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Medication Error Reporting Market

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.<br><br>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 streamlining workflow, efficiently managing clinical operations and reducing costs. Therefore, the demand for automated solutions has been on a rise in recent years. An increasing number of prescriptions has burdened care providers with maintaining the quality of managing prescriptions and keeping medication error numbers to a bare minimum. Nonetheless, 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.<br>There has been a rise in the trend of self-medication, especially by the geriatric population, which has increased the overall medicine consumption. Therefore, the medication safety issue and its prescribed consumption is at the forefront of public health concerns worldwide. These are some integral factors responsible for the growth of the global medication error reporting market.<br>Knowledge-based error segment is projected to lead the global medication error reporting 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.

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Medication Error Reporting Market

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  1. 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 streamlining workflow, efficiently managing clinical operations and reducing costs. Therefore, the demand for automated solutions has been on a rise in recent years. An increasing number of prescriptions has burdened care providers with maintaining the quality of managing prescriptions and keeping medication error numbers to a bare minimum. Nonetheless, 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. There has been a rise in the trend of self-medication, especially by the geriatric population, which has increased the overall medicine consumption. Therefore, the medication safety issue and its prescribed consumption is at the forefront of public health concerns worldwide. These are some integral factors responsible for the growth of the global medication error reporting market. Knowledge-based error segment is projected to lead the global medication error reporting 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. Understanding markets and consumer mindsets is what differentiates great companies from good ones. Every index for industry leadership lists companies that strategise based on the right current and forecast data. At FutureWise, we provide the latest and most pertinent information to organizations, using the latest market research methodologies. We specialise in high-growth niche markets, assuring flexibility, agility and customized solutions for our clients. Through in-depth market insights and consultancy, we present our clients with the tools they need to be at the forefront of their industry – a position secured for far more than the near future.

  2. Healthcare and life sciences verticals are unprecedented and dynamic. FutureWise with its unique services model is supporting their clients to overcome such challenges and foresee the disruption, which may affect their business. To strengthen your business position, and stay ahead of the competition- consult with our healthcare research experts.

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