"Grand View Research, Inc. – Market Research And Consulting."According to a new report by Grand View Research, Inc., the Medication Management System Market has observed a significant growth during the Covid-19 pandemic and continues to showcase promising demand over the forecast period due to the incorporation of cloud-based management systems.
The global medication management system market size is expected to reach USD 5.97 billion by 2025 at a CAGR of 20.5%. the market is primarily driven by factors such as rise in the number of prescriptions globally, incorporation of advanced technologies, increase in investments for workflow management, and development of supportive government reforms and policies to propel the integration of IT in increase in investments by hospitals for workflow management, he healthcare infrastructure.
The healthcare system is burdened by the rapid growth in prescriptions, increasing hospital admissions, and lack of manpower or medical staff due to the ongoing Covid-19 pandemic. This has necessitated the streamlined workflow and efficient management of clinical operations. This also helps in minimizing medication errors. Therefore, a shortage of pharmacists, healthcare workers, and medical professionals will further boost the adoption of cutting-edge IT solutions in healthcare facilities.
Medication Management System Market Report Highlights
• Inventory management solutions was the leading segment in 2016, on account of the increasing challenges of stockout and overstock
• The clinical decision support system solutions segment is set to register the highest CAGR of 21.3% by 2025, on account of its ability to provide accurate diagnosis and prevent ADE
• The cloud-based solution segment accounted for a revenue share of 47.8% in 2016 and dominated the market due to the increasing number of key players who provide cloud-based solutions and its easy accessibility from remote location
• North America dominated the global market due to high adoption of healthcare IT and technological advancements, coupled with the increasing incidences of chronic diseases in the region
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Medication Management System Market Segmentation
Grand View Research has segmented the medication management market on the basis of software, mode of delivery, end use, and region:
Medication Management System Software Outlook (Revenue, USD Million, 2014 - 2025)
• Computerized Physician Order Entry
• Clinical Decision Support System Solutions
• Electronic Medication Administration Record
• Inventory Management Solutions
• Other Software
Medication Management System Mode of Delivery Outlook (Revenue, USD Million, 2014 - 2025)
• On-premise Solutions
• Web-based Solutions
• Cloud-based Solutions
Medication Management System End-use Outlook (Revenue, USD Million, 2014 - 2025)
• Other Healthcare Institutions
Medication Management System Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• The U.K.
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
List of Key Players of Medication Management System Market
• Allscripts, Becton
• Dickinson and Company (CareFusion)
• GE Healthcare
• McKesson Corporation
• Cerner Corporation
• Omnicell, Inc.
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About Grand View Research
Grand View Research is a market research and consulting company headquartered in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. The company's expansive database offers in-depth analysis across a range of industries such as chemicals, F&B, energy, healthcare, and technology, among others.
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