What is Medication Telemanagement Devices Market?
Medication Telemanagement Devices is the establishment and maintenance of a connection through which data is transferred between a medical device, such as a patient monitor, and an information system. Several government initiatives, such as the allocation of Healthcare Information Technology (IT) funds have raised the adoption rate of medication management systems globally. Further, an increase in government funding and budget allocations to the healthcare sector, and the rising adoption of healthcare IT are anticipated to help the growth of medication management devices.
The market study is being classified by Type (Inhalers, Pill Boxes, Insulin Pumps and Other), by Application (Hospitals, Pharmacies and Other Healthcare Institutions) and major geographies with country level break-up.
Abiogenix, LLC (United States), Adherium (New Zealand), IA Collaborative Holdings, LLC (United States), Insulet Corporation (United States), MedFolio Pillbox (United States), Medissimo (Slovakia), MedMinder Systems, Inc. (United States) and MedSignals Corporation (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Propeller Health (United States), Robotik Technology (France), Tandem Diabetes Care, Inc. (United States) and CareFusion Corporation (United States).
The market is fragmented with numerous players. The devices used for medication Telemanagement devices can reduce both the occurrence of medication errors and the overall healthcare cost, and is expected to have major implications for both healthcare providers and patients. This will drive the growth of the Global Telemanagement Devices market. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Medication Telemanagement Devices market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Medication Telemanagement Devices market by Type, Application and Region.
On the basis of geography, the market of Medication Telemanagement Devices 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growth in Ageing Population
- High Incidence of Chronic Illness Demanding Medication
- Increasing Focus on Value-Based Medicine
Market Trend
- Technological Innovation Such as Robotic Automated Dispensing System
- Medication Management Leading to Reduction in Healthcare Cost
Restraints
- Reluctance to Adopt Medical Management Devices
Opportunities
- Rapid Advancement in Inventory Management System
- Increasing Need for Proper Medication Administration
Challenges
- High Implementation and Maintenance Expenses
In February 2019, The FDA granted breakthrough device designation for a personalized, closed-loop insulin pump system by Tandem Diabetes Care Company. and The personalized, closed-loop technology, according to Medtronic, is designed to automate insulin delivery in a real-time, adaptable way while also providing predictive diagnostics unique to the individual, with a goal of dramatically simplifying diabetes management.
Key Target Audience
Medication Telemanagement Device Manufacturers, Medication Telemanagement Device Distributors/Traders/Wholesalers, Medication Telemanagement Device Subcomponent Manufacturers, Industry Association and Downstream Vendors