Medication Management System Market to ascend at over 15% CAGR through 2031
The global medication management system industry is gaining momentum as lack of enough pharmacist and healthcare professionals is necessitating the requirement for efficient management system to ensure the workflow. While the pandemic has brought substantial changes in medical and healthcare industry due to shifted demand-supply patterns, the need to curtail medical errors grew stronger resulting in prominent demand for medication management systems.
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The latest revised edition of the report on ‘medication management system’ market study by Future Market Insights (FMI) offers a detailed insights of the global industry, growth & restraining factors, and demand-supply trajectories across 20+ countries during the forecast period of 2021 to 2031. According to the report, the industry players will thrive on the rising number of machines and inventory management equipment in the hospitals and healthcare sectors while eyeing the main regions such as North America, Europe, and Asia Pacific, to name a few.
Key Takeaways from Market Study
- The global medication management system industry to ascend at over 15% CAGR through 2031
- High requirement for computerized physician order entry and inventory management solutions is likely to be witnessed
- Growing requirement from hospitals and pharmacies to favor manufacturers
- On-premise and web-based solutions to gain traction in terms of mode of delivery
- The United States to remain the epicenter of the world’s largest medication management system industry North America
- Germany to remain dominant in the Europe medication management system industry
- Asia-Pacific to exhibit the fastest growth during the forecast period
- China, Japan, India, the United Kingdom, France, Italy, and a few other countries to remain lucrative for stakeholders
How is the Increase in Demand from Hospitals Industry Fuelling Sales of Medication Management System Suppliers?
Medication management systems are being deployed extensively by healthcare professionals in order to efficiently manage various information such as patient analysis, regulatory & compliance information, valuation analysis and other vital parameters in healthcare industry.
According to the report titled “Industries at a Glance: Hospitals” published by the Bureau of Labor Statistics, the United States hospitals industry is highly potential and progressive and comprises of medical, diagnostic, treatment, and other inpatient and outpatient services which include physician, nursing, and other health services. As stated in the report, the employment in this sector has decreased to 5,135.1 in thousands in February, 2021, compared to 5,136.3 in thousands in November, 2020. These data give a glimpse of the upcoming opportunities for medication management system providers around the globe.
Who is Winning in this Space?
With the competition getting stricter, key players in the global medication management system market are diversifying their products in order to target broader end-use sectors.
- Omnicell, Inc. lunched its new extensive range of products such as i.v.STATION Non-hazardous Compounding Robot, IVX Workflow, AccuFlex, MTS-350 Filler and Sealer, and others during the last 5 years
- Cerner Corporation launched its new Automated Dispensing Cabinet, Drug Database Solutions, and others a couple of years back
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