Reports: Medication, Workforce Management Markets To Grow
August 14, 2014 in News
The global market for medication management systems is projected to grow at a compound annual growth rate of 14% between 2014 and 2019, according to a new MarketsandMarkets report, FierceHealthIT reports.
For the report, researchers divided the market into three categories of “modes of delivery,” including:
- On-premises; and
They also categorized the market by software, including:
- Administrative tools;
- Assurance system software;
- Automated dispensing systems;
- Clinical decision support systems;
- Computerized physician order entry; and
- Inventory management tools (Bowman, FierceHealthIT, 8/11).
Overall, the report projected that the medication management system market will increase from its current value of $845 million to more than $1.6 billion by 2019.
The report noted that the North America market is expected to contribute the largest share — about 63% — to the global medication management systems market in 2014.
Researchers identified several major factors that are expected to drive growth in the medication management market, including:
- A need for health care cost reductions;
- A growing aging and elderly population; and
- Improved health care management.
The report described the medication management market as fragmented, noting that some of the leading vendors accounted for more than 60% of the industry. Those vendors include:
- CareFusion Corporation;
- McKesson; and
- Siemens Healthcare (MarketsandMarkets report , August 2014).
Global Market for Workforce Management Systems
In a separate report, MarketsandMarkets projected that the global workforce management system market will grow at a compound annual growth rate of 13.8%, increasing from $761 million in 2014 to $1.4 billion in 2019, EHR Intelligence reports.
The report noted that a growing emphasis on patient safety and care in the U.S. health system will encourage industry leaders to further leverage new management technologies in order to create, manage and evaluate their workforce (Bresnick, EHR Intelligence, 8/12).
In addition, the report described the workforce management market as “highly consolidated,” with the top five vendors accounting for more than 70% to 75% of the industry (MarketsandMarkets report , August 2014).