Nov 16, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Medication Management Market.
It was estimated prior to this unanticipated outbreak that the Medication Management Market is likely to witness a promising CAGR of 21.5% during the forecast period. The prime factor contributing to the demand for Medication Management is the advancements in healthcare sector and rising prevalence of chronic diseases.
Medication engagement enables prescribing, supply, and administration of medicines to be tracked and validated electronically. It is a strategy that ensures that the patient understands the purpose of the medications and administers it correctly at the correct time. Also, it focuses on improving the use of medicines for the patient’s condition. Interventions can include medication therapy management, patient/family education on medications medication reconciliation, and medication set-up simulations for the patient.
Segment Analysis
Based on software, the global medication management market has been categorized into clinical decision support system solutions, computerized physician order entry, inventory management software, medication administration software, and others.
Among these, the inventory management software segment witnessed the highest market share in 2020 and is likely to register a healthy CAGR during the review period. Reagents are substances used for testing and examining stools.
The growing need for streamlined processes, standardization of workflow, and efficient procurement of inventory is expected to bolster the growth of this segment.
Regional Trends
By region, the North America market witnessed the highest market share in 2020 and is projected to grow at a robust CAGR during the review period.
- This can be attributed to technological advancements, increasing adoption of IT in healthcare, a surge in the incidence of chronic and infectious diseases, and a rise in the number of prescriptions in the region.
- The US is the largest medication management systems market in the region as well as across the globe, which further augments the regional growth.
Key Players:
Key players operating in the global Medication Management market are-
- Allscripts (The U.S),
- Becton, Dickinson and Company (The U.S),
- GE Healthcare (The U.S),
- Talyst, LLC (The U.S),
- McKesson Corporation (The U.S),
- Cerner Corporation (The U.S),
- ARxIUM (Canada),
- QuadraMed Affinity Corporation (The U.S), and
- Omnicell, Inc. (The U.S).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Medication Management analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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