The rise in geriatric population is anticipated to create high demand in global medication therapy management market over the forecast years. Countries across the globe are experiencing rise in the number and proportion of older people which is anticipated to impact the consumption behavior across various sectors including healthcare. United Nations stated in their World Population Prospects of 2019, that world’s population older than 60 years is anticipated to nearly double from 11% in 2019 to 16% in 2050, with Europe and North America at the forefront of this trend. Elderly population generates highest demand for healthcare services and products. Moreover, the mortality rate is also high in this age group, thereby requiring personalized care and treatment. Medication therapy management is a wide array of healthcare services provided by pharmacists and medication experts as an effective tactic to reduce medication errors. Through medication therapy management, medication experts can perform detailed medication analysis to identify, resolve, and prevent medication-related problems, including adverse drug events. On recognizing the lucrative growth opportunities in medication therapy management, the industry players are undertaking strategic investments to expand their offerings. For instance, Cardinal Health acquired Mirixa Corporation in January 2019 to enhance their pharmacy services network and formed a new entity, OutcomesMTM, operating under Cardinal’s leadership. Thus, the potential application of medication therapy management to cater the growing geriatric population across the continents is attracting aggressive investments from industry players and hence, is anticipated to drive the global medication therapy management market over the forecast period.
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Medication therapy management is especially effective for patients with chronic illnesses who consume multiple medications from various prescribers and undergo complex therapies amounting for high healthcare related spending. Illnesses such as asthma, diabetes, obesity and others require frequent medication. There is a steep rise in number of patients suffering from these illnesses due to sedentary lifestyle of the urban residents. For instance, a recent report published by Centers for Disease Control and Prevention (CDC) of the U.S stated that in 2018 around 26.9 million U.S citizens had diabetes which increased to around 34.2 million U.S citizens by end of 2019. This has mandated community health centers to adopt medication therapy management for treatment of patients with complex and critical medical history.. The recent outbreak of COVID-19 epidemic is anticipated to create an upsurge in demand for medication therapy management services to monitor the medication response of growing number of patients. The market participants are undertaking initiatives to cater more efficiently to the increasing demand. For instance, Relex Health arranged a 100% fill of their medication stocks to cater their patient base for 60 days. Thus, the rising prevalence of chronic illnesses in global population is anticipated to fuel the demand for solutions and services in global medication therapy management market over the forecast period.
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In terms of revenue, global medication therapy management market was valued at US$ 393.19 Mn in 2018 and is anticipated to grow at a CAGR of 8.83% over the forecast period and reach US$ 838.70 Mn by 2027. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
The detailed research study provides qualitative and quantitative analysis of medication therapy management market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- The global medication therapy management market was valued at US$ 393.19 Mn in 2018 and is anticipated to grow at a CAGR of 8.83% over the forecast period owing to the technological advancements to effectively curb medication errors.
- Based on type, solutions accounted for a significant share of global medication therapy management market in 2018. Based on the type of end user, healthcare payers are anticipated to grow notably in global medication therapy management market owing to upcoming economic solutions for newer medication experts.
- North America held the highest market share in global medication therapy management market in 2018. Asia Pacific is expected to register the highest compound annual growth rate (CAGR) over the period of next eight years owing to strategic investments undertaken by key industry players in global medication therapy management market.
- Some of the players operating in the medication therapy management market are AdhereHealth, LLC, Agadia Systems, Inc., Aprexis HS LLC, AssureCare, LLC, , Cardinal Health, Cerner Corporation, CSS Health, First Databank, Inc., GemCare Wellness, General Electric Company, Healthcare Fiscal Management, Inc., IQware Solutions, Magellan Health, Inc., McKesson Corporation, , Omnicell, Inc., Cardinal Health (Outcomes Inc.), Tabula Rasa HealthCare (Sinfonia Rx) and Centene Corporation (WellCare) amongst others.
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Global Medication Therapy Management Market:
- By Type
- Software
- Services
- Medication Therapy Reviews
- Pharmacotherapy Consults
- Disease Management Support
- Pharmacogenomics Applications
- Anticoagulation Management
- Medication Safety Surveillance
- Other Clinical Services
- By End User
- Pharmacies
- Healthcare Payers
- By Region
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
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