Medication Management System Market - Growth, Trends, and Forecasts (2020 - 2025)
The Medication Management System Market is expected to register a CAGR of 9.1% during the forecast period. The rising demand for IT solutions in the healthcare sector is increasing and ultimately the adoption of healthcare IT services is increasing which is fueling the medication management system market.
Furthermore, an increase in investments by the hospitals to improve the quality of treatment services is another factor contributing to the growth of the medication management system market. According to the International Diabetes Federation, estimates that between 2019 to 2045 the global expenditures for diabetes treatment are expected to grow from USD 760 billion to USD 845 billion. Chronic diseases such as diabetes can have life-threatening cardiovascular, renal and nervous system consequences when left untreated and which is responsible for the leading causes of death worldwide. However, lack of awareness about medication management systems in the developing countries, higher costs associated with medication management systems is another factor hindering the growth of the medication management system market.
Clinical Decision Support System Solutions Segment is Expected to Hold a Major Market Share
Clinical Decision Support Systems (CDSS) refer to a healthcare IT system that is designed specifically to assist clinical decision support for healthcare professionals and physicians. CDS comprises of various tools, which helps to enhance decision-making in the clinical workflow. These tools include computerized alerts and reminders to care providers and patients, clinical guidelines, focused patient data reports and summaries, diagnostic support, and documentation templates, among other tools.
Furthermore, growing need for reducing human errors, rising demand to reduce healthcare expenditure, need for improvement in quality of care, rising chronic disease population, and more adoption rate in emerging economies are the major factors that are likely to boost the growth of the clinical decision support system solutions segment.
North America is Expected to Hold a Significant Share in the Market and is Expected to do Same During the Forecast Period
North America has dominated the medication management market owing to the robust adoption of IT in healthcare, technological advancement, an increase in the incidence of infectious and chronic diseases, and a rise in the number of prescriptions in the region that are the key factors responsible for the region's dominance.
This can be attributed to high awareness about new technologies, the presence of a large number of small- and medium-scale players who offer medication management solutions to various hospitals and pharmacies, and a shortage of primary care physicians. According to the Health Research Institute (HRI), estimated that annual percentage change in medical costs to treat patients was increased by 5.7% in 2019 which was 5.5% compared to 2017. However, it was estimated to increase by 6% by 2020. Thus, owing to above factors, North America is expected to show growth in the medication management systems market over the forecast period.
The Medication Management System Market is fragmented competitive and consists of several major players. Market players are continuously focusing on acquisitions and mergers, provisions of solutions that are customized, and expansion of companies in untapped commercial markets. Moreover, companies are also investing huge amounts on developing new products and platforms with enhanced and improved features as a part of a commercialization strategy. In January 2018, GE, Roche entered into the partnership to develop an integrated digital diagnostics platform to improve oncology and critical care treatment.