Medication Management Market Outlook - 2027
Medication management is a service provided typically by pharmacists that aims to improve outcomes by helping people to better understand their health conditions and the medications used to manage them. This includes providing education on the disease state and medications used to treat the disease state, ensuring that medicines are taken correctly, reducing waste due to unused medicines, looking for any side effects, and providing education on how to manage any side effects. The process that can be broken down into five steps: medication therapy review, personal medication record, medication-related action plan, intervention and or referral, and documentation and follow-up. The medication therapy review has the pharmacist review all of the prescribed medications, any over-the-counter medications, and all dietary supplements an individual is taking. This allows the pharmacist to look for any duplications or dangerous drug interactions. This service can be especially valuable for people who are older, have several chronic conditions, take multiple medications, or are seen by multiple doctors.
COVID-19 scenario analysis:
Coronavirus disease 2019 (COVID-19) has created an economic crisis along with a healthcare crisis. COVID-19 pandemic has stretched healthcare system worldwide, wherein developed countries are expected to cause economic recession. The COVID-19 pandemic has an adverse impact on the healthcare system, resulting in 50% to 70% drop in revenue from March 2020. Many small hospitals, clinics, and nursing homes, have been forced to shut their operations. Social distancing and localized curfews have resulted in delayed elective surgical procedures. In addition, visa cancellations have led to a hiatus in medical tourism and can negatively impact the healthcare services market growth.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The major factor affecting the industry includes increase in the number of technological innovations at a positive pace. The key provision for medication management services under healthcare reforms is anticipated to propel the industry in the next few years. The surge in the growth in aging population and increased number of incidences of chronic illness are expected to fuel the demand for medication management systems over the forecast period. Furthermore, it helps to reduce the healthcare costs, which is the need of the hour; hence, it would help the industry flourish in the coming years. However, higher maintenance cost may hinder the market growth.
Increase in the number of aging population to boost the medication management market
According to the statistics given by the United Nations, in 2017, the global population aged 60 years or over was 962 million in 2017, more than twice as high as in 1980, when there were 382 million older persons worldwide. The number of older persons is expected to double again by 2050, when it is projected to reach nearly 2.1 billion.
In 2030, older persons are expected to outnumber children under age 10 (1.41 billion versus 1.35 billion); in 2050, projections indicate that there will be older persons aged 60 or over than adolescents and youth at ages 10-24 (2.1 billion versus 2.0 billion). The growth in the population of individuals aged 60 years and above has propelled the demand for the medication management industry.
Surge in number of chronic diseases to propel the market
According to the data published by the World Health Organization - the World Health Report 2002, reducing risks and promoting healthy life indicate that the mortality, morbidity, and disability attributed to the major chronic diseases currently account for almost 60% of all deaths and 43% of the global burden of disease. By 2020, their contribution is expected to rise to 73% of all deaths and 60% of the global burden of disease.
Moreover, 79% of the deaths attributed to these diseases occur in developing countries. Four of the most prominent chronic diseases – cardiovascular diseases (CVD), cancer, chronic obstructive pulmonary disease, and type 2 diabetes – are linked by common and preventable biological risk factors, notably high blood pressure, high blood cholesterol, overweight, and by related major behavioral risk factors such as unhealthy diet, physical inactivity, and tobacco use. Action to prevent these major chronic diseases should focus on controlling these and other key risk factors in a well-integrated manner.
Key benefits of the report:
- This study presents the analytical depiction of the global medication management market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global medication management market share.
- The current market is quantitatively analyzed to highlight the global medication management market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global medication management market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Medication Management Market Report Highlights
| Aspects | Details |
 By System |
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 By Service |
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 By Mode of Delivery |
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 By End User |
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 By Region |
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 Key Market Players | Meditech, Siemens Healthcare (Subsidiary Of Siemens Ag),, Omnicell, Inc., Mckesson Corporation,, Carefusion Corporation,, GE Healthcare (A Division Of General Electric Company),, Cerner Corporation,, Optum Inc.,, Allscripts Healthcare Solutions, Inc.,, Quadramed Corporation, |
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