The medication management system market report from The Business Research Company covers growth-driving insights such as medication management system market size, medication management system market trends and drivers, medication management system market segmentation, medication management system market competitive landscape and more

The medication management system market is forecasted to achieve exponential growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 19%, as per The Business Research Company’s market report!

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The Medication Management System Market Size In 2022 And Forecast

The global medication management system market is expected to grow from $1.95 billion in 2021 to $2.38 billion in 2022 at a compound annual growth rate (CAGR) of 21.7%. The global medication management systems market size is expected to grow to $4.86 billion in 2026 at a CAGR of 19.6%.

The medication management system market consists of sales of medication management system solutions by entities (organizations, sole traders, and partnerships) that are used for tracking and validating the medicines administered to patients during medical care, reducing dispensing errors, and improving operational efficiency.

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An Increase In Medical Costs Is Driving The Growth Of The Medication Management System Market

For instance, according to the Center for Medicare & Medicaid Services, a US-based government agency for health and human services, in the United States, the National Health Expenditure (NHE) grew by 9.7% to $4.1 trillion in 2020, and this comprises medical spending that grew by 3.5% to an amount of $671.2 billion in 2020. In addition, national health spending is expected to reach $6.2 trillion by 2028. Therefore, the increase in medical costs is driving the growth of the medication management systems market.

Competitive Landscape And The Regional Analysis Of The Medication Management System Market

Major players in the medication management system market are Allscripts Healthcare LLC, ARxIUM, Cerner Corporation, Becton Dickinson and Company, Omnicell Inc., GE Healthcare, Talyst LLC, McKesson Corporation, QuadraMed Affinity Corporation, Siemens Healthcare Private Limited, Genoa Healthcare, Optum Inc., Wiegand AG, Nexus AG, Cardinal Health, Swisslog Healthcare, Hospira Inc., Baxter International Inc., B.Braun Melsungen AG, Epic Systems Corporation, and BIQHS.

Additionally, as per TBRC’s research – North America was the largest region in the medication management system market in 2021 holding the largest market share.

The Medication Management System Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the medication management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the medication management system market.

New Product Innovations – A Key Trend In The Medication Management System Market

Major companies operating in the medication management systems sector are focused on introducing innovative products to sustain their position in the market.

Medication Management System Market Segmentation By The Business Research Company

1) By Product Type: Computerized Physician Order Entry, Clinical Decision Support System Solutions, Electronic Medication Administration Record, Inventory Management Solutions, Others

2) By Mode of Delivery: Web-Based, Cloud-Based, On-Premise

3) By End Users: Pharmacies, Hospitals, Others

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