Medication Management System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Medication Management System Market is Segmented By Product Type (Computerized Physician Order Entry, Clinical Decision Support System Solutions, Electronic Medication Administration Record, Inventory Management Solutions, Other Product Types), Mode of Delivery (Web-based, Cloud-based, and On-premise), End User (Pharmacies, Hospitals, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report offers the value (in USD million) for the above segments.

Medication Management System Industry Overview

Medication Management System Market  Summary
Study Period: 2019-2027
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 19.1 %

Major Players

Medication Management System Market  Major Players

*Disclaimer: Major Players sorted in no particular order

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Medication Management System Market Analysis

The Medication Management System Market is expected to register a CAGR of 19.1% during the forecast period.

The COVID-19 pandemic has severely affected the healthcare sector. Several chronic and non-urgent surgeries and treatments were postponed, with medical personnel directed to COVID-19 care. The pandemic has affected the pharmaceutical supply chain, intensifying drug shortages and complicating drug management. However, with the advent of the COVID-19 pandemic, the implementation of various information technology-based medication administration services came into focus, thereby boosting the market's growth. The rising adoption of such services is expected to increase in the upcoming years, which will likely add to the market growth.

The rising demand for IT solutions in the healthcare sector is increasing, and ultimately the adoption of healthcare IT services is increasing, fueling the medication management system market.

Several hospitals and healthcare institutions have been adopting the implementation of electronic medication management systems to alleviate the administration of all medications and improve patient care. For instance, according to an article published in the journal of Healthcare in May 2022, the implementation of medication management helped improve medication safety by helping physicians make an order straight to the medication list in a structured form and helped increase the documentation in the ordering phase. The advantages offered by medication management systems in the healthcare sector are expected to boost the growth of the studied market over the forecast period.

Moreover, there is a rise in the number of clinical trials being performed in recent years. For instance, as of November 11, 2022, over 4,357 clinical studies in the early phase I stage were registered in the United States National Library of Medicine. Similarly, over 52,010 phase I clinical trials, 72,422 phase II clinical trials, 41,923 phase III clinical trials, and over 30,205 phase IV clinical trials were registered. The large number of clinical trials which significantly helped drug discovery and development are likely to add to the growth of the medication management market over the forecast period.

Furthermore, an increase in investments by hospitals to improve the quality of treatment services is another factor contributing to the growth of the medication management system market. The International Diabetes Federation estimates that by 2045, the global expenditures for diabetes treatment are expected to grow to USD 845 billion. Chronic diseases such as diabetes can have life-threatening cardiovascular, renal and nervous system consequences when left untreated and which is responsible for the leading causes of death worldwide.

Moreover, the product launches by the market players are also aiding the growth of the market. For instance, in April 2022, Change Healthcare released InterQual 2022, a clinical decision support solution for the delivery of the latest, evidence-based appropriate care. The software included new criteria for emergent trends, restructured and interactive criteria to streamline workflows, and artificial intelligence (AI) to drive proactive insights and efficiency. Such product launches are likely to boost market growth over the forecast period.

However, lack of awareness about medication management systems in developing countries, and higher costs associated with medication management systems are other factors hindering the growth of the medication management system market.

Medication Management System Industry Segments

As per the scope of the report, the medication management systems are comprised of various IT-based services by pharmacies or hospitals. These systems are meant to provide the correct dose of medicine to the right person at the right time. It also helps in clinical data management. The Medication Management System Market is Segmented By Product Type (Computerized Physician Order Entry, Clinical Decision Support System Solutions, Electronic Medication Administration Record, Inventory Management Solutions, Other Product Types), Mode of Delivery (Web-based, Cloud-based, and On-premise), End User (Pharmacies, Hospitals, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Product Type
Computerized Physician Order Entry
Clinical Decision Support System Solutions
Electronic Medication Administration Record
Inventory Management Solutions
Other Product Types
By Mode of Delivery
Web-based
Cloud-based
On-premise
By End User
Pharmacies
Hospitals
Other End Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

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Medication Management System Market Trends

Clinical Decision Support System Solutions Segment is Expected to Hold a Major Market Share

Clinical Decision Support Systems (CDSS) refer to a healthcare IT system designed to assist clinical decision support for healthcare professionals and physicians. CDS comprises various tools which help to enhance decision-making in the clinical workflow. These tools include automatic alerts and reminders to care providers and patients, clinical guidelines, focused patient data reports and summaries, diagnostic support, and documentation templates, among other tools.

The growing need for reducing human errors, the rising demand to reduce healthcare expenditure, the need for improvement in quality of care, the increasing chronic disease population, and more adoption rate in emerging economies are the major factors that are likely to boost the growth of the clinical decision support system solutions segment.

During the COVID-19 pandemic, there was an increasing demand for implementing Clinical Decision Support Systems (CDSS) in India. According to a January 2022 article by ETHealthWorld, India faced a rise in the need for Clinical Decision Support Systems during the COVID-19 pandemic. Eventually, with the updated information, revised protocols, and updated articles, CDSS was widely used in the country after the end of the pandemic period. Moreover, CDSS can be integrated into the Electronic Health Record systems for individual patients, which makes it easier for healthcare professionals to maintain patient data. Also, CDSS assists in providing drug interactions, enabling health practitioners to dose and combine the prescriptions effectively. Such advantages of CDSS are expected to boost the growth of the studied segment over the forecast period.

The key market players play a vital role in the growth of the CDSS segment over the forecast period. For instance, in July 2022, Qiagen indicated that its clinical decision support platform, QIAGEN Clinical Insights (QCI), had been used to interpret more than three million patient molecular profiles for hereditary and oncological diseases. The QCI portfolio is an integrated, universal solution for secondary and tertiary analysis in molecular pathology, clinical genetics, and translational research that can be used with any sequencing platform. The wide use of such CDSS platforms is expected to propel the market segment's growth significantly over the forecast period.

Thus, the CDSS segment will witness substantial growth over the forecast period.

Medication Management System Market : Projected National Health Expenditures (in Percentage), United States, 2021-2024

North America is Expected to Hold a Significant Share in the Market and is Expected to do Same During the Forecast Period

North America has dominated the medication management market owing to the robust adoption of IT in healthcare, technological advancement, and an increase in the incidence of infectious and chronic diseases. The rise in the number of prescriptions in the region is one of the key factors responsible for the region’s dominance.

This can be attributed to high awareness of new technologies, the presence of a large number of small- and medium-scale players who offer medication management solutions to various hospitals and pharmacies, and a shortage of primary care physicians. For instance, in March 2022, Hamilton Beach Brands, Inc. and HealthBeacon plc launched the Smart Sharps Bin Injection Care Management System in the United States. The Smart Sharps Bin offers intelligent medication management reminders, tracks injection adherence, provides 24/7 live customer care, and provides for the safe and convenient disposal of used syringes through the United States Postal Service's approved mail-back program. Such product launches in the region are likely to boost the growth of the medication management system in the North American region over the forecast period.

The rising healthcare expenditure in the region is also expected to boost the market growth in the region. For instance, according to the CIHI data published in November 2021, the total health spending in Canada was projected to reach USD 308 billion in the year 2021, representing over 12.7% of the nation’s total gross domestic product.

Thus, owing to the above factors, North America is expected to show growth in the medication management systems market over the forecast period.

Medication Management System Market- Growth Rate by Region

Medication Management System Market Competitor Analysis

The Medication Management System Market is fragmented and competitive and consists of several major players. Market players are continuously focusing on acquisitions and mergers, provisions of solutions that are customized, and expansion of companies in untapped commercial markets. Moreover, companies are investing massive amounts in developing new products and platforms with enhanced and improved features as a part of a commercialization strategy. Some significant players include A-S Medication Solutions (Allscripts Healthcare Solutions Inc), ARxIUM, Becton, Dickinson and Company, Cerner Corporation, and GE Healthcare (General Electric Company), among others.

Medication Management System Market Top Players

  1. Cerner Corporation

  2. Becton, Dickinson and Company

  3. ARxIUM

  4. A-S Medication Solutions (Allscripts Healthcare Solutions Inc)

  5. Omnicell, Inc.

*Disclaimer: Major Players sorted in no particular order

Medication Management System Market Concentration

Medication Management System Market Recent Developments

  • In October 2022, Omnicell, Inc. launched Specialty Pharmacy Services, a turnkey offering with dedicated services to set up, operate, and optimize a specialty pharmacy program.
  • In February 2022, Optum launched the Optum Specialty Fusion, a first-of-its-kind specialty medication management solution, to simplify care for patients with complex conditions and lower the cost of expensive specialty drugs. 

Medication Management System Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Enormous Data Mounting from Healthcare Industry

      2. 4.2.2 Rising Number of Clinical Trials

      3. 4.2.3 Government Emphasis on Clinical Research

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Awareness and Infrastructure in Developing Countries

      2. 4.3.2 High Implementation Costs

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - in USD Millions)

    1. 5.1 By Product Type

      1. 5.1.1 Computerized Physician Order Entry

      2. 5.1.2 Clinical Decision Support System Solutions

      3. 5.1.3 Electronic Medication Administration Record

      4. 5.1.4 Inventory Management Solutions

      5. 5.1.5 Other Product Types

    2. 5.2 By Mode of Delivery

      1. 5.2.1 Web-based

      2. 5.2.2 Cloud-based

      3. 5.2.3 On-premise

    3. 5.3 By End User

      1. 5.3.1 Pharmacies

      2. 5.3.2 Hospitals

      3. 5.3.3 Other End Users

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 A-S Medication Solutions (Allscripts Healthcare Solutions Inc)

      2. 6.1.2 ARxIUM

      3. 6.1.3 Becton, Dickinson and Company

      4. 6.1.4 Cerner Corporation

      5. 6.1.5 GE Healthcare (General Electric Company)

      6. 6.1.6 McKesson Corporation

      7. 6.1.7 Omnicell, Inc.

      8. 6.1.8 Talyst, LLC (Psychiatric Solutions, Inc)

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments
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Medication Management System Market Research FAQs

The Medication Management System Market market is studied from 2019 - 2027.

The Medication Management System Market is growing at a CAGR of 19.1% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Cerner Corporation, Becton, Dickinson and Company, ARxIUM, A-S Medication Solutions (Allscripts Healthcare Solutions Inc), Omnicell, Inc. are the major companies operating in Medication Management System Market.

Medication Management System Industry Reports

In-depth industry statistics and market share insights of the Medication Management System sector for 2020, 2021, and 2022. The Medication Management System research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Medication Management System report PDF.

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