MEDICATION MANAGEMENT SYSTEM MARKET ANALYSIS

Medication Management System MarketSize and Trends

Increasing medication error and pool of geriatric patient to drive growth of the medication management system market worldwide

According to the World Health Organization (WHO) report in 2017, medication error costs US$ 42 billion annually worldwide. This figures suggest increasing demand for medication management system as essential part of an overall healthcare infrastructure. As per the World Population Prospect, 2017, Revision report by United Nations, in 2017, around 962 million people under geriatric category, which would demand for rising primary healthcare and long term care. This population is likely to face adverse drug event due to likely chance of error made by them in administering medicine, which can be minimized by using medication management system. This would propel the growth for the global medication management system. According to WHO Factsheet, by 2020, about 73% of global deaths would be from chronic disease such as cancer, cardiovascular disease or diabetes, which requires long term medication with efficient medication dispensing and continuous patient monitoring, which can be done effectively through medication management system. According to the report published by International Pharmaceutical Federation in 2017, among 74 surveyed economies, 55.73% of prescription medicines are sold through hospital pharmacy. Increased use of IT technology for operational efficiency, lack of trained pharmacist and nurses is expected to boost growth of the medication management system market.