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 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 grow...