Global Medication Error Reporting Market is Estimated to Value Over USD 788.3 Million by 2026 End

  • 15 Aug 2019

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.

There has been a rise in the trend of self-medication, especially by the geriatric population, which has increased the overall consumption of medicines. Therefore, the issue of medication safety and its prescribed consumption is at the forefront of public health concerns globally. These are some integral factors responsible for the growth of the medication error reporting market.

According to the report published by the Institution of Medicine (IOM), around 44,000 to 98,000 people die owing to medication errors, making it the eighth leading cause of deaths in the United States. Medication errors account for over 25% of all medical mistakes in the United States which include serious and sometimes malignant complications.

Efficient use of error detection systems, appointing skilful staff in intensive care units, meticulous use of information technology are some factors that bolster the market position.

Knowledge-Based Error Segment Dominates the Market

Knowledge-based error segment is projected to lead the market during the forecast period. Difficulty in accessing the right drug-dosage information and gap in communication with senior staff are the factors contributing to the segment growth. Bar-coded medication systems, computerised prescription systems and cross-checking performed by nurses and pharmacists can curb down these errors.

Action-based errors mainly occur due to lack of attention during routine prescribing, drug or dispensing administration. Other reasons for this to happen are misreading of medicine names and improper medicine labelling. These errors can be minimised by performing cross-checks by pharmacists and nurses, writing medicine names in ‘Tall Man’ lettering to prevent misreading of labels and avoiding distractions. Technical error is a sub-set of action-based error and it generally comprises of misinterpretation of medicine proportion. This error can be avoided by using fail-safe systems, computerised reminders and checklists.

Memory-based errors, or lapses, have serious repercussions as giving away wrong medications can cause serious health issues and even deaths. This problem can be resolved by implementing a computerised prescribing system and by cross-checking.

The hospital segment is expected to dominate the market owing to the quality and the number of staff personnel in hospitals. Such an infrastructure can prevent medication errors like memory-based errors or action based errors.

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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