Medication Management Market Will Touch USD 5,911.5 Million by 2030

The medication management market will touch USD 5,911.5 million, advancing at a 10.7% compound annual growth rate, by 2030.

The growth of this industry is attributed to the increasing elderly population, the high prevalence of chronic ailments, enhanced Medicare services, and the growing requirement to cut medical care expenses.

In recent years, the inventory management category, based on software, dominated the industry. Medicines and related expenditures make up a large amount of pharmacy and hospital budgets. As a result, the growing need for streamlined procedures, efficient inventory procurement, and workflow standardization is likely to assist the growth of this category.  

The hospitals category, based on end user, was the largest contributor to the industry in recent years. This can be because, in the past few years, hospitals have started making substantial financial funding for the implementation and transformation of their IT systems.

Moreover, healthcare establishments are focusing on improving workflow efficiency, streamlining complex clinical processes, and safely delivering medicine, supporting the growth of this category.

Furthermore, the pharmacies category will grow at a significant rate in the years to come. This can be primarily attributed to the increasing count of prescriptions because of the increased burden of infectious and chronic ailments, coupled with the shortage of pharmacists.

The cloud-based category, based on mode of delivery, accounted for the largest medication management market share, in the past few years. Numerous companies are providing such delivery solutions for simple information exchange with customers and other stakeholders.

Moreover, the requirement for commercially accessible cloud solutions will be significantly boosted by the ease with which information can be accessed in remote locations via such solutions. Additionally, the rise in the focus on patient data privacy as well as the acceptance of rules associated with it will further boost the demand for such solutions in the years to come.

North America was the largest contributor to the industry in the past few years. This can be because of the penetration of information technology in the medical industry, increasing counts of prescriptions, and advancement in technology, in the continent. Additionally, the U.S. led the industry in North America.

APAC is likely to observe the highest growth in the years to come. This is because of the existence of a large patient pool, enhancing healthcare infrastructure, rising medical care spending, and increasing count of hospitals.

Moreover, the growing need for mHealth technologies as well as the government initiatives to strengthen regulatory standards also assist the growth of the regional industry.

It is because of the high occurrence of chronic ailments and the growing requirement to cut medical care expenses, the medication management industry will continue to progress in the years to come.

Also, healthcare administrations are absorbed on enhancing workflow efficiency, safely transporting medication, and streamlining complicated clinical procedures. Furthermore, pharmacies will witness significant growth in the future.

Some of the key reasons of the development of management solutions in pharmacies are an increase in the count of prescriptions owing to the augmented burden of infectious diseases, and the lack of pharmacists. 

SOURCE: P&S Intelligence