Europe Medication Management System Market

Europe Medication Management System Market Size (2023 To 2028)

The size of the European medication management system market is anticipated to be valued at USD 1.12 billion by 2028 from USD 720 million in 2023, growing at a CAGR of 9.13% from 2023 to 2028.

The growing geriatric population and the increasing patient population suffering from chronic diseases in Europe are majorly propelling the European medication management system market growth. Owing to low intake of nutritious foods and reduced body workout due to joint pains, many aged people are suffering from various types of diseases. As per a survey, more than 40 % of the population in the United Kingdom is suffering from at least one chronic disease and 15% of the population is suffering from two or more chronic diseases. Currently, medication management plays a major role in providing the correct medication to the individual and reducing adverse drug events.

The growing number of investments by the hospitals and increasing adoption of advanced technologies by the healthcare sector in Europe are further fuelling the growth rate of the European medication management system market. Medication plays a major role in the treatment process for every patient in the hospital. The administration of appropriate medication as per the prescription given to the patient in the hospital is extremely important to avoid serious side effects after using the medication. Medication management software helps with scheduling medication, medication reminders, medication dispensing, dosage, tracking and others.

Manufacturers are focusing on the development of cost-affordable medication management systems that every hospital and clinic can afford and provide better treatment to the patients. They are using advanced technologies to overcome some of the issues with the medication management system. Increasing investment by the government, public and private sectors for healthcare development, increasing research and development, increasing clinical trials and increasing software or system approvals are the other factors that help the market growth in this region. Additionally, the reduction in pharmacy and nurse staff also demands a medication management system in the hospitals and the pharmacy sectors.

On the other hand, the high costs associated with the medication management system software and the high maintenance are primarily hampering the growth of the European medication management system market. Lack of awareness about the medication management systems among the population is another factor that hampers the market growth during the forecast period. The lack of high investment in hospitals and the pharmacy also challenges the market growth in this region.

This research report on the Europe medication management system market has been segmented and sub-segmented into the following categories.

By Software:

• Computerized Physician Order Entry
• Clinical Decision Support System Solutions
• Electronic Medication Administration Record
• Inventory Management Solutions
• Others

By Mode of Delivery:

• On-premises
• Web-based
• cloud-based

By End-User:

• Pharmacies
• Hospitals
• Others End-User

By Country:

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Europe accounted for the second biggest share of the worldwide market in 2021 and is predicted to grow at a noteworthy CAGR during the forecast period owing to the growing number of advancements in healthcare infrastructure such as the adoption of various novel software and devices for patient safety. Many hospitals in Europe are adopting medication management systems that help to reduce medication errors for patients that may occur due to the high inflow of patients in the hospitals.

The medication management system market in Germany is predicted to occupy the leading share of the European market during the forecast period owing to the rising awareness about the medication management system. Healthcare organizations and major key players are advertising the benefits of the medication management system driving the German market growth.

During the forecast period, the UK medication management system market is predicted to witness a healthy CAGR. In the UK, most care homes are using the mediation management system which is the main factor for market growth. Care homes are the places where patients take treatment for a certain period to reduce their illness. During the treatment process in the care home, medication management, the alert system, and the correction of medication play a major role. To ease the work for caretakers, care homes are adopting medication management systems, which is boosting the market growth in the UK.

KEY MARKET PLAYERS:

AllScripts Healthcare Solutions, Inc. (A-S Medication Solutions), Siemens AG, Becton, Dickinson and Company, Cerner Corporation, General Electric (GE) Co., McKesson Corporation, UnitedHealth Group, Inc. (Optum, Inc.), Omnicell, Inc., Kuka AG (Talyst, LLC) and ARxIUM, Inc. are some of the notable companies in the European medication management system market.