Global Medication Management Market - 2023-2030

Market Overview

The global medication management market size was valued at US$ 2,469.34 million in 2022 and is estimated to reach US$ 10,129.43 million by 2030, growing at a CAGR of 20.00% during the forecast period (2023-2030).

Medication management is a strategy for communicating with patients and caregivers to create a precise and thorough inventory of all the medications consumed. A complete and accurate prescription list is the first step in solving medication reconciliation and management problems. These tools can also help identify behaviors that may put patients at risk for drug-related adverse events, such as overdosing or underdosing on medications, forgetting to take them, or other important contextual factors that impede adherence.

Market Dynamics

The major factors driving the global Medication management market the product launches by industry participants are aiding the market to develop, the growing number of hospitals putting more money into innovative technology and the industry is anticipated to grow quickly as the number of prescriptions worldwide increases.

Product launches by industry participants are aiding the market's growth.

Increased investments in the launch of new products, improved healthcare process management, and reduced prescription error is predicted to drive market expansion.

For instance, in January 2023, Zhongxin Medical Technology Co., Ltd. ("Zhongxin"), one of the China operating entities with which the Company consolidates the financial results through certain contractual arrangements, launched the Medication Management Assistance Mini Program on WeChat (the "Program") to help cancer patients manage a variety of issues. Zhongchao Inc., a platform-based internet technology company that provides services to patients with oncology and other serious diseases, made the announcement. To help cancer patients navigate and overcome pharmaceutical problems, Zhongxin established the Program.

And in November 2020, the Boston, Massachusetts-based digital therapeutics companion platform Medisafe has announced the immediate implementation of its innovative Medisafe Maestro platform. This state-of-the-art system orchestrates medication adherence journeys with precision and speed while creating personalized patient care resources that are provided via a digital drug companion. Medisafe provides the pharmaceutical industry with digital patient care resources through its integrated Care Connector, which results in real-time patient involvement and personalized digital drug companions.

Lack of awareness is expected to hamper the market's growth.

However, other factors impeding the growth of the medication management system market include limited awareness of such systems in underdeveloped nations and greater costs related to such systems.

COVID-19 Impact Analysis

The COVID-19 pandemic had a positive impact on the economy. Medical facilities all over the world are under a great deal of stress as a result of the pandemic. To avoid the illness from spreading, lockdowns and social isolation were implemented. Patients with chronic illnesses who could not access healthcare facilities for routine treatment and medication distribution suffered. Thanks to retail pharmacies, these people may get help quickly and easily. Community pharmacists will concentrate on preventing, identifying, and resolving drug therapy difficulties for clients coming to their facility when delivering pharmaceutical care during the COVID-19 pandemic.

Because they are the most approachable group of healthcare professionals during the COVID-19 pandemic, community pharmacists are well-suited for this position. They can address the serious problems of inappropriate medication use and promote rational medication use to members of the general public and special populations like patients with chronic illnesses. Community pharmacists' participation in these centers' management of chronic health conditions and promotion of medication adherence during the pandemic was crucial in easing the pressure on the world's overworked healthcare systems.

Segment Analysis

The medication analytic services segment is expected to grow at the fastest CAGR during the forecast period (2022-2030)

The service segment is the highest market holder in the global Medication management market. Data analytics is the practice of examining unprocessed datasets for patterns, conclusions, and process improvements. Analytics in the healthcare industry uses both present and historical data to generate macro and micro insights that support patient and Company decision-making. Due to the leading players, the Medication Analytic Services segment leads the market. The companies introduce new products and make them easily accessible to customers.

For instance, in July 2021, LGM Pharma announced that it would provide pharmaceutical developers, manufacturers, and compounding pharmacies with contract analytical testing and stability services. The business currently provides analytical services as a component of its integrated contract development and manufacturing (CDMO) operations, but it is now making its facilities and staff available as a stand-alone contract service.

Additionally in June 2022, With the help of data analytics and artificial intelligence, MetroMedi, the fastest-growing online pharmacy and e-health and wellness retailer in South India (Hyderabad), has introduced health advisory services for their customers' health and wellbeing. Data analytics can benefit every facet of patient care and operational management in the healthcare industry. It aids in boosting disease prevention, enhancing clinical care delivery, and assessing the efficacy of various treatment methods.

And in January 2023, Amazon is increasing its healthcare business by launching a prescription drug discount program. The retail behemoth announced Tuesday that it would introduce RxPass, a subscription service for Prime subscribers. According to Amazon, customers will pay USD 5 per month to fill as many prescriptions as they require from a list of approximately 50 generic pharmaceuticals, which are typically less expensive equivalents of name-brand drugs.

Geographical Analysis

North America holds the largest market share in the global Medication management market.

North America dominates the global Medication management market primarily due to factors like the presence of major companies, the high prevalence of chronic diseases in the area, and the well-established healthcare infrastructure are only a few of the major factors responsible for the market's growth. North America dominates the global medication management market due to the widespread use of IT in healthcare, technological improvements, and the prevalence of infectious and chronic diseases. The increase in prescriptions is one of the main factors contributing to the region's dominance.

Contributing variables include multiple small- and medium-sized businesses that offer medication management systems to different hospitals and pharmacies, a high familiarity with new technology, and a need for primary care physicians.

For instance, in March 2022, Hamilton Beach Brands, Inc. and HealthBeacon plc introduced the Smart Sharps Bin Injection Care Management System in the US. The Smart Sharps Bin tracks injection compliance, provides smart medication management reminders, and provides live customer assistance around-the-clock and safe and convenient syringe disposal through the United States Postal Service's approved mail-back Program. Such product launches in the area are likely to support the growth of the medication management system in North America throughout the anticipated time frame.

Competitive Landscape

The Medication management market is moderately competitive with local and global companies' presence. GE Healthcare, QUALCOMM Incorporated, Omnicell, Inc, Talyst, LLC, Allscripts Healthcare Solutions Inc., ARxIUM, Becton Dickinson and Company, Cerner Corporation, QuadraMed Affinity Corporation, McKesson Corporation and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market's growth. For instance, in August 2022, CareDx Inc.,announced the launch of AlloHome, a pan-organ patient monitoring tool that can gather health data while a patient is at home and is accessible on the AlloCare app, has recently been introduced. Patients who use AlloHome get Bluetooth gadgets, such a blood pressure cuff and a glucose meter, that immediately pair with a smart hub in the house. Data is also sent to the patient's AlloCare app.

Omnicell, Inc.

Overview: Omnicell, Inc., a major provider of healthcare technology, has its corporate headquarters in Mountain View, California. In addition to automated solutions for handling prescriptions in hospitals and other healthcare facilities, it also develops software for patient engagement and medication adherence packaging. Under the brand names Omnicell and EnlivenHealth, it sells its products.

Product Portfolio:

Omnicell's Point of Care: Eliminate nurse countbacks with the Controlled Substance Dispenser for greater efficiency and inventory accuracy. Remotely preselect medications directly from the EHR for fast retrieval at Omnicell ADC.

The global Medication management market report would provide access to approx.: 45+market data table, 40+figures and 200 (approximate) pages.