The global medication management system market accounted for USD 3.04 billion in 2023 and is expected to reach at USD 9.38 billion by 2034 with a CAGR of 10.79% during the forecast period 2024-2034. Rising investments by hospitals to enhance workflow efficiency, rapid advancements in medical technology, heightened focus on reducing medication errors, increasing adoption of IT solutions in healthcare sector, growing prevalence of chronic diseases, a shortage of healthcare professionals & pharmacists, rising number of prescriptions, surge in the uptake of automated workflow management solutions, increase in mergers & acquisitions among industry players, growing aging population, surge in introduction of new solutions aimed at improving healthcare process management & preventing medication errors are some of the key factors boosting the market growth.
Surge in introduction of new solutions aimed at improving healthcare process management & preventing medication errors is predicted to boost the market growth during the forecast period. A medication management system is designed to accurately dispense the correct dosage of medication to the designated patients at the specified times. This is achieved through the utilization of various IT services. For instance, in February 2022, Optum introduced Optum Specialty Fusion, an innovative specialty medication management solution, aimed at streamlining care for patients with intricate conditions and reducing the expenses associated with costly specialty drugs.
By software, inventory management software was the highest revenue-grossing segment in the global medication management system market in 2023 owing to the rising demand for standardized workflows, optimized processes, & effective inventory management in healthcare settings, increasing integration of IT software, growing introduction of Health Information Technology, spurred by government regulations promoting IT integration in healthcare. Medication expenses constitute a significant portion of hospital and pharmacy budgets, prompting healthcare systems to focus on resource efficiency and cost reduction efforts. Additionally, clinical decision support system solutions is predicted to grow at the fastest CAGR during the forecast period owing to the increasing emphasis on minimizing human errors, reducing healthcare costs, enhancing the quality of care, growing population with chronic diseases, and rising introduction of new platforms. For instance, in July 2022, Qiagen reported that its clinical decision support platform, QIAGEN Clinical Insights (QCI), has been utilized to analyze over three million patient molecular profiles related to hereditary and oncological conditions.
By service, medication analytics was the highest revenue-grossing segment in the global medication management system market in 2023. Information concerning medicine usage and management is collected, analyzed, and interpreted within medication analytics. This data can be employed to identify patterns and trends, evaluate the effectiveness of pharmaceutical treatments, and improve patient outcomes. Medication analytics can enhance medication adherence, minimize medication errors, enhance patient safety, and optimize medication regimens within the medication management system market. Additionally, point-of-care verification is predicted to grow at the fastest CAGR during the forecast period owing to the rising need to reduce medication errors and growing mergers & acquisitions among market players. Point-of-care verification (POCV) is crucial within pharmaceutical management systems in healthcare. It involves verifying medication orders directly at the patient's bedside to ensure that the correct prescription is administered in the appropriate dosage and at the correct time. For instance, in July 2022, BD (Becton, Dickinson and Company) has finalized its acquisition of Parata Systems. This acquisition aligns with BD's strategic focus on transformative solutions, as Parata provides a range of cutting-edge pharmacy automation solutions. These solutions are instrumental in driving cost reduction, improving patient safety, and enhancing the overall patient experience within the retail pharmacy sector.
By mode of delivery, cloud-based was the highest revenue-grossing segment in the global medication management system market in 2023 owing to the surge in the introduction of new solutions and increase in the number of companies developing cloud-based deployment solutions to facilitate seamless information sharing with clients & other stakeholders. These solutions enable convenient access to information from remote locations and emphasize the importance of protecting patient data. For instance, in April 2022, Change Healthcare has introduced InterQual 2022, a clinical decision support solution tailored to deliver the most current, evidence-based appropriate care. This software features updated criteria to address emerging trends, restructured and interactive criteria to optimize workflows, and the integration of artificial intelligence (AI) to enhance efficiency and provide proactive insights. Additionally, web-based is predicted to grow at the fastest CAGR during the forecast period owing to the doctors are increasingly favoring web-based technologies over cloud-based options due to their cost-effectiveness.
By end-user, hospitals was the highest revenue-grossing segment in the global medication management system market in 2023 owing to the rising trend of investing in the acquisition & enhancement of IT systems, heightened emphasis on enhancing workflow efficiency, ensuring safe medication dispensing, & simplifying intricate clinical processes. Additionally, pharmacy is predicted to grow at the fastest CAGR during the forecast period owing to the rise in prescription numbers, a shortage of pharmacists, increasing prevalence of chronic & infectious diseases, growing adoption of automated solutions in pharmacies, and surge in the introduction of new services in this sector. For instance, in October 2022, Omnicell, a leading provider of medical management solutions for pharmacies and health systems, has introduced its Specialty Pharmacy Services. This comprehensive offering is specifically tailored to support health systems in establishing, operating, and improving fully managed, hospital-owned specialty pharmacy programs.
North America region is anticipated for the highest revenue share during the forecast period owing to the widespread integration of IT in healthcare, continuous technological advancements, surge in the prevalence of infectious & chronic diseases, growing prescription numbers, shortage of primary care physicians, increased collaborations among industry stakeholders to introduce advanced systems. For instance, in March 2022, Hamilton Beach Brands, Inc. and HealthBeacon plc introduced the Smart Sharps Bin Injection Care Management System in the United States. This innovative system offers intelligent medication management reminders, monitors injection adherence, offers round-the-clock live customer support, and facilitates the safe disposal of used syringes through the approved mail-back program of the United States Postal Service. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the existence of a substantial patient population, enhanced healthcare infrastructure & facilities, upsurge in healthcare spending, rise in hospital numbers, and increasing introduction of new platforms by industry leaders. For instance, in January 2023, Zhongchao Inc., a Chinese online information company catering to patients with cancer and other illnesses, revealed that its subsidiary Shanghai Zhongxin Medical Technology Co. Ltd. has introduced a novel initiative named Medication Management Assistance Mini Program on the widely-used internet platform WeChat. This program aims to address and alleviate various medication-related challenges encountered by cancer patients, aiding them in effectively managing multiple issues during medication and optimizing the overall treatment procedure.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Surge in introduction of new solutions aimed at improving healthcare process management & preventing medication errors is predicted to boost the market growth during the forecast period. A medication management system is designed to accurately dispense the correct dosage of medication to the designated patients at the specified times. This is achieved through the utilization of various IT services. For instance, in February 2022, Optum introduced Optum Specialty Fusion, an innovative specialty medication management solution, aimed at streamlining care for patients with intricate conditions and reducing the expenses associated with costly specialty drugs.
By software, inventory management software was the highest revenue-grossing segment in the global medication management system market in 2023 owing to the rising demand for standardized workflows, optimized processes, & effective inventory management in healthcare settings, increasing integration of IT software, growing introduction of Health Information Technology, spurred by government regulations promoting IT integration in healthcare. Medication expenses constitute a significant portion of hospital and pharmacy budgets, prompting healthcare systems to focus on resource efficiency and cost reduction efforts. Additionally, clinical decision support system solutions is predicted to grow at the fastest CAGR during the forecast period owing to the increasing emphasis on minimizing human errors, reducing healthcare costs, enhancing the quality of care, growing population with chronic diseases, and rising introduction of new platforms. For instance, in July 2022, Qiagen reported that its clinical decision support platform, QIAGEN Clinical Insights (QCI), has been utilized to analyze over three million patient molecular profiles related to hereditary and oncological conditions.
By service, medication analytics was the highest revenue-grossing segment in the global medication management system market in 2023. Information concerning medicine usage and management is collected, analyzed, and interpreted within medication analytics. This data can be employed to identify patterns and trends, evaluate the effectiveness of pharmaceutical treatments, and improve patient outcomes. Medication analytics can enhance medication adherence, minimize medication errors, enhance patient safety, and optimize medication regimens within the medication management system market. Additionally, point-of-care verification is predicted to grow at the fastest CAGR during the forecast period owing to the rising need to reduce medication errors and growing mergers & acquisitions among market players. Point-of-care verification (POCV) is crucial within pharmaceutical management systems in healthcare. It involves verifying medication orders directly at the patient's bedside to ensure that the correct prescription is administered in the appropriate dosage and at the correct time. For instance, in July 2022, BD (Becton, Dickinson and Company) has finalized its acquisition of Parata Systems. This acquisition aligns with BD's strategic focus on transformative solutions, as Parata provides a range of cutting-edge pharmacy automation solutions. These solutions are instrumental in driving cost reduction, improving patient safety, and enhancing the overall patient experience within the retail pharmacy sector.
By mode of delivery, cloud-based was the highest revenue-grossing segment in the global medication management system market in 2023 owing to the surge in the introduction of new solutions and increase in the number of companies developing cloud-based deployment solutions to facilitate seamless information sharing with clients & other stakeholders. These solutions enable convenient access to information from remote locations and emphasize the importance of protecting patient data. For instance, in April 2022, Change Healthcare has introduced InterQual 2022, a clinical decision support solution tailored to deliver the most current, evidence-based appropriate care. This software features updated criteria to address emerging trends, restructured and interactive criteria to optimize workflows, and the integration of artificial intelligence (AI) to enhance efficiency and provide proactive insights. Additionally, web-based is predicted to grow at the fastest CAGR during the forecast period owing to the doctors are increasingly favoring web-based technologies over cloud-based options due to their cost-effectiveness.
By end-user, hospitals was the highest revenue-grossing segment in the global medication management system market in 2023 owing to the rising trend of investing in the acquisition & enhancement of IT systems, heightened emphasis on enhancing workflow efficiency, ensuring safe medication dispensing, & simplifying intricate clinical processes. Additionally, pharmacy is predicted to grow at the fastest CAGR during the forecast period owing to the rise in prescription numbers, a shortage of pharmacists, increasing prevalence of chronic & infectious diseases, growing adoption of automated solutions in pharmacies, and surge in the introduction of new services in this sector. For instance, in October 2022, Omnicell, a leading provider of medical management solutions for pharmacies and health systems, has introduced its Specialty Pharmacy Services. This comprehensive offering is specifically tailored to support health systems in establishing, operating, and improving fully managed, hospital-owned specialty pharmacy programs.
North America region is anticipated for the highest revenue share during the forecast period owing to the widespread integration of IT in healthcare, continuous technological advancements, surge in the prevalence of infectious & chronic diseases, growing prescription numbers, shortage of primary care physicians, increased collaborations among industry stakeholders to introduce advanced systems. For instance, in March 2022, Hamilton Beach Brands, Inc. and HealthBeacon plc introduced the Smart Sharps Bin Injection Care Management System in the United States. This innovative system offers intelligent medication management reminders, monitors injection adherence, offers round-the-clock live customer support, and facilitates the safe disposal of used syringes through the approved mail-back program of the United States Postal Service. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the existence of a substantial patient population, enhanced healthcare infrastructure & facilities, upsurge in healthcare spending, rise in hospital numbers, and increasing introduction of new platforms by industry leaders. For instance, in January 2023, Zhongchao Inc., a Chinese online information company catering to patients with cancer and other illnesses, revealed that its subsidiary Shanghai Zhongxin Medical Technology Co. Ltd. has introduced a novel initiative named Medication Management Assistance Mini Program on the widely-used internet platform WeChat. This program aims to address and alleviate various medication-related challenges encountered by cancer patients, aiding them in effectively managing multiple issues during medication and optimizing the overall treatment procedure.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Software, Service, Mode Of Delivery, and End-user
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of Top 10+ Major Market Players
Segmentation: Medication Management System Market Report 2023 - 2034
Medication Management System Market Analysis & Forecast by Software 2023 - 2034 (Revenue USD Bn)
- Automated Dispensing Systems
- Decentralized
- Automated Unit-Dose Dispensing
- Pharmacy-based ADS
- Ward-based ADS
- Centralized
- Carousels
- Robots
- Administration Software
- Electronic Medication Administration Record (EMAR)
- Barcode Medication Administration (BMA)
- Clinical Decision Support System Solutions
- Inventory Management Software
- Computerized Physician Order
- Assurance System Software
- Others
Medication Management System Market Analysis & Forecast by Service 2023 - 2034 (Revenue USD Bn)
- Point-of-Care Verification
- Medication Analytics
- ADE Surveillance
Medication Management System Market Analysis & Forecast by Mode Of Delivery 2023 - 2034 (Revenue USD Bn)
- Web-based
- Cloud-based
- On-premises
Medication Management System Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Hospitals
- Pharmacy
- Others
Medication Management System Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Medication Management System Market: Software Estimates & Trend Analysis
8. Medication Management System Market: Service Estimates & Trend Analysis
9. Medication Management System Market: Mode Of Delivery Estimates & Trend Analysis
10. Medication Management System Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Medication Management System Market
13. Europe Global Medication Management System Market
14. Asia Pacific Global Medication Management System Market
15. Latin America Global Medication Management System Market
16. MEA Global Medication Management System Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Becton
- Allscripts
- Talyst LLC.
- Omnicell Inc.
- GE Healthcare
- Cerner Corporation
- McKesson Corporation
- QuadraMed Affinity Corporation
- Dickinson and Company (CareFusion)
