Global Medication Management Market:
Overview
The
growing legal liabilities associated with medication errors have been reason
enough for healthcare providers to invest in medication management systems.
There is also a promising opportunity developing for medication management in
homecare settings. While large multi-facility hospitals are the biggest users
of medication management systems, smaller hospitals worldwide are warming up to
the idea of streamlining their medication process as well. What works in the
favor of the medication management market, however, is that implementation of
such systems has become easier with the support of healthcare IT. The growing
dependence of the aged—who comprised 11.7% of the global population in 2013—on
healthcare providers to plan and dispense medication is further contributing to
the revenue growth of the medication
management market.
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Market data for medication management systems has been compiled
based on sales and the corresponding revenue generated. Prices considered for
the purpose of compiling data have are essentially averages taken from quotes
provided by suppliers, distributors, and manufacturers. The report delves into
the key segments of the medication management market by application, end use,
and type. The size of key geographical markets has been derived via a summation
of countries in each major region (North America, Asia Pacific, Europe, the
Middle East and Africa, and Latin America).
Global Medication Management Market: Trends and Drivers
With more
evidence emerging about the ability of medication management systems to make
medication error-free, efficient, and more accessible to patients, a noticeably
favorable outlook toward the solution is developing. Besides, the contribution
of automated medication dispensing systems in establishing decentralized
medication management systems is enticing more healthcare providers to invest
in the latter. The factors listed above are collectively enabling the global
medication management market to post progressively higher growth every
year.
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Medication management systems are deployed at private healthcare
centers, multi-facility and specialty hospitals, and in homecare settings. This
necessitates the use of medication management systems of different sizes,
features, and capabilities. For instance, medication management systems
designed for personal use are primarily programmed to organize a weekly
medication schedule, setting reminders, and organizing regular visits by
healthcare professionals.
The market
is currently witnessing strong demand for the following types of medication
management systems: infusion solutions, point-of-care verification, medication
analytics, medication technologies, and ADE surveillance. However, since it is
still early days for the medication management market, a few complications
still exist with their operation and maintenance.
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Global Medication Management Market:
Segmentation and Vendor Landscape
To dive
into the second and third levels of the global medication management market,
the report shears it down on the basis of the following criteria: type of
medication management services and service provider type. Service providers
such as private healthcare providers, hospitals, and others are analyzed in the
report.
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The report also profiles the leading companies in the medication
management market to trace their recent developments and milestones. The annual
revenues of these companies, where available, have been provided in the report.
Companies that either find a mention or are extensively profiled in the report
include: CareFusion, Inc., B.Braun Melsungen AG, Baxter International, Inc.,
and Hospira, Inc.
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