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Global Medication Management Market - Outlook and Forecast 2021-2026
The global medication management market was valued at approximately USD 1.93 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 15.15% from 2020 to 2026, reaching a market value of USD 4.52 billion by 2026.
The widespread adoption of information technology (IT) in the healthcare industry worldwide will drive the increased adoption of medication management systems. North America currently dominates the global market, holding the largest revenue share of 52.57% in 2020. The demand for these systems is rising due to the growing need for remote patient monitoring services across the healthcare sector. Factors such as the expanding role of digital health, the demand for pharmacy automation solutions, and the active involvement of vendors will contribute significantly to the growth of the medication management market.
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USD 1.9 billion in 2019
Software Type, Delivery Mode, End-User, and Geography
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The emergence of next-generation artificial intelligence (AI)-powered systems is playing a crucial role in identifying and addressing the underlying issues within medication management across the healthcare industry. These IT-integrated medication management systems enable patient-centric care throughout the continuum of care. They facilitate the evaluation of patients’ clinical, medication, and related administrative information, thereby fueling the growth of the industry. Numerous companies are actively engaging in substantial acquisitions and collaborations with emerging and start-up companies as part of their strategic initiatives.
The market is segmented based on various factors, including software type, delivery mode, end-user, geography.
Segmentation by Software Type
Computerized Physician Order Entry (CPOE)
Clinical Decision Support System (CDSS)
Automated Dispensing Systems (ADS)
Drugs Inventory Management System (DIMS)
Segmentation by Delivery Mode
Web & Cloud-Based
Segmentation by End-User
Segmentation by Geography
North America – US, Canada
Europe – Germany, France, UK, Italy, Spain
APAC – China, Japan, India, South Korea, Australia
Latin America – Brazil, Mexico, Argentina
Middle East & Africa – South Africa, Saudi Arabia, Turkey
By 2026, Computerized Physician Order Entry (CPOE) is projected to experience incremental growth, reaching USD 938.54 million.
CPOE plays a vital role in medication management within hospital settings. The adoption of CPOE by healthcare providers has been increasing due to the incentives offered by the Medicare and Medicaid programs for meaningful use of electronic health records. In 2020, CPOE accounted for the largest revenue share of 40.45% in the global medication management system market. Its usage has steadily grown over time, with many Electronic Health Record (EHR) products now incorporating CPOE modules that enable physicians to electronically enter patient data.
The global web and cloud-based segment is expected to reach USD 2,509.88 million by 2026.
Web and cloud-based solutions have the potential to greatly enhance various aspects of the healthcare sector. They enable rapid digitization of medication orders into a centralized web-based application, supporting customizable workflows. Several companies, such as CareMeds, Omnicell, and PipelineRx, are developing web and cloud-based medication management systems to meet these needs.
In 2020, the hospital segment held the highest revenue share of 47.89% in the global medication management market.
Efficient medication management is crucial for ensuring safe care delivery in hospitals. To enhance their pharmacy services, hospitals are increasingly turning to telemedicine, enabling improved medication systems for patients. Electronic medication management systems support all stakeholders involved in the process and promote a patient-centric care model. These advancements are driving the growing adoption of medication systems in hospitals.
In North America, the continuous development of the healthcare information technology sector has led to increased adoption of digital solutions like medication systems. The significant rise in adverse drug reactions (ADRs) associated with the growing number of medications used by older populations further fuels this trend. With the onset of the COVID-19 pandemic, the importance of medication management systems in the region became even more pronounced. Consequently, the North American medication management market is expected to exhibit substantial growth, with a projected CAGR of 13.44% in the coming years.
The majority of the prominent market players are actively implementing diverse strategies to achieve substantial growth. Manufacturers face direct competition from numerous companies in the medication management automation solutions market, contributing to a highly competitive industry. These players are expected to capitalize on lucrative growth opportunities driven by the increasing demand for medication management systems in the global market. Key vendors possess extensive geographical reach, diversified product portfolios, and a strong emphasis on innovation and research endeavors. Notable key players, including Cerner Corporation, BD, Omnicell, McKesson Corporation, Epic Systems, and United Health Group, hold significant market shares in the industry.
Key companies profiled in this report include Omnicell, Epic Systems Corporation, BD, Cerner Corporation, McKesson Corporation, UnitedHealth Group, ArbiMed, ARxIUM, Cureatr, DrFirst, GE Healthcare, Genoa, Healthcom, ICU Medical, iRx Reminder, Medical Information Technology, Medicine-On-Time, NextGen Healthcare, PipelineRx, Plexus Technology Group, SmartMed, Swisslog Healthcare, Talyst, WellSky.
Key Questions Answered
What is the projected compound annual growth rate (CAGR) for the Medication Management market during the forecast period of 2021-2026?
The Medication Management market is projected to grow at a CAGR of 15.15% during the forecast period.
What impact has COVID-19 had on the Medical Management Market?
The COVID-19 pandemic has significantly highlighted the importance of medication management systems in effectively managing and distributing vaccines.
Which region holds the largest share in the Medication Management Market?
North America held the largest revenue share of 52.57% in the global Medication Management market in 2020.
What are some recent developments in the Medication Management Systems market?
The latest development in the Medication Management Systems market is the emergence of AI-powered systems that leverage artificial intelligence capabilities to enhance medication management processes.
Who are the key players in the Medication Management Market?
The top key players in the Medication Management market include Omnicell, Epic Systems Corporation, BD, McKesson Corporation, and UnitedHealth Group.