. The
acquisition will broaden Omnicell's portfolio of capabilities and
services, addressing the critical need to improve access to and coordination
of complex medications.
- BD
announced the completion of its acquisition of Parata Systems in July
2022. By providing a portfolio of innovative pharmacy automation solutions
that power a growing network of pharmacies to reduce costs, increase
patient safety, and improve the patient experience for retail, Parata
advances BD's transformative solutions strategy.
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