Medication Management System is Estimated to Witness High Growth Owing to Opportunity in Reducing Medication Errors
Medication management systems are computerized systems that are designed to offer secure tracking of medications through all stages including ordering, stock management, administering and monitoring. These systems help in reducing medication errors which continue to be a major issue in healthcare facilities worldwide. They offer improved visibility and control over drug distribution and administration along with automating key medication related tasks. With features like bedside medication verification, automated alerts and integrated barcode technology, medication management systems help healthcare providers offer safer and more efficient patient care.
The global Medication Management System Market is estimated to be valued at US$ 2.99 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
One major opportunity driving the growth of medication management systems is their ability to significantly reduce medication errors. Medication errors are common in healthcare facilities and remain a serious threat to patient safety. Implementation of automated medication management solutions can help eliminate nearly all errors related to improper drug selection, dosage calculation and administration. They ensure the 5 rights of medication administration – right patient, right drug, right route, right dose and right time through technology features. This improves patient outcomes and also reduces legal liability of medical facilities associated with medication errors. Automation of complex medication processes through computerized systems is therefore expected to boost adoption of medication management systems across hospitals and nursing homes over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the Medication Management System market requires high capital investment and resources to set up operations. However, there are low entry barriers for new software based systems.
Bargaining power of buyers: The bargaining power of buyers is high as there are many existing players providing Medication Management Systems. Buyers can negotiate on price and demand additional features.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components and technologies are available from multiple sources. However, switching costs for suppliers are low.
Threat of new substitutes: The threat of substitutes is low as Medication Management Systems integrate with other healthcare systems offering convenience and effectiveness.
Competitive rivalry: Competitive rivalry is high due to presence of numerous global and regional players offering varied products. Players compete on basis of product features, pricing and service quality.
SWOT Analysis
Strength: Medication Management Systems offer enhanced medication safety, improved workflow efficiency and reduce medication errors. It provides real-time access to medication records.
Weakness: High implementation and maintenance costs. Resistance to change from traditional methods. Concerns around data security and privacy.
Opportunity: Growing geriatric population and increasing incidence of chronic diseases drives the need for Medication Management. Integration of advanced technologies like AI, IoT, cloud and analytics presents opportunities.
Threats: Data breaches and cyberattacks. Stringent regulations around healthcare IT. Economic slowdowns impacting healthcare investments.
Key Takeaways
The global Medication Management System market is expected to witness high growth during the forecast period of 2023 to 2030 supported by rising adoption of EHRs, implementation of e-prescribing and expansion of pharmacies.
Regional analysis indicates North America dominates the market currently due to availability of funds, advanced healthcare infrastructure and strict regulations regarding patient safety and medical records. Asia Pacific is anticipated to grow at fastest rate led by increasing healthcare spending, emerging economies and growing medical tourism.
Key players operating in the Medication Management System market are Becton, Dickinson and Company, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Omnicell, Inc., Cerner Corporation, Siemens Healthcare, Genoa Healthcare Inc., Swisslog Healthcare, GE Healthcare, and QuadraMed Affinity Corporation. Becton, Dickinson and Company leads the market with broad product portfolio and global presence followed by others focusing on partnerships and new launches.
