The Medication Management Market Size was valued at USD 3.23 Billion in 2023. The global medication management industry is projected to grow from USD 3.64 Billion in 2024 to USD 8.65 Billion by 2032, exhibiting a CAGR of 10.10% during the forecast period (2024 - 2032).
Medication management is a strategy which ensures that the patient understands the purpose of the medications and takes it in the correct manner at the correct time.
It also focuses on improving the use of medications for the patient's condition. Interventions may include medication reconciliation, medication therapy management, patient/family education on medications and medication set-up simulations for the patient.
In February 2024, IBM Watson Health announced a groundbreaking partnership with the Mayo Clinic to develop and implement artificial intelligence (AI) tools for personalized treatment recommendations. This collaboration aimed to leverage Watson's vast medical knowledge base and advanced analytics capabilities alongside Mayo Clinic's deep clinical expertise. The project focused on creating AI-powered tools that could analyze patient data, identify optimal treatment protocols based on individual needs and medical history, and support clinical decision-making for physicians.
This significant partnership has the potential to revolutionize medical management by offering more precise and data-driven treatment plans for patients, potentially leading to improved healthcare outcomes.
In May 2024, Verily Life Sciences, a subsidiary of Alphabet Inc. (parent company of Google), launched Project Baseline. This ambitious initiative aimed to create a comprehensive longitudinal health data study involving thousands of participants. Project Baseline aimed to gather a wide range of health data through wearable devices, genetic testing, blood sampling, and surveys. This data would then be analyzed using advanced algorithms to identify potential health risks, track disease development, and ultimately pave the way for personalized medicine.
The launch of Project Baseline marked a significant step towards a future where medical management is tailored to an individual's unique biology and health history.
Rising geriatric population is one of the key factors driving the medication management market. Older adults tend to have significant comorbidities which in result increase the medication use and escalate the risk of poor outcomes. According to a 2018 study published in the Clinical Epidemiology, in high income countries, polypharmacy affects between 40% and 50% of older adults. Polypharmacy increases the risk of adverse drug-related events in older adults because a higher number of drugs are associated with a higher risk of harmful drug–drug interactions.
Various other factors such as rising healthcare IT funds, and need for reducing healthcare costs.
However, high software implementation and service maintenance costs can hamper the market growth over the forecast period.
The Global medication management market is segmented based on systems, services, mode of delivery, end user and region.
The global market for medication management, by systems is segmented into computerized physician order entry systems, clinical decision support systems, administration software, inventory management systems, automated dispensing systems and assurance systems. The administration software is further classified as electronic medication administration records (eMAR) software and bar code medication administration (BCMA) software. The automated dispensing systems segment is further classified as centralized automated dispensing systems and decentralized automated dispensing systems (ADS). The centralized automated dispensing system includes robots/robotic automated dispensing systems and carousels. The decentralized automated dispensing system (ADS) includes pharmacy-based decentralized automated dispensing systems, ward-based decentralized automated dispensing systems and automated unit-dose decentralized automated dispensing systems.
The market by services segment is divided into point-of-care verification services and adverse drug effects (ADE) surveillance services.
The market by mode of delivery segment is divided into web-based solutions, on-premise solutions and cloud-based solutions.
Based on end user, the market is segmented into hospitals, pharmacies and others.
In the current scope of the study, the above-mentioned segments are covered into the four global regions, namely the Americas, Europe, Asia-Pacific and the Middle East & African region.
The Medication management Market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European market of Medication management has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The Asia-Pacific market of Medication management has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market of Medication management in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
The Americas dominated the global market for medication management owing to increasing polypharmacy, presence of major market players and developed economies like US and Canada within the region. In 2017, BD launched its latest advancement in comprehensive medication management, BD HealthSight platform for enterprise medication management. The BD HealthSight platform connects systems and processes to help hospitals to drive a safer, more efficient medication management process.
In 2017, it was estimated that Europe stood second in the global Medication Management market. This can be attributed to the presence of developed economies like UK, Germany, France, and others within the region boost the market growth.
Asia Pacific was projected to be the fastest growing region in 2017. Factors such as growing healthcare sector, increasing penetration of the market players within the region, and increasing government’s support for foreign investments drives the regional markets of the Asia Pacific region. According to a report published by the Indian Brand Equity Foundation in 2017, the Indian healthcare sector was estimated to grow at a CAGR of 22.87% and reach USD 280 billion in 2020.
On the other hand, the Middle East and Africa held least share in the global market of medication management due to the presence of poor economies and low per capita income, especially within the African region.
Some of the key players in the global medication management market are
Research Methodology
Market Research Future research is conducted by industry experts who offer insights into industry structure, market segmentation, assessment, Competitive Landscape (CL), penetration, as well as on emerging trends. Besides primary interviews (~ 80%) and secondary research (~ 20%), their analysis is based on their years of professional expertise in respective industries. Our analysts also predict where the market will be headed in the next five to ten years, by analysing historical trends and current market positions. Furthermore, the varying trends of segments and categories geographically presented are studied and are estimated based on the primary and secondary research.
Extensive primary research was conducted to gain a deeper insight of the market and the industry performance. In this particular report we have conducted primary surveys (interviews) with key level executives (VPs, CEOs, Marketing Directors, Business Development Managers, and many more) of major players who are active in the market. In addition to analyzing the current and historical trends, our analysts predict where the market is headed, over the next five to ten years.
Secondary research was mainly used to collect and identify information useful for extensive, technical, market-oriented, and commercial study of the Medication Management. It was also used to obtain key information about major players, market classification, and segmentation according to industry trends, geographical markets, and developments related to the market and perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, SEC filings, journals, white papers, corporate presentations, company web sites, international organization of chemical manufacturers, some paid databases, and many others.
Industry News
November 2023: Omnicell, Inc. announces that it has acquired Relaymed, Inc., a provider of medication management software and services. The acquisition will expand Omnicell's product offerings and provide customers with a more comprehensive suite of medication management solutions.Aetion, Inc. announces that it has partnered with CVS Health to develop a new platform for medication management and analytics. The partnership will combine Aetion's expertise in real-world data analytics with CVS Health's expertise in pharmacy services to develop a new platform that can be used to improve medication management and patient outcomes.Script Relief, Inc. announces that it has received FDA approval for its new software, Script Relief Medication Manager, for use in medication management. Script Relief Medication Manager is a software platform that can be used to help patients manage their medications, track their adherence, and avoid adverse drug events.
Intended Audience
| Report Attribute/Metric | Details |
| Â Â Market Size | USD 8.65 Billion |
| Â Â CAGR | 10.10% |
| Â Â Base Year | 2023 |
| Â Â Forecast Period | 2024-2032 |
| Â Â Historical Data | 2022 |
| Â Â Forecast Units | Value (USD Billion) |
| Â Â Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Systems, Services And Mode of Delivery |
| Â Â Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
|   Key Vendors | Allscripts Healthcare 0Electric Company, Mckesson Corporation, Medical Information Technology Inc., Omnicell Inc., Optum Inc., QuadraMed Affinity Corporation, Siemens Ltd |
Medication Management Market Highlights:
Frequently Asked Questions (FAQ) :
Medication Management Market would record a growth of 10.10% during the forecast period of 2024 to 2032.
The notable players involved in the growth of the Medication Management Market are Siemens Ltd, Mckesson Corporation, Allscripts Healthcare Electric Company, QuadraMed Affinity Corporation, Omnicell, Inc., Optum Inc., Medical Information Technology, Inc., and others.
Americas would dominate the global Medication Management Market.
The high cost of software implementation and service costs can hold back the Medication Management Market growth.
The Asia Pacific region would be the fastest in the global Medication Management Market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
