What Will The Medication Management System Market Look Like In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s medication management system market report forecasts the medication management system market size to grow to $5.9 Billion by 2027, with a CAGR (compound annual growth rate) of more than 19%.
Learn More On The Medication Management System Market Report 2023 – https://www.thebusinessresearchcompany.com/report/medication-management-system-global-market-report
Medication Management System Market Size Forecast
The global medication management system market is expected to grow from $2.39 billion in 2022 to $2.9 billion in 2023 at a compound annual growth rate (CAGR) of 21.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medication management system market size is expected to grow to $5.9 billion in 2027 at a CAGR of 19.5%.
North America held the largest medication management system market share.
Key Medication Management System Market Driver – Increase In Medical Costs
According to the Center for Medicare & Medicaid Services, a US-based government agency for health and human services, the National Health Expenditure (NHE) in the United States increased by 9.7% to $4.1 trillion in 2020, with medical spending increasing by 3.5% to $671.2 billion. Furthermore, by 2028, national health spending is expected to reach $6.2 trillion. As a result, rising medical costs are propelling the medication management systems market forward.
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Key Medication Management System Market Trend – New Product Innovations
To maintain their market position, major companies in the medication management systems sector are focusing on introducing innovative products. Omnicell Inc., a US-based provider of medication management solutions and healthcare technology tools, for example, launched Omnicell One in 2021, which helps to control medication inventory spending, reduce medication waste, improve patient safety, and manage drug diversion. This system automatically updates the system with the medicine and drug status, as well as their availability and number of units used.
Medication Management System Market Segment
1) By Product Type: Computerized Physician Order Entry, Clinical Decision Support System Solutions, Electronic Medication Administration Record, Inventory Management Solutions, Other Product Types
2) By Mode of Delivery: Web-Based, Cloud-Based, On-Premise
3) By End Users: Pharmacies, Hospitals, Other End Users
Medication Management System Market Major Players and Strategies
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.BraunMelsungen AG, Epic Systems Corporation, and BIQHS.
Becton and Dickinson, a medical technology company based in the United States, paid an undisclosed sum for GSL Solutions Inc. in April 2020. Becton and Dickinson would develop smart medication devices to store and track controlled substances and patient-specific medications as part of this acquisition. Furthermore, the agreement would aid in meeting the needs of retail pharmacies. GSL Solutions, Inc. is a company based in the United States that creates smart medication devices for medication management.
The Medication Management System Global Market Report 2023 covers regional data on medication management system market size, medication management system market trends and drivers, opportunities, strategies, and medication management system market competitor analysis. 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, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Because of the growing number of clinical practises and lengthy prescription times, a medication management system manages patients’ data in the system.
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