About the Report
Medication management system industry gained traction in the past years owing to the rising demand for pharmaceutical, inventory, and dispense management solutions. Despite getting battered by the outbreak of the COVID-19 pandemic temporarily, the industry is getting back on track since the last quarter of 2020, as the key end-use industries such as hospitals and pharmaceuticals are gaining momentum again.
The recent revised report on the ‘medication management system’ market study by Future Market Insights (FMI) depicts the global industry outlook along with the key driving & restraining factors and demand-supply curves during the forecast period of 2021 to 2031. According to the report, the United States, Germany, the United Kingdom, France, Canada, and a few other countries will remain highly lucrative, while Asia Pacific will emerge as the fastest-growing region in the medication management system industry.
Historical Vs. Future Outlook on Medication Management System
Technical innovations and adoption of cutting-edge technologies in hospitals, medical, and diagnostic sectors fuelled the sales of medication management system in the past years. Additionally, the requirement for various medication management system such as computerized physician order entry, inventory management solutions, and clinical decision support system solutions in controlling efficient workflow, adverse drug events (ADE), and others further boosted the growth of manufacturers during the last 5 years from 2016 to 2020. Though the industry faced temporary decline in 2020, the recovery in the key end-use sectors is projected to cater to the demand growth in the coming years.
As the healthcare organizations are getting inclined towards medication management system in order to achieve quality and productivity, suppliers are expected come across wider growth scope in the near future. With the robust adoption of hospital information systems in healthcare and hospitals industry, manufacturers of medication management system are set to excel further in this field. According to FMI, the global medication management system industry is predicted to expand at over 15% CAGR through 2031.
How is the Requirement in Pharmaceutical Sector Bolstering the Growth of Medication Management System Providers?
Medication management systems are extensively used in pharmaceutical sector in order to efficiently carry out pharmaceutical prescriptions, information, adverse drug reactions, and others management.
According to the report titled “Pharmaceutical Industry” published by the European Medicines Agency, the European Union (EU) pharmaceutical industry is evolving fast and holds high potential. As stated in the report, from 25th March, 2021, marketing authorization applicants for orphan medicines and medicines to treat cancer will be invited to take part in a pilot project. The report also stated that the European Commission (EC) took an action plan in order to support development of medicines for children. Not only such initiatives are strengthening the pharmaceutical industry, but indirectly catering to the growth of medication management system providers around the world.
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What are the Key Challenges Faced by Medication Management System Suppliers?
Medication management systems require proper knowledge and expertise to handle. Furthermore, its installation, operations, and maintenance are cost-effective and often work as restraints to manufacturers and suppliers.
Also, there are a few disadvantages of medication management system such as-
- Lack of training on computerized program may create problems for staff
- Administration of drugs through machine may not be fully reliable and can be fatal
- Incorrectly programmed and maintained machines may cause safety hazards
However, with continuous effort put by manufacturers in developing more effective and affordable medication management system is expected to overcome these problems.
What’s Boosting the Growth of Medication Management System Providers in the United States?
Backed by the highly advanced pharmaceutical, hospitals, and medical diagnostics industry, the United States is leading in the world’s largest North America medication management system industry. Despite getting temporarily declined, the U.S. hospitals industry has high potential to expand further and hence medication management system manufacturers are eyeing this country to increase their sales footprint.
According to the report published by the American Progress Organization on 30th August, 2019, Americans spent US$ 535 Billion on prescription drugs in 2018, an increase of 50% since 2010, while the U.S. has major contribution to it. As this rate is forecast to increase further, suppliers of medication management system are set to come across huge opportunities in the coming years.
How Big is the Growth Scope in Germany Medication Management System Industry?
Germany has been in the epicenter of the world’s second largest medication management system industry Europe since the past decade. Application of various medication management systems across diverse application sectors such as pharmaceuticals, and hospitals coupled with the advancement in manufacturing sectors is propelling the growth in Germany.
According to the report titled “Germany- Health Care & Long-Term Care Systems” published by the European Commission (EC) in 2016, in Germany, public inpatients care accounts for roughly 32% of public expenditure on health compared to 34% in the European Union (EU). With these rates set to increase further, stakeholders in Germany medication management system is predicted to come across huge opportunities in the near future.
What’s Fuelling the Sales of Medication Management System in China?
China is dominating in the world’s fastest-growing medication management system, industry Asia Pacific. Steady growth in hospitals and healthcare industry apart from temporary decline in 2020 due to COVID-19, and adoption of highly advanced technical solutions in pharmaceutical sector is spearheading the growth in China.
According to the report titled “China- Pharmaceuticals” published by the SelectUSA on 30th July, 2019, China’s pharmaceutical industry value reached nearly US$ 134 Billion in 2018 and grew to approximately US$ 154 Billion in 2020. As favorable government reforms, advanced local medical facilities, and saturation of major hospitals in tier 1 cities are expected to raise these values further, manufacturers of medication management system are focusing on China to sustain their positions.
What’s Keeping Japan in the Focal Point for Stakeholders in the Medication Management System Industry?
Japan being highly advanced in terms of medical, hospitals, and diagnostics industry, is anticipated to remain lucrative throughout the forecast period. With the demand of various medication and healthcare management systems rising steadily, key players are set to get more opportunities in the post-pandemic years.
As stated in the report titled “Japan- Pharmaceuticals” published by the International Trade Administration on 30th October, 2020, pharmaceuticals is the best prospect industry sector in Japan with the total local production grew from US$ 60.96 Billion in 2016 to US$ 84.60 Billion in 2019. As per the report, total imports in Japan pharmaceuticals industry was worth US$1.6 Billion in 2016 and reached US$ 1.7 Billion in 2018. These data explain why stakeholders in the medication management system industry are eyeing Japan.
Which Software Type is the Mostly Sought-After in the Medication Management System Industry?
Presently, computerized physician order entry, inventory management solutions, and clinical decision support system solutions are highly sought-after in the global medication management system industry in terms of software type. According to FMI, these segments are likely to prevail in the positions through 2031, owing to various advantages such as-
- Reduce error
- Improve patient safety
- Ensure providers produce complete, legible, and standardized orders
- Better inventory accuracy
- Efficiently tracking of the entire supply chain process
Other key segments in terms of software type are electronic medication administration record and other software types which are fuelling the sales of suppliers.
Which Mode of Delivery has High Requirement in the Global Medication Management System Industry?
Currently, on-premise and web-based solutions are leading in the global medication management system industry and are expected to spur the demand growth during the forecast period.
These mode of delivery are widely popular due to various advantages such as-
- Lower cost
- Higher reliability
- Ease of installation, maintenance, or replacement
Other key segment in this category is cloud-based solutions which is gaining rapid traction around the globe.
The global medication management system industry is fragmented and flourishing on the new inventions by key players. In order to sail through the tough competition, key market players are diversifying their products.
- Becton launched its new Medical Logistics Solutions, Dynamic Medication Solution, and others during the last 5 years
- Talyst launched its new The InSite® System Difference Solution, Acute Care Solution, and others a couple of years back
Some of the key players supplying medication management system are-
- Omnicell, Inc.
- Cerner Corporation
- McKesson Corporation
- Medication Management Systems, Inc.
- GE Healthcare
- Dickinson and Company
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report
Historical Data Available for
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, South Asia, East Asia, the Middle East & Africa, and Oceania
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa
Key Segments Covered
Software Type, End Use, Mode of Delivery, and Region
Key Companies Profiled
Market Forecasts, Brand Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Key Questions Answered in Report
Which are the top companies providing medication management system?
Some of the top companies manufacturing medication management System are Omnicell, Inc., Cerner Corporation, Allscripts, and GE Healthcare.
Which are some of the lucrative markets for medication management system?
The United States, China, Germany, Japan, Canada, France, South Korea, the United Kingdom, and a few others are lucrative markets for medication management system, and are expected to dominate throughout the forecast period.
Which software types account for high sales of medication management system?
Presently, computerized physician order entry and clinical decision support system solutions are the most lucrative in terms of software type, and are expected to remain dominant over the forecast period of 2021 to 2031.
Which end use sector of medication management system witnesses high demand?
Presently, hospitals and pharmacies have high demand in the medication management system space, and are predicted to sustain their leading position throughout the forecast period.
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Segmentation by Category
- Computerized Physician Order Entry
- Clinical Decision Support System Solutions
- Electronic Medication Administration Record
- Inventory Management Solutions
- Other Software Types
- Other Healthcare Institutions
Mode of Delivery
- On-Premise Solutions
- Web-Based Solutions
- Cloud-Based Solutions
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia