Market Trends of Medication Management System Industry
This section covers the major market trends shaping the Medication Management System Market according to our research experts:
Clinical Decision Support System Solutions Segment is Expected to Hold a Major Market Share
Clinical Decision Support Systems (CDSS) refer to a healthcare IT system designed to assist clinical decision support for healthcare professionals and physicians. CDS comprises various tools which help to enhance decision-making in the clinical workflow. These tools include automatic alerts and reminders to care providers and patients, clinical guidelines, focused patient data reports and summaries, diagnostic support, and documentation templates, among other tools.
The growing need for reducing human errors, the rising demand to reduce healthcare expenditure, the need for improvement in quality of care, the increasing chronic disease population, and more adoption rate in emerging economies are the major factors that are likely to boost the growth of the clinical decision support system solutions segment.
During the COVID-19 pandemic, there was an increasing demand for implementing Clinical Decision Support Systems (CDSS) in India. According to a January 2022 article by ETHealthWorld, India faced a rise in the need for Clinical Decision Support Systems during the COVID-19 pandemic. Eventually, with the updated information, revised protocols, and updated articles, CDSS was widely used in the country after the end of the pandemic period. Moreover, CDSS can be integrated into the Electronic Health Record systems for individual patients, which makes it easier for healthcare professionals to maintain patient data. Also, CDSS assists in providing drug interactions, enabling health practitioners to dose and combine the prescriptions effectively. Such advantages of CDSS are expected to boost the growth of the studied segment over the forecast period.
The key market players play a vital role in the growth of the CDSS segment over the forecast period. For instance, in July 2022, Qiagen indicated that its clinical decision support platform, QIAGEN Clinical Insights (QCI), had been used to interpret more than three million patient molecular profiles for hereditary and oncological diseases. The QCI portfolio is an integrated, universal solution for secondary and tertiary analysis in molecular pathology, clinical genetics, and translational research that can be used with any sequencing platform. The wide use of such CDSS platforms is expected to propel the market segment's growth significantly over the forecast period.
Thus, the CDSS segment will witness substantial growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and is Expected to do Same During the Forecast Period
North America has dominated the medication management market owing to the robust adoption of IT in healthcare, technological advancement, and an increase in the incidence of infectious and chronic diseases. The rise in the number of prescriptions in the region is one of the key factors responsible for the region's dominance.
This can be attributed to high awareness of new technologies, the presence of a large number of small- and medium-scale players who offer medication management solutions to various hospitals and pharmacies, and a shortage of primary care physicians. For instance, in March 2022, Hamilton Beach Brands, Inc. and HealthBeacon plc launched the Smart Sharps Bin Injection Care Management System in the United States. The Smart Sharps Bin offers intelligent medication management reminders, tracks injection adherence, provides 24/7 live customer care, and provides for the safe and convenient disposal of used syringes through the United States Postal Service's approved mail-back program. Such product launches in the region are likely to boost the growth of the medication management system in the North American region over the forecast period.
The rising healthcare expenditure in the region is also expected to boost the market growth in the region. For instance, according to the CIHI data published in November 2021, the total health spending in Canada was projected to reach USD 308 billion in the year 2021, representing over 12.7% of the nation's total gross domestic product.
Thus, owing to the above factors, North America is expected to show growth in the medication management systems market over the forecast period.
