Global Medication Management Market is expected to reach USD 4.85 Billion by 2024 from USD 1.25 Billion in 2016 at CAGR of 18.45% (Detailed analysis of the market CAGR is provided in the report).
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Factors driving the growth of Medication Management market are increased investment by hospitals to improve workflow, rapid advancement in medical technology, raising concerns for minimizing adverse drug events and related medication errors and increasing requirement for streamlining workflow to impart efficient and better care to patients. Global Medication Management Market is segmented by a system, services, delivery mode, end user, and geography. System segment is sub-segmented as computerized physician order entry, clinical decision support system, administration software, and others. Services segment is classified as medication analytics, point-of-care verification, and ADE surveillance. Delivery mode segment is classified as cloud-based, web-based and on-premise. A cloud-based segment is expected to register significant growth during the forecast period, owing to various advantages like easy information sharing with clients and other stakeholders and easy access to information in remote locations using such solutions. An end-user segment is divided into hospitals, pharmacy, and others. The market on the basis of geography is segmented by North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. An increasing need for reducing healthcare costs and better healthcare management are trending the overall Global Medication Management Market. However, high implementation and maintenance expenses will restrain market growth. APAC is going to emerge as the highest growth region in Medication Management Market in forecast period followed by North America and Europe. Rising awareness, improved infrastructure, and healthcare facilities, the rise in healthcare expenditure, increasing number of public and private hospitals in this region will fuel the Medication Management Market in the APAC region. Key Highlights: • Assessment of market definition along with the identification of key players and an analysis of their strategies to determine the competitive outlook of the market, opportunities, drivers, restraints, and challenges for this market during the forecast period • Complete quantitative analysis of the industry from 2016 to 2024 to enable the stakeholders to capitalize on the prevailing market opportunities • In-depth analysis of the industry on the basis of market segments, market dynamics, market size, competition & companies involved value chain • Global Medication Management Market analysis and comprehensive segmentation with respect to the system, services, delivery mode, end user, and geography to assist in strategic business planning • Global Medication Management Market analysis and forecast for five major geographies North America, Europe, Asia Pacific, Middle East & Africa, Latin America and their key regions Research Methodology: The research methodology used in this report contains various secondary sources including Bloomberg, Hoovers, and Factiva are some of the sites that are being referred to gain insights about Global Medication Management Market. Experts from top manufacturing companies along with other stakeholders have been considered. This is done to validate and collect critical information for evaluating trends related to this market during the forecast period. Top-down and bottom-up approaches have been used to estimate the global and regional size of this market. Data triangulation techniques along with other comparative analysis are also used to calculate the exact size of the Global Medication Management Market globally.
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