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.

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

Table of Contents

1.      Introduction

1.1.     Scope and Objective

1.2.     Assumptions and Acronyms

1.3.     Forecast Factors

1.4.     Research Methodology

2.      Executive Summary

2.1.     Industry Cluster Analysis

2.2.     Key Insights

3.      Market Definition

3.1.     Medication Error Definition

3.2.     Market Segmentation

4.      Global Medication Error Reporting Market Overview

4.1.     Global Market Revenue (USD Mn)

5.      Key Inclusions

5.1.     Dynamics

5.2.     Trends

5.3.     Regulatory Scenarios - National Level Surveillance Programs

6.      Global Medication Error Reporting Market Revenue (USD Mn), 2020-2027 by Error Type

6.1.     Key Findings

6.2.     Market Revenue (USD Mn) Assessment and Forecast by Error Type, 2020-2027

6.2.1         Knowledge based error

6.2.2         Rule based error

6.2.3         Action based error

6.2.4         Memory based error

7.      Global Medication Error Reporting Market Revenue (USD Mn), 2020-2027 by Occurrence

7.1.     Key Findings

7.2.     Market Revenue (USD Mn) Assessment and Forecast by Occurrence, 2020-2027

7.2.1         Hospitals

7.2.2         Community Pharmacies

7.2.3         Multinational Retail Groups

8.      Global Medication Error Reporting Market Revenue (USD Mn), 2020-2027 by Region

8.1.     Key Market Findings

8.2.     Market Revenue (USD Mn) Assessment and Forecast by Region,2027

8.2.1         North America

8.2.2         Benelux

8.2.3         Asia Pacific

8.2.4         Middle East

9.      North America Medication Error Reporting Market Revenue (US$ Mn), 2020-2027

                              9.1.      Key Findings

                              9.2.      Market Revenue (USD Mn) Assessment and Forecast by Country, 2020-2027

                             9.2.1         US

                              9.3.      Market Revenue (USD Mn) Assessment and Forecast by Error Type, 2020-2027

          9.3.1          Knowledge based error

                            9.3.2          Rule based error

                            9.3.3          Action based error

                            9.3.4          Memory based error

                              9.4.      Market Revenue (USD Mn) Assessment and Forecast by Occurrence, 2020-2027

                            9.4.1         Hospitals

                            9.4.2         Community Pharmacies

                            9.4.3         Multinational Retail Groups

10.  Benelux Medication Error Reporting Market Revenue (US$ Mn), 2020-2027

                            10.1.    Key Findings

                            10.2.    Market Revenue (USD Mn) Assessment and Forecast by Country, 2020-2027

                            10.2.1     Belgium

                            10.2.2     Netherland

                             10.2.3     Luxembourg

                            10.3.    Market Revenue (USD Mn) Assessment and Forecast by Error Type, 2020-2027

                            10.3.1      Knowledge based error

                            10.3.2      Rule based error

                           10.3.3      Action based error

                           10.3.4      Memory based error

                            10.4.    Market Revenue (USD Mn) Assessment and Forecast by Occurrence, 2020-2027

                            10.4.1      Hospitals

                            10.4.2      Community Pharmacies

                            10.4.3  Multinational Retail Groups

11.  Asia Pacific Medication Error Reporting Market Revenue (US$ Mn), 2020-2027

                            11.1.    Key Findings

                            11.2.    Market Revenue (USD Mn) Assessment and Forecast by Country, 2020-2027

                           11.2.1     Japan

                           11.2.2     China

                           11.2.3     India

                           11.2.4     Australia

                           11.2.5     ASEAN-5

                           11.2.6     Rest of Asia

                            11.3.    Market Revenue (USD Mn) Assessment and Forecast by Error Type, 2020-2027

                           11.3.1      Knowledge based error

                           11.3.2      Rule based error

                           11.3.3      Action based error

                           11.3.4 Memory based error

                            11.4.    Market Revenue (USD Mn) Assessment and Forecast by Occurrence, 2020-2027

                           11.4.1  Hospitals

                           11.4.2  Community Pharmacies

                            11.4.3  Multinational Retail Groups

12.  Middle East Medication Error Reporting Market Revenue (US$ Mn), 2020-2027

                            12.1.    Key Findings

                            12.2.    Market Revenue (USD Mn) Assessment and Forecast by Country, 2020-2027

12.2.1     United Arab Emirates

                            12.3.    Market Revenue (USD Mn) Assessment and Forecast by Error Type, 2020-2027

                            12.3.1      Knowledge based error

                            12.3.2      Rule based error

                            12.3.3      Action based error

                            12.3.4     Memory based error

                            12.4.    Market Revenue (USD Mn) Assessment and Forecast by Occurrence, 2020-2027

                            12.4.1      Hospitals

                            12.4.2      Community Pharmacies

                            12.4.3      Multinational Retail Groups

13. Company Profiles (Product Portfolio, SWOT Analysis, Financials and Competitive Matrix)

1. The Patient Safety Company

2. Datix Ltd

3. Health Catalyst Inc.

4. QUANTROS, Inc.- Merged with RL Datix

5. Clarity Group, Inc.

6. Smiths Medical, Inc.

7. Verge Solutions, LLC

8. Prista Corporation

9. TapRoot Systems

10. Healthicity, LLC

11. Riskonnect Inc.

12. Smartgate Solutions

13. Riskqual Technologies - (A part of Thoma Bravo LLC)

14. Conduent Inc.

14.  Competitive Intelligence

15.  Research Sources & Primary Verbatim

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