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(IT-NEWSWIRE.COM, August 27, 2018 )
The global medication management system was estimated USD 0.84 billion in 2014 and is expected to reach USD 2.73 billion in 2023, registering a compound annual growth rate of 14.01%. The role of the medication management software is to regulate Adverse Drug Events, maintain management and to furnish medicines. There has been scarcity of pharmacist and professional healthcares in recent times. Thus to overcome this condition there has been rise in demand of the medication management system. The adaptation of IT in the healthcare sector for management services is one of the prime factors for the growth of the market. Furthermore, increase in investments by the hospitals in order to upgrade or advance their management system and to reduce any errors related to management will drive the market growth.
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Software Outlook and Trend Analysis:
On the basis of software the global medication management system is categorized into Computerized Physician Order Entry, Inventory Management, Administration Software, Assurance System Software and Clinical Decision Support System. Among them the inventory management segment has acquired the largest share of the market and is expected to grow at a significant compound annual growth rate. The healthcare facilities are improvising their management techniques in order to reduce their errors and thus by providing better management service which is one of the key factors for the growth of this segment. On the other hand, the clinical decision support system segment will witness fastest growth over the forecast period.
Mode of Delivery Outlook and Trend Analysis:
On the basis of mode of delivery the global medication management system is segmented into cloud based, on-premises and by wed based. The cloud based segment has dominated the entire market and will continue to grow at a substantial compound annual growth rate. Various healthcare organizations are opting for cloud based solutions in order to share information’s with their clients and other holders. Additionally security of the patient’s data and acquaintance of laws relating with will probably help the growth of the market. The web-based segment has acquired the second largest market.
End Users Outlook and Trend Analysis:
Based on the end users the global medication management system is segregated into pharmacy, hospitals and other end users. The hospitals segment has acquired the largest share from the overall market and is expected to grow at a high compound annual growth rate. Hospitals have invested immense capital for development and improvisation of their management systems which is one of the key factors for the growth of this segment. Pharmacy sector will witness considerable growth in the near future.
Regional Outlook and Trend Analysis:
North America has acquired the largest share and dominated the entire medication management system market. U.S. under this region has the largest market. The key factors for the growth of this region are adaptation of IT sector, improvisation of management services, and increase in number of prescriptions and rise in chronic diseases. The market in Asia-Pacific and Europe region will grow at a higher compound annual growth rate. Advancements in healthcare management technology and rise in patient pool is one of the prime factors for the growth in these regions.
Competition Insights:
The leading competitors in the global medication management system are Dickinson and Company (CareFusion), QuadraMed Affinity Corporation, GE Healthcare, Allscripts, Cerner Corporation, Becton, Talyst, LLC., McKesson Corporation and Omnicell, Inc. Due to mergers and launch of new products the market size will expand in the near future.
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The Medication Management System is segmented into:
Based on Software:
Computerized Physician Order Entry
Inventory Management
Administration Software
Assurance System Software
Clinical Decision Support System
Based on Mode of Delivery:
cloud based
on-premises
wed based
Based on End Users:
pharmacy
hospitals
other end users
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Russia
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Rest of Asia-Pacific
South America
Brazil
Argentina
Columbia
South Africa
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
Source: EmailWire.Com 
Source: EmailWire.com
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