What are Key Factors Fuelling Progress of Medication Management Market?

One of the main factors propelling the demand for medication management services is the rising adoption of mobile health (mHealth) technologies throughout the world. Since the last few years, there has been a massive rise in the demand for mHealth technologies, on account of the increasing internet penetration and surging number of smartphone users. Moreover, the mHealth technologies are cost-effective and provide effective remote patient monitoring solutions, owing to which they are being increasingly adopted across the world. 

Browse detailed report on Medication Management Market Size, Growth and Demand Forecast

Medication management services and systems are widely adopted by medical practitioners in various healthcare settings for electronically prescribing medications to the patients. In addition to this, the systems offer a plethora of services such as the monitoring of medicine administration and the automated dispensing of medicines, which help in the efficient regulation of the operations of the entire hospital. Medication management systems also provide appropriate calculations of medicine dosage and improve the legibility of prescriptions, which in turn enhances the efficiency of the treatment process.

Across the world, North America and Europe observed large-scale adoption of medication management systems in the last few years. Europe is also expected to register significant growth in the demand for medication management systems in the coming years. This is primarily credited to the increasing incidence of chronic diseases, booming geriatric population, and burgeoning demand for mHealth technologies in the region. In Europe, Germany is predicted to observe large-scale adoption of medication management systems over the next few years. 

Therefore, it can be said with full confidence that the demand for medication management systems will increase tremendously throughout the globe in the coming years, owing to the increasing adoption of mHealth technologies, rising incidence of chronic diseases, soaring geriatric population, and rapid advancements in healthcare technologies all around the world.

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How is Rising Requirement for Advanced Healthcare System Driving Medication Management Market?

Proper coordination amongst patients and healthcare providers is a vital aspect in the healthcare industry, as its lack adversely impacts the quality of healthcare and its cost, which in turn results in the fragmentation of the healthcare information, such as medical history, billing, administrative data, diagnosis, and patient demographics. Due to the fragmentated healthcare system, various decision makers are involved in the treatment of an individual patient suffering from a particular illness. In order to deal with this, the healthcare sector is in the need for healthcare information technologies (HIT). The employment of HIT helps in improving the quality of healthcare by reducing the rational burden of practitioners, clinical decision making, and computerizing patient safety practices. Furthermore, HIT helps enhance the communication between healthcare providers and patients and, in turn, provides better, coordinated care and reduces medication errors.

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One of the solutions provided by HIT is the medication management system, which helps in compiling data related to rehabilitation, care, and medication. These systems use wireless communication solutions for heterogenous computing for the management of medicines. Trillions of bytes of data is produced through this technology as it connects various devices and sensors to the internet via mixed access networks through other technologies. 

According to a study conducted by the P&S Intelligence, the global medication management market size is predicted to generate a revenue of $4.3 billion, advancing at a CAGR of 26.1%, in the near future. Various software are deployed by this technology, including computerized physician order entry (CPOE), medication administrative software, automated dispensing system (ADS), clinical decision support system (CDSS), and inventory management. Among all these, CPOE was the most in demand during 2011–2014. The fastest growth in demand is projected to be witnessed by the category of CDSS in the coming years.

The popularity of medication management systems and software in healthcare facilities is increasing because of the technology’s advanced and innovative applications, such as electronic medication administration records facilities, automatically dispensing applications, and double-checking medication administration properties. The chances of medication errors and adverse drug effects are reduced significantly due to these applications of medication management systems. Apart from this, medication management systems and software play an important role in home healthcare settings for the medication delivery and dosage calculations. Smartphone-based self-management systems help remind patients, who are unable to remember their entire medication regimen, with real-time medication monitoring technology. Hence, due to such innovative applications of medication management systems and software, their demand is expected to increase in the near future. 

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