In an effort to curb the troubling rate of medication errors across the global landscape, government agencies as well as private organizations are ramping up efforts to augment the medication management platforms and resources they’ve either brought to market already or plan to do so in the future.
As of the most recent industry data available, the medication management market is presently worth $845 million. But based on the projections from a new MarketsandMarkets.com report, by 2019, the market will be worth in excess of $1.6 billion.
“The North American market is estimated to contribute the largest share 63.4% to the global medication management systems market in 2014. This would be followed by Europe, Asia-Pacific, and the Rest of the World, in that order,” reads the report summary.
The U.S. dominated the North American market in 2014, propelling the growth of this region. In Europe, the market was majorly dominated by Germany and the U.K. in 2014.
The data indicates that an increase in government funding and budget allocations to the healthcare sector, and the rising adoption of healthcare IT “are anticipated to help the growth of medication management technologies, with Germany being the front runner in Europe.”
To learn more about the new report, click here.