Global Medication Management Market is expected to reach USD 4.85 Billion by 2024 from USD 1.25 Billion in 2016 at CAGR of 18.45% (Detailed analysis of the market CAGR is provided in the report).
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Factors driving the growth of Medication Management market are increased investment by hospitals to improve workflow, rapid advancement in medical technology, raising concerns for minimizing adverse drug events and related medication errors and increasing requirement for streamlining workflow to impart efficient and better care to patients.
Global Medication Management Market is segmented by a system, services, delivery mode, end user, and geography. System segment is sub-segmented as computerized physician order entry, clinical decision support system, administration software, and others. Services segment is classified as medication analytics, point-of-care verification, and ADE surveillance. Delivery mode segment is classified as cloud-based, web-based and on-premise. A cloud-based segment is expected to register significant growth during the forecast period, owing to various advantages like easy information sharing with clients and other stakeholders and easy access to information in remote locations using such solutions. An end-user segment is divided into hospitals, pharmacy, and others. The market on the basis of geography is segmented by North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Factors driving the growth of Medication Management market are increased investment by hospitals to improve workflow, rapid advancement in medical technology, raising concerns for minimizing adverse drug events and related medication errors and increasing requirement for streamlining workflow to impart efficient and better care to patients.
Global Medication Management Market is segmented by a system, services, delivery mode, end user, and geography. System segment is sub-segmented as computerized physician order entry, clinical decision support system, administration software, and others. Services segment is classified as medication analytics, point-of-care verification, and ADE surveillance. Delivery mode segment is classified as cloud-based, web-based and on-premise. A cloud-based segment is expected to register significant growth during the forecast period, owing to various advantages like easy information sharing with clients and other stakeholders and easy access to information in remote locations using such solutions. An end-user segment is divided into hospitals, pharmacy, and others. The market on the basis of geography is segmented by North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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An increasing need for reducing healthcare costs and better healthcare management are trending the overall Global Medication Management Market. However, high implementation and maintenance expenses will restrain market growth. APAC is going to emerge as the highest growth region in Medication Management Market in forecast period followed by North America and Europe. Rising awareness, improved infrastructure, and healthcare facilities, the rise in healthcare expenditure, increasing number of public and private hospitals in this region will fuel the Medication Management Market in the APAC region.
Key Highlights:
• Assessment of market definition along with the identification of key players and an analysis of their strategies to determine the competitive outlook of the market, opportunities, drivers, restraints, and challenges for this market during the forecast period
• Complete quantitative analysis of the industry from 2016 to 2024 to enable the stakeholders to capitalize on the prevailing market opportunities
• In-depth analysis of the industry on the basis of market segments, market dynamics, market size, competition & companies involved value chain
• Global Medication Management Market analysis and comprehensive segmentation with respect to the system, services, delivery mode, end user, and geography to assist in strategic business planning
• Global Medication Management Market analysis and forecast for five major geographies North America, Europe, Asia Pacific, Middle East & Africa, Latin America and their key regions
Research Methodology:
The research methodology used in this report contains various secondary sources including Bloomberg, Hoovers, and Factiva are some of the sites that are being referred to gain insights about Global Medication Management Market. Experts from top manufacturing companies along with other stakeholders have been considered. This is done to validate and collect critical information for evaluating trends related to this market during the forecast period. Top-down and bottom-up approaches have been used to estimate the global and regional size of this market. Data triangulation techniques along with other comparative analysis are also used to calculate the exact size of the Global Medication Management Market globally.
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Rising elderly population, development of the pharmaceutical market, along with growing research & development activities and clinical trials, and advancements in capsule delivery technologies are boosting the growth of the market. Emerging nations, and growth of halal gelatin capsules, increasing focus on sports nutrition are key opportunities of the market. Major challenge of the market are growing prices, and less availability of raw materials in the gelatin industry. However, cultural practices & dietary restrictions are limiting the growth of the market. The non-gelatin capsules segment is estimated to grow at the fastest rate during the forecast period owing to the hydroxypropyl methylcellulose capsules are gained popularity in the pharmaceutical & nutraceutical sectors. HPMC is more popular in the pharmaceutical sectors because of it is made from vegetable cellulose as well as 100% natural, these capsules contain no preservatives, gelatin, wheat, gluten, animal through products & starch. They are also prepared from pure cellulose of either pine or poplar. Hydroxypropyl methylcellulose (HPMC) is used for eye drops, as well as an excipient & controlled-delivery component in oral medicaments. Gelatin capsules are also known as soft gels, have an outer coating containing the active ingredient. Gelatin is used for weight loss & for treating osteoarthritis, rheumatoid arthritis, and brittle bones. Advantages of taking gelatin capsules are provide a wide range of health benefits such as improvements in skin & joint health, uniform mixing of drugs, and preventing oxidation of drug molecules. Gelatin capsules are easy to swallow as compared to tablets. Immediate-release capsules segment is leading the empty capsules market owing to this capsules are the most generally prescribed capsules to treat a wide range of diseases & disorders. Moreover, the immediate-release capsules are widely used for the manufacture of antibiotics, antibacterials, antacids, painkillers, inhalators, cold & cough drug preparations, and dietary supplements. Immediate release capsules are dissolves immediately inside our stomachs and is taken up into the bloodstream quickly. So the absorption of the medicine does not stay constant in our bodies and we get a quick spike & the drug is speedily degraded. North America is estimated to account for the largest share of the empty capsules market, followed by Europe and the Asia Pacific during the forecast period owing to the presence of key capsule manufacturers along with the existence of a number of pharmaceutical giants with large manufacture capacities and the rising emphasis on superior pharmaceutical products & generics. The report covers a comprehensive study of major market drivers, restrains, opportunities, challenges, PESTEL, Porters, SWOT, and technological forecasting in the market.
The market is expected to flourish within the next five to seven years owing to a number of factors such as the need for better healthcare in rural areas, tremendous growth in telecommunication, rising prevalence of chronic diseases in BRIC nations, and low cost of telemedicine. However, high infrastructural costs and lack of skilled resources may restrain the market growth. On the other hand, favourable government initiatives present huge growth opportunities for telemedicine in the developing nations. The increasing demand for concentration of administration and improved quality and safety by the application and growing demand of mobile technologies and internet, and increasing adoption rate of home care or decrease in hospital visits are anticipated to fuel the growth over the forecast period. The healthcare industry is enormously huge and its centralization is expected to help in harmonizing the entire process as well as providing economic assistances. All businesses are targeting to accomplish six sigma and lean management in their practice in order to enhance resource practice and increase efficiency. As per the Community Care Plan of Eastern Carolina (CCP), installation of telehealth program allows the clinicians and medical providers to attend over 20 patients in a week as compared to a mere 10 before. The increasing demand of patients to presume better and earlier healthcare provision and growing disposable income, is anticipated to further propel the domination process. The industry is driven by three concepts which include real-time, home health and store & forward virtual medicine. Real-time telemedicine comprises a real time contact between patient and healthcare practitioner via the use of electronic mediums, majorly video conferencing.
