Overview

Medication Error Reporting Market Introduction:

Global Medication Error Reporting Market is estimated to value over USD 788.3 million by 2027 end and is expected to register a CAGR of 11.7% over the forecast period 2020 to 2027.

Minimizing medication errors is the primary agenda of nations across the world, with patient safety as the point of focus. Healthcare professionals are facing daily challenges for efficiently managing clinical operations, reducing costs and streamlining workflow. Therefore, the demand for automated solutions has been on a rise in recent years. A rising number of prescriptions has burdened care providers with maintaining the quality of prescription management and keeping medication error numbers to a bare minimum. However, this burdening and lack of automation can cause human errors in prescribing medicine which can prove fatal. This rise in the number of prescriptions is one instrumental factor that drives market growth. Moreover, a dearth of healthcare professionals and pharmacists shall further augment the market growth and increase the adoption of IT solutions in the healthcare sector.

Hospitals are massively investing in automated solutions to streamline clinical processes by purchasing new software for managing workflow, thus bolstering market growth. Saudi German Hospital-Dubai integrated automation in its medication workflow management with the assistance of Omnicell’s solutions. Various policies, reforms and initiatives are being undertaken by governments to increase the promotion of healthcare IT worldwide, which will propel the market growth. The initiative of the German National Medication Plan is focussed on the enhancement of medication management in pharmacies and hospitals in Germany. Such initiatives will assist in the proliferation of the market.

The North American region dominates the market and is expected to witness a similar growth trend during the forecast period. It is followed by Europe which is anticipated to surpass the North American region during the forecast period. The physicians and nurses in Europe are liable for medication errors and this liability depends on the intensity of medication error which ranges from temporary suspension of license to legal charges. In Belgium, medication error liabilities are classified under civil as well as criminal liability. The Middle East region has immense potential for the market to grow. The United Arab Emirates have some strict regulations regarding medication errors which can range from hefty penalties to imprisonment depending on the intensity of the error.

Some of the key market players are Patient Safety Company, Datix Ltd, Health Catalyst Inc., QUANTROS, Inc.- (Merged with RL Datix), Clarity Group, Inc., Smiths Medical, Inc., Verge Solutions, LLC, Prista Corporation, TapRoot Systems, Healthicity, LLC, Riskonnect Inc., Smartgate Solutions, Riskqual Technologies (A part of Thoma Bravo LLC), Conduent Inc.

Medication Error Reporting Market

Global Medication Error Reporting Market Segmentation:

By Error Type

Knowledge Based Error
Rule Based Error
Action Based Error
Memory Based Error

By Occurrence

Hospitals
Community Pharmacies
Multinational Retail Groups

By Region

North America
Benelux
Asia Pacific
Middle East

Competitive Landscape:

Tier 1 players- established companies in the market with a major market share
Tier 2 players
Emerging players which are growing rapidly
New Entrants

FutureWise Key Takeaways:

Growth prospects
SWOT analysis
Key trends
Key data-points affecting market growth

Objectives of the Study:

To provide with an exhaustive analysis on the medication error reporting market by error type, by occurrence and by region
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)— North America, Benelux, Asia Pacific and Middle East
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financials and core competencies