The global medication management system market is expected to reach USD 5.97 billion by 2025 at a CAGR of 20.5%
LONDON, Jan. 22, 2018 /PRNewswire/ -- Medication Management System Market Analysis By Software, By Mode of Delivery (On-premise, Web-based, Cloud-based), By End Use, By Region (North America, Europe, Asia Pacific, Latin America, MEA), And Segment Forecasts, 2014 - 2025
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The global medication management system market is expected to reach USD 5.97 billion by 2025 at a CAGR of 20.5%
Rise in number of prescriptions globally, increase in investments by hospitals for workflow management, advanced technologies, and rise in government reforms and policies boosting integration of IT in healthcare are estimated to drive market growth.
Rise in challenges faced by healthcare professionals for efficient management of clinical operations, streamlined workflow, and reduced healthcare costs drive the demand for automated solutions in healthcare facilities. Rapid growth in prescriptions has increased the burden on care providers to efficiently manage prescriptions of patients and minimize medication errors.
Thus, increase in number of prescriptions is one crucial factor driving market growth. In addition, shortage of pharmacists and healthcare professionals will further boost the adoption of IT solutions in healthcare facilities.
There is a rise in investments by hospitals to streamline clinical processes and they have been purchasing new software to manage workflow, which is expected to boost market growth. For instance, in March 2017, Saudi German Hospital-Dubai automated its medication management workflow by integrating Omnicell's solutions.
Reforms, policies, and initiatives are being taken by governments to increase the adoption of healthcare IT across the globe, which is expected to drive market growth. For instance, the German National Medication Plan is an initiative directed toward enhancing medication management software in hospitals and pharmacies in Germany.
Further key findings from the report suggest:
• Inventory management solutions held a majority share in the market in 2016 due to rising need to reduce issues such as stockout and overstock
• Hospitals held the largest share by end use owing to rise in investments by hospitals to upgrade their IT infrastructure
• Cloud-based solutions dominated the market by mode of delivery owing to greater data security
• North America dominated the global market owing to high adoption of healthcare IT and technological advancements
• Key players in this market are Allscripts, Becton, Dickinson and Company (CareFusion), GE Healthcare, McKesson Corporation, Cerner Corporation, and Omnicell, Inc.
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