Overview

Global Medication Error Reporting Market is estimated to value over USD 788.3 million by 2026 end and is expected to register a CAGR of 11.7% over the forecast period 2019 to 2026.

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 Verge Health, Smiths Medical, Clarity Inc., Quantros, RL and The Patient Safety Co.

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

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