Global Medication Management Industry Witnesses Continuous Innovations, New Product Launches, and Alliances/Partnerships, with Few Acquisitions
The global medication management market is somewhat fragmented, with a number of companies occupying a large share of the global market. The majority of these companies are located in the U.S., which contributes the major share to the global Medication Management Systems market.
CareFusion Corporation (U.S.) is a prominent player in this market, along Allscripts Healthcare Solutions Inc. (U.S.), McKesson Corporation (U.S.), and Cerner Corporation (U.S.). Regional markets are dominated by players confined to their respective regions. For instance, Omnicell, Inc. (U.S.) is a local player that dominates the U.S. market.
The majority of these companies concentrate on product development and enhancement. This has enabled them to become frontrunners in product innovation and helped them to retain their existing market shares and customers. For instance, in December 2013, CareFusion Corporation (U.S.) launched its new software for its Alaris intelligent infusion system. The software automatically records infusion start and stop times, infusion type, and the order in which infusions were administered, thus enhancing the company’s product portfolio.
Partnerships and alliances have been the focus areas for many companies operating in this market. This approach allowed them to combine the expertise of the companies involved and expand their geographic presence. For example, in November 2012, CareFusion signed an agreement with Cerner Corporation (U.S.). As per the agreement, Cerner Millennium’s Electronic Health Record (EHR) was connected with the CareFusion’s Alaris System. This helped both companies and provided a more holistic product in the market. Alliances have also helped companies in expanding their client base by combining companies’ client lists.
Although organic growth strategies have been major focus areas, some companies have also focused on inorganic strategies, like acquisitions, to a certain extent. Acquisitions have helped companies in maintaining and further strengthening their market position by combining the expertise of all involved. Acquisition helps expand the acquiring company’s geographic reach and also strengthens its product portfolio, thereby increasing revenue generation. For instance, in May 2012, Omnicell, Inc. acquired MTS Medication Technologies, Inc. (U.S.), a global provider of medication adherence packaging systems. This acquisition enabled Omnicell to combine its expertise with that of MTS, thus establishing a market-leading company.
Related Reports:
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
https://www.marketsandmarkets.com/Market-Reports/medication-management-market-107137346.html
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