About Medication Management System
Medication management system is used to manage and support the medicine management cycle an advanced system. This is used for prescribing, supplying and administering the medicines. Additionally, it is helps to reduce the error rates in the medicine administration. Medication management systems are installed at private healthcare centers, multi-facility and specialty hospitals, and in homecare settings. This demands the use of medication management systems of different sizes, features, and abilities.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Medication Management System market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Medication Management System Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Medication Management System market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
CareFusion Corporation (United States), McKesson Corporation (United States), Siemens Healthcare (Germany), Omnicell Technologies (United States), International Medical Group (United Kingdom), Cerner Corporation (United States), McKesson Corporation (United States), Genoa Healthcare, LLC (Medication Management Systems) (United States), GE Healthcare (United States) and Talyst, LLC. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Becton Dickinson (United States), Allscripts Healthcare Solutions, Inc. (United States), QuadraMed Affinity Corporation, and Omnicell, Inc. (United States), Charles Taylor Plc. (United Kingdom) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Medication Management System market by Type (Computerized Physician Order Entry (CPOE), Clinical Decision Support System Solutions (CDSS), Electronics Medication Administration Record (EMAR), Inventory Management Solutions and Others), Application (Hospital, Pharmacies and Others) and Region.
On the basis of geography, the market of Medication Management System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Services, the sub-segment i.e. Medication Analytics will boost the Medication Management System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Mode of Delivery, the sub-segment i.e. Location Based Solution will boost the Medication Management System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospitals will boost the Medication Management System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Decreased Operational Cost with Increasing Usage of Medication Management Systems and Upsurging Demand for Electronic Medication Administration Record (EMAR)
Market Growth Drivers:
Growing Need for Medication Management Systems to make treatments Error Free, Efficient and Easily Accessible and Increasing Applications in Private Healthcare Sectors
Challenges:
Skilled Workforce, Electronics Platforms, Internet Connections are the Prerequisites and Complex Integration with the Existing Healthcare or Medical Assistant Software
Restraints:
Inconvenient to Execute Manual Research on the Available Data since the Automated Analysis is done through Automated Analysis Tools and Issues of Data Security as well as Rising Instances of Data Theft
Opportunities:
Growing Availability of Digital Wired as well as Wireless Devices such as Smartphones, Laptops, Computers and Many Others and Rising Digitalization and Awareness about Healthcare Systems will Create Significant Demand over the Forecasted Period
Market Leaders and their expansionary development strategies
In January 2019, medication management system provider “Omnicell” has formed an agreement with Texas Children’s Hospital to expand its automated medication management platform, with the addition of new automation for pharmacy and patient care areas, leveraging streamlined workflows and safety initiatives to support improved patient care and enhanced pharmacy performance. Also, the company was been awarded with Best in KLAS: Software & Services report receiving the prestigious Best in KLAS Automated Dispensing Cabinets designation for the 13th consecutive year on February 4th, 2019.
In October 2022, Omnicell, Inc., a leading provider of medication management and adherence tools for health systems and pharmacies, announced the launch of Specialty Pharmacy Services, a turnkey offering with dedicated services to set up, operate, and optimize a specialty pharmacy program.
Australian Commission on Safety and Quality has produced a safety guide for Electronic Medication Management Systems in Health Care and the National E-Health Transition Authority to assist hospitals to safely implement Medication Management Systems. The guide has been informed by a review of international literature, the experiences of previous Australian EMM system implementation sites and extensive stakeholder consultation to provide guidance on the activities required for a safe and effective EMM system implementation.
Key Target Audience
Medication Management System Providers, Medication Management System Distributors and Traders, Pharmaceutical Companies, Hospital, Clinics, Healthcare Industry Associations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.