Published Date: 9-Mar-2021
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According to a new report Global Medication Management System Market, published by KBV research, The Global Medication Management System Market size is expected to reach $5.7 billion by 2026, rising at a market growth of 20.1% CAGR during the forecast period.
In past years, hospitals have increased their funds in the purchase and upgrades of their IT systems. They aim to enhance workflow efficiency, dispensing medication safely, and simplifying complex clinical processes. These aspects have helped the hospitals segment to get the highest revenue share. Pharmacy is a key end-user of IT solutions. This segment is expected to display a prominent CAGR during the forecast years. Two main factors that encourage the growth of this segment are the increasing number of prescriptions and the shortage of pharmacists.
The global market is expected to witness bright growth prospects due to the increasing focus on patient data protection & the advent of laws regarding it. The deployment of cloud-based technology is increasingly gaining popularity due to numerous security failures in on premise and web-based deployment. Cloud service provider gives solutions that are capable of managing many risks & offers assurance against data losses and thefts. The main factors that are driving the growth of the web-based solution segment are IT infrastructure requirements and low maintenance. In addition to it, cloud-based solutions are likely to grow at the highest rate during the forecast period.
In 2019, the inventory management segment garnered the highest revenue share of the medication management system market. The significant percentage of hospital & pharmacy budgets goes in medication & its associated costs. Healthcare systems are struggling to reduce the wastage of resources and cutting down the spending. Therefore, the high requirement for standardization of workflow, automated processes, & increasing demand for efficient procurement of inventory are expected to boost the growth of this segment.
North America emerged as the leading region of the medication management system market. The U.S. is the biggest medication management systems market in the region. This is owing to increasing awareness about new technologies and the presence of a large number of small- & medium-scale players who are offering medication management solutions to many hospitals and pharmacies. Additionally, The Asia Pacific market is expected to witness a CAGR of 22.4% during (2020 - 2026).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of AllScripts Healthcare Solutions, Inc. (A-S Medication Solutions), Siemens AG, Becton, Dickinson and Company, Cerner Corporation, General Electric (GE) Co. (GE Healthcare), McKesson Corporation, UnitedHealth Group, Inc. (Optum, Inc.), Omnicell, Inc., Kuka AG (Talyst, LLC), and ARxIUM, Inc.
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