Medication management is a service provided typically by pharmacists that aims to improve outcomes by helping people to better understand their health conditions and the medications used to manage them. This includes providing education on the disease state and medications used to treat the disease state, ensuring that medicines are taken correctly, reducing waste due to unused medicines, looking for any side effects, and providing education on how to manage any side effects.
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Companies covered
Allscripts Healthcare Solutions, Inc., Carefusion Corporation, GE Healthcare (A Division Of General Electric Company), Siemens Healthcare (Subsidiary Of Siemens Ag), Mckesson Corporation, Cerner Corporation, Optum Inc., Quadramed Corporation, Omnicell, Inc. and Meditech
COVID-19 scenario analysis:
Coronavirus disease 2019 (COVID-19) has created an economic crisis along with a healthcare crisis. COVID-19 pandemic has stretched healthcare system worldwide, wherein developed countries are expected to cause economic recession. The COVID-19 pandemic has an adverse impact on the healthcare system, resulting in 50% to 70% drop in revenue from March 2020. Many small hospitals, clinics, and nursing homes, have been forced to shut their operations. Social distancing and localized curfews have resulted in delayed elective surgical procedures. In addition, visa cancellations have led to a hiatus in medical tourism and can negatively impact the healthcare services market growth.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The major factor affecting the industry includes increase in the number of technological innovations at a positive pace. The key provision for medication management services under healthcare reforms is anticipated to propel the industry in the next few years. The surge in the growth in aging population and increased number of incidences of chronic illness are expected to fuel the demand for medication management systems over the forecast period. Furthermore, it helps to reduce the healthcare costs, which is the need of the hour; hence, it would help the industry flourish in the coming years. However, higher maintenance cost may hinder the market growth.
Surge in number of chronic diseases to propel the market
According to the data published by the World Health Organization – the World Health Report 2002, reducing risks and promoting healthy life indicate that the mortality, morbidity, and disability attributed to the major chronic diseases currently account for almost 60% of all deaths and 43% of the global burden of disease. By 2020, their contribution is expected to rise to 73% of all deaths and 60% of the global burden of disease.
Moreover, 79% of the deaths attributed to these diseases occur in developing countries. Four of the most prominent chronic diseases – cardiovascular diseases (CVD), cancer, chronic obstructive pulmonary disease, and type 2 diabetes – are linked by common and preventable biological risk factors, notably high blood pressure, high blood cholesterol, overweight, and by related major behavioral risk factors such as unhealthy diet, physical inactivity, and tobacco use. Action to prevent these major chronic diseases should focus on controlling these and other key risk factors in a well-integrated manner.
Key segments covered:
System
- Clinical Decision Support Systems
- Computerized Physician Order Entry Systems
- Assurance Systems
- Inventory Management Systems
- Administration Software
- Automated Dispensing Systems
Service
- Adverse Drug Effects Surveillance
- Medication Analytics
- Point-of-Care Verification
Mode of Delivery
- Web-based
- Cloud-based
- On-premise
Key benefits of the report:
- This study presents the analytical depiction of the global medication management market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global medication management market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global medication management market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global medication management market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
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