Medication Management System Market Size, Share & Trends Analysis Report By Hardware (Automated Dispensing Systems), By Software, By Software Type, By Delivery Mode, By End Use, And Segment Forecasts, 2024 - 2030

Medication Management System Market Size, Share & Trends Analysis Report By Hardware (Automated Dispensing Systems), By Software, By Software Type, By Delivery Mode, By End Use, And Segment Forecasts, 2024 - 2030

Medication Management System Market Growth & Trends

The global medication management system market size is expected to reach USD 12.79 billion by 2030, registering a CAGR of 8.8% from 2024 to 2030, according to a new study by Grand View Research, Inc. Market growth can be attributed to increased hospital investment in improving workflow, rapid advancement in medical technology, and rising focus on reducing medication errors. In addition, the global adoption of IT in the healthcare sector is a factor that will fuel market growth over the forecast period. The increased demand to decrease medication errors and the rising number of prescriptions around the globe are driving the medication management system industry. The market is expected to grow due to the rising IT adoption in the healthcare sector.

In addition, market growth is driven by the increased adoption of automated workflow management solutions due to the rising workload of pharmacists and the increased investment by hospitals. Furthermore, key players are increasingly adopting strategies such as mergers and acquisitions to gain market share. Many large players are acquiring smaller and new entrants to enhance and expand their product offerings. For instance, in April 2023, Z Software and Medi-Map healthcare technology companies in Australia and New Zealand announced their merger. The merger aims to provide advanced and efficient medication management solutions to prescribers, pharmacies, health and aged care providers, and patients. This strategic move will likely allow both companies to expand their product offerings with innovative digital medicine management and dispensing software solutions.

Medication Management System Market Report Highlights

• The automated dispensing systems segment accounted for the largest share of 51.4% in 2023. The growth is attributed to the rising adoption of automated dispensing systems in healthcare facilities and an increasing number of research studies
• The clinical decision support system solutions (CDSS) segment accounted for the largest share of 30.6% in 2023 and is expected to grow at the fastest CAGR of 11.1% over the forecast period. CDSSs have a positive impact on patient care, clinical workflows, and healthcare outcomes
• The consolidated/ integrated systems software type segment accounted for the largest share of 69.2% in 2023 and is expected to grow at the fastest CAGR of 8.9% over the forecast period.The growth is attributed to the system's comprehensive solutions for medication managementsuch as prescription processing
• The cloud-based delivery mode segment accounted for the largest share of 40.3% in 2023 and is expected to grow at the fastest CAGR of 9.0% over the forecast period due to the increasing demand for secure and efficient patient data management
• The hospital segment dominated the market in 2023 as hospitals have invested heavily in upgrading their IT systems, improving workflow efficiency, ensuring safe medication distribution, and simplifying complex clinical processes
• North America dominated the global market in 2023 with a revenue share of 63.4%. The increasing prevalence of chronic diseases, such as diabetes, cardiovascular diseases (CVDs), and cancer, drives the regional market growth

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