Global Medication Management Market, 2016–2024: Industry Analysis and Forecast Report
Zion Market Research, the market research group announced the analysis report titled ‘Medication Management Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016-2024’
Global Medication Management Market: Overview
To manage and support the medicine management cycle an advanced system is developed known as medication management. In the hospitals, the medication management system is used for prescribing, supplying and administering the medicines. The use of the medication management system helps to reduce the error rates in the medicine administration. In the recent years, there has been an increase in the production of new drugs and medicines, to maintain the administration of these drugs and to take clinical decisions medication management system is used.
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Global Medication Management Market: Segmentation
The medication management market is globally segmented into software, services, mode of delivery, and end users. On the basis of software, the global market is segregated into clinical decision support system, inventory management, assurance system software, computerized physician order entry, administration software, and automated dispensing systems. The administration software is further sub-segmented into barcode medication administration and electronic medication administration record. Similarly, an automated dispensing system is sub-segmented as centralized automated dispensing systems and decentralized automated dispensing systems. The centralized automated dispensing systems can be divided into carousels and robots. The decentralized automated dispensing systems can be divided into automated unit-dose dispensing, pharmacy-based ADS, and ward-based ADS. Based on the services, the market is categorized into ADE surveillance, medication analytics, and point-of-care verification. On the basis of mode of delivery, the market is bifurcated into on-premises, cloud-based, and web based. Depending on the end users where the medication management system is used the market is categorized into a pharmacy, hospitals, and others.
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Global Medication Management Market: Growth Factors
The key factor that is driving the medication management market is the increase in the rate of diseases. This rise in the diseases has increased the use of medicines which in turn has increased the rate of drug prescriptions. Thus to monitor the availability and the supply of the medicines and drugs the medication management system is playing a major role in the healthcare sector. The increasing number of geriatric population that is suffering from chronic diseases is also elevating the growth of the medication management market. As the medication management system makes the drug management an easy task a lot of time and cost is saved, thus the system is in high demand. The limitation adoption of the system owing to the high cost of services is hampering the growth of the market.
Global Medication Management Market: Regional Analysis
The medication management market is regionally diversified into Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. The region that dominates the medication management market is the North America. The factors that attribute this market growth are the growing aging population and the new developments that are made in the drugs. The European market is also growing significantly. The factor that attributes this growth is in the increase in the healthcare practices in this region. In the Asia-Pacific region, China, and India is countries that are contributing a major share in the market growth owing to the factors such as increasing rate of the infectious diseases, rapid development in the healthcare sector, large population, increasing awareness among the people.
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Global Medication Management Market: Competitive Players
The major market players in the medication management market include Siemens Healthcare, CareFusion Corporation, Swisslog, Becton, Dickinson and Company, Koninklijke Philips N.V., Cerner Corporation, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Omnicell, Inc., and Mindray Medical International Limited.
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