Medication Management Will be $5,911.5 Million Market by 2030: P&S Intelligence

NEW YORK, Nov. 21, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, the global medication management market accounted for a size of $2,361.9 million in 2021, which is on track to hitting a $5,911.5 million value by 2030, at a 10.7% compound annual growth rate. This is owing to the high incidence of chronic ailments, increasing geriatric population, and surging demand to reduce medical care costs.

According to the WHO, by 2030, 1 in 6 individuals worldwide would be 60 years of age or older. Moreover, the number of individuals who are 60 or older will double by 2050.

Cost-effective remote patient monitoring is provided by certain health control technologies, which are finding wide acceptance as a result of the growing use of mobile devices.

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Cloud Deployment Preferred for Want of Anytime, Anywhere Access

• The cloud category has around 60% share of the market. This is due to the wide acceptance of regulations associated with it and the rising importance of patient data privacy. Moreover, numerous businesses are providing cloud-based deployment options for straightforward information exchange with stakeholders.
• The biggest users of medication management systems, accounting for a revenue share of almost 70% in 2021, are hospitals. This is because hospitals are investing heavily in updating their IT systems, in tune with the rising rate of digitization in healthcare.
• Moreover, pharmacies' demand for these solutions is predicted to advance significantly in the upcoming years. The growth in the volume of prescriptions owing to the surging incidence of acute and chronic illnesses, as well as the shortage of pharmacists, is the primary reason for the deployment of dosage management solutions in pharmacies.
• As per the data published by the AAMC in 2020, the U.S. will experience a lack of 54,100–139,000 physicians in 2033. The shortfall is predicted to span specialty- and primary-care fields.

Browse detailed report on Medication Management Market Size, Share, Trends and Growth Analysis 2022-2030

Hence, around 45% of the market's revenue is generated by North America. This is essentially ascribed to the rising rate of infectious and other kinds of illnesses, increasing use of prescription drugs, penetration of IT in the medical field, and advent of cutting-edge technologies.

Moreover, the U.S. has an over 90% share in the regional market. The presence of several SMEs that provide healthcare administration solutions, as well as the lack of primary care physicians in the nation contribute to this.

It is projected that the APAC market will grow the fastest in the future. This can be attributed to the region's large patient population, growing hospital footfall, expanding healthcare infrastructure, and increasing medical care spending.

Global Medication Management Market Report Coverage

By Software

• Computerized Physician Order Entry
• Clinical Decision Support System
• Inventory Management
• Assurance System Software
• Administration Software
• Electronic medication administration record (EMAR)
• Barcode medication administration (BMA)
• Automated Dispensing Systems

By Service

• Medication Analytics
• Point-of-Care Verification
• ADE Surveillance

By End User

• Hospitals
• Pharmacies
• Others

By Mode of Delivery

• On-Premises
• Web-Based
• Cloud-Based

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa
• U.A.E.

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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