The global medication management market valued at $1,076.5 million in 2014, and it is expected to grow at a CAGR of 26.1% during 2015 – 2020. Among the various software types, the CDSS segment is expected to witness the fastest growth during the forecast period, at a CAGR of 30.8%. The global medication management market is growing at a significant rate, due to growing demand for advanced healthcare information system, and growing investments by HIT players. In addition, the growing need for remote patient monitoring services, increasing demand of mHealth technologies, and increasing support from government organizations are also driving the growth of the global medication management market.
Medications are involved in the treatment of medical conditions and impact every aspect of the patient’s life. Medication errors are the second most common type of medical events reported in healthcare facilities. Among the various medication errors, medicine omission or overdose occurs most frequently. The reduction of all medication errors would significantly improve the patient safety and quality use of medicines.
Medication management systems enable the accomplishment of prescribing, supply and administration of medicines electronically. These systems regulate the functions of entire hospital medication procedures, including medicine prescribing by doctors, dispensing of medication by pharmacists, and administration of medicines by nurses. In addition, these systems reduce medication errors through improved prescription legibility, and appropriate dosage calculations.
Factors such as privacy and security issues; high capital expenditure and maintenance requirement; and inadequate healthcare infrastructure in developing economies are inhibiting the growth of the global market. The tradition of online shopping for the medication management aids and increasing popularity of medication management systems in home healthcare are the key trends observed in the global medication management market.
Geographically, North America dominated the global market of medication management in 2014; whereas the Asian market is expected to witness the fastest growth at a CAGR of 31.4%, during the forecast period.
Some of the key companies operating in the global medication management market include Cerner Corporation, General Electric Company, McKesson Corporation, QUALCOMM Incorporated, Allscripts Healthcare Solutions Inc., Becton Dickinson and Company, Siemens AG, and Epic Systems Corporation.
News Courtesy: P&S Market Research