Medication Management System Market Size

Medication Management System Market Analysis

The Medication Management System Market size is estimated at USD 3.12 billion in 2024, and is expected to reach USD 5.29 billion by 2029, growing at a CAGR of 11.10% during the forecast period (2024-2029).

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.