Global medication management market grow at an approximate CAGR of 14%–16% during the forecast period of 2014 to 2019.
(PRWEB) August 10, 2014
The medication management market has experienced strong growth over the past few years, and is further expected to grow at an approximate CAGR of 14%–16% during the forecast period of 2014 to 2019. The overall growth of this market is mainly driven by the rise in the aging population, and the incidence of chronic illnesses leading to greater risks of medication errors. The government initiatives to reduce healthcare costs and improve quality of healthcare delivery are also propelling the growth of this market.
In this report, the global medication management market is broadly segmented by systems, services, mode of delivery, and end users. The market, by software, is further segmented into computerized physician order entry, clinical decision support systems, administration software, inventory management software, automated dispensing systems, and assurance systems. On the other hand, the market, by services, is segmented into medication analytic, point-of-care verification, and ADE (adverse drug events) surveillance services offered by medication management solutions vendors. The end-users market is segmented into hospitals, pharmacy, and other healthcare institutions, while based on the mode-of-delivery; the market is divided into on-premises, web-based, and cloud-based deployment models. Complete report is available at http://www.reportsnreports.com/reports/293671-medication-management-market-by-systems-cpoe-cdss-automated-dispensing-assurance-systems-services-medication-analytics-poc-verification-ade-surveillance-mode-of-delivery-on-premises-web-based-cloud-based-global-forecast-to-2019.html .
Medication errors and adverse drug events have been one of the major contributors to hospital readmission globally. These issues add to the overall healthcare expenditure of the country. Medication management systems help in minimizing medication errors and adverse drug events by effective verification, recording, and reporting of medication administered to patient at every point of care. Medication management systems also enable automated inventory management for healthcare providers in both in-patient and out-patient healthcare environment.
The global medication management market is largely driven by the growing need to minimize medication errors in the healthcare systems, and government initiatives in both developed and developing economies to curtail soaring healthcare expenditures. Other benefits of medication management systems, such as automated inventory management are also contributing to the greater uptake of medication management solutions by healthcare providers across the globe.
Some major players in this market are CareFusion Corporation (U.S.), McKesson Corporation (U.S.), All scripts Healthcare Solutions, Inc. (U.S.), Cerner Corporation (U.S.), Omnicell, Inc. (U.S.), Ge Healthcare, Siemens Healthcare (Subsidiary Of Siemens Ag, Optum Inc, Quadramed Corporation and Meditech. Emergence of smaller players operating at the regional levels has led to greater competitiveness in the medication management systems market over the years. Amidst the market growth and increasing competitiveness, many of the global players in the medication management systems market are trying to maintain their market share by developing new products and enhancing the existing ones, forming partnerships/alliances, and through acquisitions. Order a copy of this report at http://www.reportsnreports.com/purchase.aspx?name=293671.
The services segment currently dominates the medication management systems market, with the remaining share being occupied by the software market. Further, the services market is expected to grow at a strong CAGR during the forecast period, owing to an increasing demand for point-of-care verification and ADE surveillance services in the developed economies.
Geographically, the emerging markets in the Asia-Pacific (APAC) and the Middle Eastern regions are expected to show a high growth rate in the coming years. South Korea and Singapore are expected to be the most promising markets for medication management systems in the APAC region.
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