Global Medication Management Market: Overview
The growing legal liabilities associated with medication errors have been reason enough for healthcare providers to invest in medication management systems. There is also a promising opportunity developing for medication management in homecare settings. While large multi-facility hospitals are the biggest users of medication management systems, smaller hospitals worldwide are warming up to the idea of streamlining their medication process as well. What works in the favor of the medication management market, however, is that implementation of such systems has become easier with the support of healthcare IT. The growing dependence of the aged—who comprised 11.7% of the global population in 2013—on healthcare providers to plan and dispense medication is further contributing to the revenue growth of the medication management market.
Market data for medication management systems has been compiled based on sales and the corresponding revenue generated. Prices considered for the purpose of compiling data have are essentially averages taken from quotes provided by suppliers, distributors, and manufacturers. The report delves into the key segments of the medication management market by application, end use, and type. The size of key geographical markets has been derived via a summation of countries in each major region (North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America).
Global Medication Management Market: Trends and Drivers
With more evidence emerging about the ability of medication management systems to make medication error-free, efficient, and more accessible to patients, a noticeably favorable outlook toward the solution is developing. Besides, the contribution of automated medication dispensing systems in establishing decentralized medication management systems is enticing more healthcare providers to invest in the latter. The factors listed above are collectively enabling the global medication management market to post progressively higher growth every year.
Medication management systems are deployed at private healthcare centers, multi-facility and specialty hospitals, and in homecare settings. This necessitates the use of medication management systems of different sizes, features, and capabilities. For instance, medication management systems designed for personal use are primarily programmed to organize a weekly medication schedule, setting reminders, and organizing regular visits by healthcare professionals.
The market is currently witnessing strong demand for the following types of medication management systems: infusion solutions, point-of-care verification, medication analytics, medication technologies, and ADE surveillance. However, since it is still early days for the medication management market, a few complications still exist with their operation and maintenance.
Global Medication Management Market: Segmentation and Vendor Landscape
To dive into the second and third levels of the global medication management market, the report shears it down on the basis of the following criteria: type of medication management services and service provider type. Service providers such as private healthcare providers, hospitals, and others are analyzed in the report.
The report also profiles the leading companies in the medication management market to trace their recent developments and milestones. The annual revenues of these companies, where available, have been provided in the report. Companies that either find a mention or are extensively profiled in the report include: CareFusion, Inc., B.Braun Melsungen AG, Baxter International, Inc., and Hospira, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.