Increasing Cases of Medication Errors and Launch of Personalized Real-Time Medication Management Systems to Augment Growth of Medication Management System Market

Medication Management System Market


 Medication management system is designed to help doctors and other healthcare providers to make better-quality decisions about their patients' medications, thereby helping them avoid prescribing medications that may do nothing to improve a patient's condition. This helps reduce unnecessary costs for health insurance companies and hospitals, which can lead to higher patient care costs overall.

Market Dynamics

Increasing cases of medication errors is expected to propel growth of the medication management system market. For instance, in 2019, according to Accreditation Association for Ambulatory Health Care, medication errors account for 3.5 million physician office and 1 million emergency room visits per year. Moreover, preventable medication errors generate nearly US$ 21 billion in associated healthcare costs annually and affect over 7 million patients.

Moreover, launch of personalized real-time medication management and healthcare systems is also expected to aid in growth of the medication management system market. For instance, in August 2019, Pharmazam, LLC., a biotech licensed healthcare technology firm delivering personalized medicine and healthcare management solutions, launched personalized real-time medication management and healthcare system.

Expansion of medication management capabilities is expected to offer lucrative growth opportunities for players in the medication management system market. For instance, in August 2019, DoseMe, a precision dosing software subsidiary of Tabula Rasa HealthCare, Inc., partnered with Bainbridge Health, a Children’s Hospital of Philadelphia spin-off, to expand medication management capabilities to health system(s).

Moreover, initiatives to digitize and automate medication management is also expected to aid in growth of the market. For instance, in July 2019, Spartanburg Regional Healthcare System, an integrated healthcare delivery network in South Carolina and North Carolina, selected Omnicell solutions to support pharmacy services and medication management at the flagship research and teaching hospital, Spartanburg Medical Center, as well as the newly acquired Mary Black campuses.

Competitive Analysis

Major players operating in the medication management system market include, Becton, Dickinson and Company, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Omnicell, Inc., Cerner Corporation, Medisafe, Siemens Healthcare, Genoa Healthcare Inc., Swisslog Healthcare, GE Healthcare, Tabula Rasa HealthCare, Inc., and QuadraMed Affinity Corporation.

Major players operating in the medication management system market are focused on adopting partnership strategies to enhance their market share. For instance, in April 2019, Medisafe, a digital medication adherence app, partnered with Amerisource Bergen’s The Lash Group, LLC, a provider of patient support services and technologies, in order to integrate the former’s management app into the latter’s hub services. The partnership seeks to help patients manage their medications and identify patients who need extra support. 

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