The Global Medication Therapy Management Market Research Report by Absolute Markets Insights is an inclusive coverage of drivers, trends, analysis, opportunities, and restraints of the landscape. The study aims to offer a key in-road for potential investors to understand the growth opportunities, and potential challenges in the market. In order to do so, the Medication Therapy Management market report includes growth, size, share, historical progression, future projections, and cost, revenue, and value chain analysis. The report will cover competitive challenges in the global landscape with a keen eye on prevailing market strategies, growth stories, leading products, geographies, and more.
In terms of revenue, global medication therapy management market was valued at US$ 393.19 Mn in 2020 and is anticipated to grow at a CAGR of 8.83%+ over the forecast period and reach US$ 838.70 Mn by 2030. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
Key Players Influencing the Medication Therapy Management Market: 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.
The report covers key developments in the Medication Therapy Management market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players are anticipated to lucrative growth opportunities in the future with the rising demand for Medication Therapy Management market in the global market. The report also provides exhaustive PEST analysis for all regions considered in the Global Medication Therapy Management Market Report. The study has classified the market into segments including product type, application & more. Every segment is evaluated based on share and growth rate. Besides, the analysts have studied the potential regions that may prove rewarding for the manufacturers in the coming years. The regional analysis includes reliable predictions on value and volume, thereby helping market players to gain deep insights into the overall industry. Besides segmental breakdown, the report is highly structured into a region-wise study. The researchers’ regional analysis highlights key regions and their dominating countries accounting for substantial revenue share in the Medication Therapy Management market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR.
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.
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.
Global Medication Therapy Management Market:
- Medication Therapy Reviews
- Pharmacotherapy Consults
- Disease Management Support
- Pharmacogenomics Applications
- Anticoagulation Management
- Medication Safety Surveillance
- Other Clinical Services
By End User
- Healthcare Payers
- North America [U.S., Canada, Mexico]
- Europe [Germany, UK, France, Italy, Rest of Europe]
- Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
- South America [Brazil, Argentina, Rest of Latin America]
- Middle East & Africa [GCC, North Africa, South Africa, Rest of the Middle East and Africa]
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