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.
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.
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.
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.
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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