Global Medication Management Market Highlights over 2022 – 2030
The global medication management market is estimated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing patient pool for various diseases, along with growing integration of IT with healthcare sector. Management is increasingly becoming dependent on automation and Artificial Intelligence (AI), and healthcare sector is adopting management software too. The presence of large amount of data in the healthcare sector, including family medical history, number of cases of any disease, inflow and outflow of medicines, and administration records, among others, is projected to boost the market growth. Furthermore, the growing demand for automated management services, owing to the higher efficiency and adeptness of software, is estimated to propel the market growth.
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The increasing global healthcare expenditure is also one of the major factors foreseen to drive the market growth. According to the data by the World Bank, USD 1,111.082 was spent per capita for healthcare globally, in 2018, which has increased significantly from USD 999.104 in 2015.
The market is segmented by product type into order entry, clinical support system solutions, administration record, inventory management solutions, and others, out of which, the administration record segment is anticipated to hold the notable share in the global medication management market over the forecast period on account of presence of large amount of medical data for records, and the ease to set records with automated software. On the basis of end-user, the hospital segment is estimated to garner the largest share during the forecast period owing to the high footfall in hospitals, along with diverse data available to record in hospitals.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Medication Management Market Regional Synopsis
On the basis of geographical analysis, the global medication management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing geriatric population, rising disposable income along with rise in healthcare expenditure especially in countries like India, China, Singapore, Thailand and others.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the highly health centric aware population, along with presence of major pharmaceutical companies across the region.
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The global medication management market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global medication management market includes the following segments:
By Product Type
- Order Entry
- Clinical Support System Solutions
- Administration Record
- Inventory Management Solutions
- Others
By Mode of Delivery
- Web-based
- Cloud-based
- Others
By End-User
- Hospital
- Private Clinics
- Pharmacy
- Others
Growth Drivers
- Increasing Patient Data in Healthcare Sector
- Growing Integration of IT Services in Healthcare
Challenges
- Slow Adoption of Software and Services in Healthcare Sector
- Lack of Awareness amongst People
Top Featured Companies Dominating the Market
- Cerner Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Becton, Dickinson U.K. Ltd
- ARxIUM, Inc.
- Allscripts Medication Services Group
- Omnicell
- McKesson Corporation
- GE Healthcare
- Talyst, LLC.
- Medline Industries, LP
- Cardinal Health, Inc.
