The global medication management market size was valued at USD 5,389.8 Million in 2021 and is poised to grow at a significant CAGR of 16.6% during the forecast period 2022 to 2028. One of the key factors driving segment growth is the growing need for high-quality care and integrated, dependable technical solutions. This is also being boosted by the increasing adoption of information systems by hospitals and healthcare institutions, as well as beneficial efforts implemented by numerous governments throughout the world. Rapid advances in biotechnology and bioinformatics are encouraging data storage, management, and analytics platform enhancements and optimizations. Following R&D programs sponsored by major corporate investments, the industry is expected to see a huge number of advancements. Integration of cloud computing and interoperability platforms with many systems would further facilitate a smooth operation and data flow, accelerating CDSS adoption.
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The global medication management market segmentation:
1) By System: Computerized Physician Order Entry, Clinical Decision Support System, Administration Software Inventory Management, Automated Dispensing Systems (ADS), and Assurance System Software.
2) By Service: Medication Analytics, Point-of-Care Verification and Adverse Drug Events (ADE) Surveillance.
3) By Delivery Mode: Cloud – Based, Web – Based and On-Premises.
4) By End User: Hospitals, Pharmacies and Others.
North America leads Medication Management Market
North America held a significant market share in the medication management market during the forecast period and it is expected to continue the growth in the coming years. The region's dominance is due to vigorous use of IT in healthcare, technical improvement, an increase in the frequency of infectious and chronic diseases, and an increase in the number of prescriptions in the region. Market expansion has been aided by other factors such as increased hospital expenditure to improve workflow, technology advancements in the medical profession, and increased awareness about reducing drug errors.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
The medication management market further reveals that the key players increasingly adopting strategies such as the launch of newer products, frequent product approvals, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.
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Key player’s profiles in the Allscripts, BD, B-soft Co.,ltd, Cerner Corporation, DHC Software Co.,Ltd., GE Healthcare, Hangzhou Century Co.,Ltd, Heren Health Co.,Ltd, McKesson, Omnicell, Sichuan Jiuyuan Yinhai Software Co.,ltd. And Winning Health Technology Group Co., Ltd.
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