The global medication management market is expected to grow at a CAGR of 17.7% during the forecast period with its market size predicted to reach USD 6.0 billion by 2024. Medication management allows prescribing, administration and supply of medicines to be tracked and validated electronically. The global medication management market is growing at a significant rate, due to the mounting occurrence of chronic diseases and rapid growth in the geriatric population. Different systems and services contributed to the medication management market size. The market has witnessed a high demand for computerized physician order entry systems over the last few years due to the mounting demand for remote patient monitoring services.
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The rapid increase in the aging population, demand for reduced healthcare cost, technological advancement, and mounting demand for remote patient monitoring services are the primary growth drivers for medication management market. For instance, according to the World Health Organization (WHO), globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.
Unwillingness to accept medication management systems, privacy and safety issues and the high price of implementation and maintenance are the major challenges for the growth of medication management market.
Asia-Pacific is observed to witness the fastest growth in the market, as the region comprises of the large population base. In addition, expanding the geriatric population, the 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 to 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., McKesson Corporation, Epiq System Corporation, Qualcomm Incorporated, Quadramed Corporation, Omnicell, Inc., and Meditech are the key players offering medication management.
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