Report Published: "Medication Management Market - Global Forecast to 2019"

Medication Management Market by Systems (CPOE, CDSS, Automated Dispensing, Assurance Systems), Services (Medication Analytics, POC Verification, ADE Surveillance), Mode of Delivery (On-Premises, Web-Based, Cloud-Based) - Global Forecast to 2019

Medication errors and adverse drug events have been one of the major contributors to hospital readmissions globally. These issues add to the overall healthcare expenditure of the country. Medication management systems help in minimizing medication errors and adverse drug events by effective verification, recording, and reporting of medication administered to patient at every point of care. Medication management systems also enable automated inventory management for healthcare providers in both in-patient and out-patient healthcare environment.

The global medication management market is largely driven by the growing need to minimize medication errors in the healthcare systems, and government initiatives in both developed and developing economies to curtail soaring healthcare expenditures. Other benefits of medication management systems, such as automated inventory management are also contributing to the greater uptake of medication management solutions by healthcare providers across the globe.

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In this report, the global medication management market is broadly segmented by systems, services, mode of delivery, and end users. The market, by software, is further segmented into computerized physician order entry, clinical decision support systems, administration software, inventory management software, automated dispensing systems, and assurance systems. On the other hand, the market, by services, is segmented into medication analytics, point-of-care verification, and ADE (adverse drug events) surveillance services offered by medication management solutions vendors. The end-users market is segmented into hospitals, pharmacy, and other healthcare institutions, while based on the mode-of-delivery; the market is divided into on-premises, web-based, and cloud-based deployment models.

The medication management market has experienced strong growth over the past few years, and is further expected to grow at an approximate CAGR of 14%-16% during the forecast period of 2014 to 2019. The overall growth of this market is mainly driven by the rise in the ageing population, and the incidence of chronic illnesses leading to greater risks of medication errors. The government initiatives to reduce healthcare costs and improve quality of healthcare delivery are also propelling the growth of this market.

The services segment currently dominates the medication management systems market, with the remaining share being occupied by the software market. Further, the services market is expected to grow at a strong CAGR during the forecast period, owing to an increasing demand for point-of-care verification and ADE surveillance services in the developed economies.

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