Global Medication Error Reporting Market

Report ID : 1053 | Published : 2021-07-20 | Pages: | Format: PDF/EXCEL

Medication errors, broadly defined as any error in the prescribing, dispensing, or administration of a drug, irrespective of whether such errors lead to adverse consequences or not, are the single most preventable cause of patient harm. A medication error is a preventable event that may cause or lead to inappropriate medication use or patient while the medication is in the control of the health care professional, patient, or consumer. The majority of medication errors occur as a result of poor prescribing, emphasizing the need to improve prescribing skills. The medication error increases morbidity, mortality, cost burden and decreases the patient’s confidence in the healthcare systems. Medication errors can be classified as Knowledge-Based Error, Rule-Based Error, Action Based Error, and Memory Based Error. Patient safety has become a priority for almost all major healthcare systems across the globe. The rising incidence of medical errors and the growing need to adhere to regulatory guidelines are primarily driving the market growth. Growing awareness of patient safety and the Increasing need to curb increasing health care costs are anticipated to fuel the demand for the product in developing countries. Moreover, Information technology plays a vital role in the prevention and reduction of medical errors in healthcare organizations, emphasizing increased patient safety. The emergence of such technologies serving numerous healthcare organizations meet the new healthcare paradigm is expected to drive market growth.

 

The global Medication Error Reporting market is categorized on the basis of error, occurrence, and region. On the basis of error Type, the market is segmented into Knowledge-Based Error, Rule-Based Error, Action Based Error, and Memory Based Error. On the basis of Occurrence Type, the market is segmented into Hospitals, Community Pharmacies, and Multinational Retail Groups. Based on region, the market is studied across North America, Asia-Pacific, Europe, and LAMEA. On the other hand, Asia-Pacific is expected to dominate the market during the analysis of the forecast period.

The report further identifies detailed competitive intelligence of The 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., and Other Prominent Players.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Medication Error Reporting Market Snapshot

Chapter 4. Global Medication Error Reporting Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis of Key Medication Error Reporting Companies

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Major Investment, Partnerships and Collaborations in Medication Error Reporting Research

Chapter 5. Market Segmentation 1: Error Type Estimates & Trend Analysis

5.1. Error Type & Market Share, 2020 & 2028

5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2028 for the following Error Type:

5.2.1. Knowledge Based Error

5.2.2. Rule Based Error

5.2.3. Action Based Error

5.2.4. Memory Based Error

Chapter 6. Market Segmentation 2: Occurrence Estimates & Trend Analysis

6.1. Occurrence & Market Share, 2020 & 2028

6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2028 for the following Occurrence:

6.2.1. Hospitals

6.2.2. Community Pharmacies

6.2.3. Multinational Retail Groups

Chapter 7. Medication Error Reporting Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Medication Error Reporting Market revenue (US$ Million) estimates and forecasts by Error Type, 2020-2028

7.1.2. North America Medication Error Reporting Market revenue (US$ Million) estimates and forecasts by Occurrence, 2020-2028

7.1.3. North America Medication Error Reporting Market revenue (US$ Million) estimates and forecasts by country, 2020-2028

7.2. Europe

7.2.1. Europe Medication Error Reporting Market revenue (US$ Million) by Error Type, 2020-2028

7.2.2. Europe Medication Error Reporting Market revenue (US$ Million) by Occurrence, 2020-2028

7.2.3. Europe Medication Error Reporting Market revenue (US$ Million) by country, 2020-2028

7.3. Asia Pacific

7.3.1. Asia Pacific Medication Error Reporting Market revenue (US$ Million) by Error Type, 2020-2028

7.3.2. Asia Pacific Medication Error Reporting Market revenue (US$ Million) by Occurrence, 2020-2028

7.3.3. Asia Pacific Medication Error Reporting Market revenue (US$ Million) by country, 2020-2028

7.4. Latin America

7.4.1. Latin America Medication Error Reporting Market revenue (US$ Million) by Error Type, (US$ Million)

7.4.2. Latin America Medication Error Reporting Market revenue (US$ Million) by Occurrence, 2020-2028

7.4.3. Latin America Medication Error Reporting Market revenue (US$ Million) by country, (US$ Million) 2020-2028

7.5. Middle East & Africa

7.5.1. Middle East & Africa Medication Error Reporting Market revenue (US$ Million) by Error Type, (US$ Million)

7.5.2. Middle East & Africa Medication Error Reporting Market revenue (US$ Million) by Occurrence, (US$ Million)

7.5.3. Middle East & Africa Medication Error Reporting Market revenue (US$ Million) by country, (US$ Million) 2020-2028

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. The Patient Safety Company

8.2.2. Datix Ltd

8.2.3. Health Catalyst Inc.

8.2.4. QUANTROS, Inc.- Merged with RL Datix

8.2.5. Clarity Group, Inc.

8.2.6. Smiths Medical, Inc.

8.2.7. Verge Solutions, LLC

8.2.8. Prista Corporation

8.2.9. TapRoot Systems

8.2.10. Healthicity, LLC

8.2.11. Riskonnect Inc.

8.2.12. Smartgate Solutions

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

8.2.14. Conduent Inc.

8.2.15. Other Prominent Players

Global Medication Error Reporting Market Segmentation

 

Global Medication Error Reporting Market by Error Type

  • Knowledge-Based Error
  • Rule-Based Error
  • Action Based Error
  • Memory Based Error

Global Medication Error Reporting Market by Occurrence

  • Hospitals
  • Community Pharmacies
  • Multinational Retail Groups

Global Medication Error Reporting Market-Based on Region

Europe

  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe

North America

  • U.S.
  • Canada

Asia Pacific

  • India
  • China
  • Japan
  • South Korea
  • Australia & New Zealand

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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