Medication management allows prescribing, administration and supply of medicines to be tracked and validated electronically. The global medication management market is growing at significant rate, due to mounting occurrence of chronic diseases and rapid growth in geriatric population. Different systems and services contributed to the medication management market size. The market has witnessed high demand for computerized physician order entry systems over the last few years due to mounting demand for remote patient monitoring services.
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Unwillingness to accept medication management systems, privacy and safety issues and high price of implementation and maintenance are the major challenges for the growth of medication management market.
Globally, the manufacturing companies trying to enter the medication management market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest medication management market as in the region the prevalence of chronic disease is increasing. For instance, according to Centers of Disease Control and Prevention (CDC), in the U.S. approximately 610,000 people die every year due to heart disease. Growing geriatric population, technological innovation and boosting government funding are also up surging growth of the North American medication management market. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050.
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Asia-Pacific is observed to witness fastest growth in the market, as the region comprises of large population base. In addition, expanding geriatric population, mounting occurrence of chronic diseases and refined healthcare infrastructure are also creating a positive impact on the medication management market growth in the region.
Key players in the medication management market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In October 2017, Allscripts Healthcare Solutions, Inc., acquired McKesson Corporation’s hospital and health system IT business, to improve its product portfolio. Allscripts Healthcare Solutions, Inc., Cerner Corporation, Carefusion Corporation, Siemens Healthcare, GE Healthcare, Optum Inc., Quadramed Corporation, Omnicell, Inc. and Meditech are the key players offering medication management.
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