The medication management market is broadly classified into two segments as medication management systems and services. Systems form a key component of medication management solutions, and there are numerous systems/software available in the market catering to different functions of medication management.
At present, CPOE is one of the most widely used HCIT solutions used in the healthcare industry, accounting for nearly 18%–20% of the global medication management market in 2013. Furthermore, this market is expected to grow at a CAGR of 10%–12% during the forecast period of 2014 to 2019. The overall growth in the CPOE market is driven by its increasing adoption by physicians to ensure compliance with different guidelines from healthcare regulatory bodies. Other benefits of CPOE solutions in the form of shortening the length of stay for patients and thereby reducing the overall healthcare cost are also expected to drive the greater uptake of CPOE solutions by healthcare providers across the globe in the coming years.
Among all the medication management systems, the automated dispensing systems (ADS) market is anticipated to grow at the fastest CAGR of 15%–17% during the forecast period. This growth is mainly backed by rising demand for centralized automated dispensing systems in hospital pharmacies, retail pharmacies and MCOs. These systems are largely used in pharmacies to automate the labor intensive tasks of dispensing oral medicines, ophthalmic drops, topical preparations, and prefilled syringes. These systems also help pharmacies to automate inventory management and bill adjustment procedures.
Geographically, North America dominates the medication management market, with more than 60% market share in 2013. However, the developing countries in the APAC region, such as India and China are expected to show a strong growth during the forecast period. Singapore and South Korea are also some of the promising markets for medication management systems in the APAC region.
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
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