The Medication Management System Market Is Set To Reach Almost $5Billion By 2026, Driven By Rising Medical Costs
The Business Research Company's medication management system market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON , Oct. 6, 2022 /PRNewswire/ -- An increase in medical costs is expected to propel the growth of the medication management system market going forward. Medical costs refer to the cost incurred by the individual while taking medical treatment and also the cost incurred by the hospitals on buying their equipment and maintenance. Medical management systems are being adopted by hospitals because they are effective at reducing costs and increasing efficiencies. 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 system market.
The global medication management system market size 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 system market size is expected to grow to $4.86 billion in 2026 at a CAGR of 19.6%.
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New Product Innovations Are The Key Trend In The Medication Management System Market
New product innovations are the key trend gaining popularity 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. For instance, in 2021, Omnicell Inc., a US-based company that provides medication management solutions and healthcare technology tools, launched Omnicell One, which helps to control medication inventory spending, reduce medication waste, improve patient safety, and manage drug diversion. This system automatically updates the medicine and drug status to the system along with their availability and the number of units used.
Major Players In 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.
Medication Management System Market Segmentation
The global medication management system market analysis is segmented -
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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