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.
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. CLICK TO DOWNLOAD SAMPLE REPORT
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.
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.
The global medication management market is further classified on the basis of region as follows:
Our in-depth analysis of the global medication management market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing amount of data in the healthcare sector is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
Slow adoption of software and services in healthcare sector are estimated to hamper the market growth.
The market in the North America region is estimated to provide more business opportunities over the forecast period owing to the increasing healthcare investment in the region.
The major players in the market are Omnicell, McKesson Corporation, GE Healthcare, Talyst, LLC., Medline Industries, LP, Cardinal Health, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, mode of delivery, end-user, and by region.
The hospital segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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