Overview


According to FutureWise analysis the market for Medication Error Reporting in 2023 is US$ 0.54 billion, and is expected to reach US$ 1.62 billion by 2031 at a CAGR of 14.72%.

Medication errors are the single most preventable cause of patient harm, which are widely defined as any mistake made in the prescription, dispensing, or administration of a drug, regardless of whether such mistakes result in negative outcomes or not. A medication error is an avoidable occurrence that could result in or lead to a patient using a drug inappropriately while it is under the care of a medical practitioner, patient, or consumer. The need to develop better prescribing techniques is highlighted by the fact that the majority of drug errors are caused by inadequate prescription. The patient's trust in the healthcare system is lowered as a result of the pharmaceutical error, which also raises morbidity, mortality, and cost burden.

The entire method for using medications is susceptible to medication errors. For instance, when writing a prescription, putting data into a computer system, preparing or dispensing medication, or giving or administering it to a patient. Each year, more than 100,000 complaints of suspected medication errors are sent to the U.S. Food and Drug Administration (FDA). FDA researches methods to stop medication errors. The FDA examines the drug name, labelling, packaging, and product design before drugs are authorised for marketing to find and correct information that could lead to medication errors.

FutureWise Market Research has published a report that provides an insightful analysis of medication error reporting market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry.

According to the analysis conducted by FutureWise research analysts, the medication error reporting market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.

  • 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.

(Note: The list of the major players will be updated with the latest market scenario and trends)

The rising number of prescriptions is one important factor fuelling industry expansion. The need for more doctors, nurses, and pharmacists will also drive market growth and the adoption of IT solutions in the healthcare sector. By implementing modern workflow management software, hospitals are making significant investments in automated solutions to improve clinical operations and foster industry growth. Governments are putting into effect a number of regulations, reforms, and measures to promote healthcare IT more broadly, which will promote sector growth. Due to the growing need to control rising healthcare costs and raise patient safety awareness, the market for the product is anticipated to grow in emerging countries. By preventing and minimising medical errors in hospitals and other healthcare facilities, information technology has a substantial impact on patient safety. Market growth is projected to be fuelled by the creation of such technologies that will aid several healthcare organisations in adapting to the new healthcare paradigm. In addition to expanding pharmacological intervention usage, effective marketing strategies, and self-medication, there is growing evidence of therapeutic agent effectiveness in older individuals. Medication administration errors persist despite efforts to eliminate them by introducing new technologies and streamlining procedures. For instance, health information technology (HIT) is known to lower prescribing errors, but it may also bring about new TGE relating to data entry, duplication of prescriptions, and prescriber alert fatigue. To accurately offer findings without error, technology still needs to be greatly improved due to technical errors in prescriptions for medications. These factors may lead to slow growth of medication error market.

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
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

This market research report also emphasis on factors affecting the growth rate in various regions listed above. A deep-down analysis of region will also be provided in the final version of this market which is based on conclusion of primary interviews and secondary data point gathered during the process.

By region, the market is segmented into North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. North America registered highest share in the market in 2022. Market expansion is being driven by the rising incidence of medical errors and the growing requirement to follow regulatory standards. The demand for the product in this region is anticipated to be driven by rising patient safety consciousness and the growing need to control rising healthcare costs. Additionally, advancement in technology to avoid such errors is also propelling the market of medication errors in the region. Globally, by error type, knowledge-based error accounts for 29.5% share in 2022. Similarly, by occurrence; hospital segment holds highest market share of 57.1% globally.


  • Tier 1 players- established companies in the market with a major market share
  • Tier 2 players
  • Emerging players which are growing rapidly
  • New Entrants

  • Growth prospects
  • SWOT analysis
  • Key trends
  • Key data-points affecting market growth

  • 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, Latin America, Europe, Asia Pacific and Middle East and Africa
  • 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

  • We have a flexible delivery model and you can suggest changes in the scope/table of content as per your requirement
  • The customization Mobility Care offered are free of charge with purchase of any license of the report
  • You can directly share your requirements/changes to the current table of content to: sales@futurewiseresearch.com

Table of Contents


  • 1.   Market Introduction
    •   1. Objectives of the Study
        2. Market Definition
        3. Market Scope
         3.1. Years Considered for the Study
         3.2. Market Covered
        4. Currency
        5. Limitations
        6. Stakeholders
  • 2.   Research Methodology
    •   1. Research Data
         1.1. Secondary Data
          1.1.1. Key Data from Secondary Sources
         1.2. Primary Data
          1.2.1. Key Data from Primary Sources
        2. Market Size Estimation
        3. Market Breakdown and Data Triangulation
        4. Assumptions for the Study
  • 3.   Executive Summary
    •   1. Market Outlook
        2. Segment Outlook
        3. Competitive Insights
  • 4.   Medication Error Reporting Market Variables, Trends and Scope
    •   1. Market Lineage Outlook
        2. Penetration and Growth Prospect Mapping
        3. Industry Value Chain Analysis
        4. Cost Analysis Breakdown
        5. Type Overview
        6. Regulatory Framework
         6.1. Reimbursement Framework
         6.2. Standards and Compliances

  • 5.   Market Overview
    •   1. Market Dynamics
         1.1. Market Driver Analysis
          1.1.1. Increasing focus of Medication Error Reporting Market Companies on Brand Protection
          1.1.2. Untapped Opportunities in Emerging Regions
         1.2. Market Restraint Analysis
          1.2.1. High Cost Associated with Implementation of Predictive Analysis
         1.3. Industry Challenges
          1.3.1. Presence of Ambiguous Regulatory Framework
  • 6.   Medication Error Reporting Market Analysis Tools
    •   1. Industry Analysis - Porter’s
         1.1. Supplier Power
         1.2. Buyer Power
         1.3. Substitution Threat
         1.4. Threat from New Entrants
         1.5. Competitive Rivalry
        2. Pestel Analysis
         2.1. Political Landscape
         2.2. Environmental Landscape
         2.3. Social Landscape
         2.4. Type Landscape
         2.5. Legal Landscape
        3. Major Deals And Strategic Alliances Analysis
         3.1. Joint Ventures
         3.2. Mergers and Acquisitions
         3.3. Licensing and Partnership
         3.4. Type Collaborations
         3.5. Strategic Divestments
        4. Market Entry Strategies
        5. Case Studies
  • 7.   Medication Error Reporting Market, By Error Type Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Knowledge Based Error
        2. Rule Based Error
        3. Action Based Error
        4. Memory Based Error

  • 8.   Medication Error Reporting Market, By Occurrence Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Hospitals
        2. Community Pharmacies
        3. Multinational Retail Groups

  • 9.   North America Medication Error Reporting Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. U.S.A
         2.2. Canada
         2.3. Mexico
        3. Market Size (USD Million) Forecast for North America 2023-2031

  • 10.   Latin America Medication Error Reporting Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. Brazil
         2.2. Venezuela
         2.3. Argentina
         2.4. Rest of Latin America
        3. Market Size (USD Million) Forecast for Latin America 2023-2031

  • 11.   Europe Medication Error Reporting Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. Germany
         2.2. U.K
         2.3. France
         2.4. Italy
         2.5. Spain
         2.6. Russia
         2.7. Poland
         2.8. Rest of Europe
        3. Market Size (USD Million) Forecast for Europe 2023-2031

  • 12.   Asia Pacific Medication Error Reporting Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. Japan
         2.2. China
         2.3. India
         2.4. Australia and New Zealand
         2.5. ASEAN
         2.6. Rest of Asia Pacific
        3. Market Size (USD Million) Forecast for Asia Pacific 2023-2031

  • 13.   Middle East and Africa Medication Error Reporting Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. GCC
         2.2. Israel
         2.3. South Africa
         2.4. Rest of MEA
        3. Market Size (USD Million) Forecast for MEA 2023-2031

  • 14.   Market Share Analysis and Competitive Landscape
    •   1. Global Landscape - Key Players, Revenue and Presence
        2. Global Share Analysis - Key Players (Tier 1, Tier 2, Tier 3)
        3. Global Emerging Companies
        4. North America - Market Share Analysis and Key Regional Players
        5. Europe - Market Share Analysis and Key Regional Players
        6. Asia Pacific - Market Share Analysis and Key Regional Players
        7. Global Key Player - Growth Matrix
  • 15.   Company Profiles (Competition Dashboard, Competitors Deep Dive, Products Offered and Financial Layouts)
    •   1. Patient Safety Company
         1.1. Company Overview
         1.2. Product Portfolio
         1.3. SWOT Analysis
         1.4. Financial Overview
         1.5. Strategic Overview
        2. Datix Ltd
         2.1. Company Overview
         2.2. Product Portfolio
         2.3. SWOT Analysis
         2.4. Financial Overview
         2.5. Strategic Overview
        3. Health Catalyst Inc.
         3.1. Company Overview
         3.2. Product Portfolio
         3.3. SWOT Analysis
         3.4. Financial Overview
         3.5. Strategic Overview
        4. QUANTROS, Inc. (Merged with RL Datix)
         4.1. Company Overview
         4.2. Product Portfolio
         4.3. SWOT Analysis
         4.4. Financial Overview
         4.5. Strategic Overview
        5. Clarity Group, Inc.
         5.1. Company Overview
         5.2. Product Portfolio
         5.3. SWOT Analysis
         5.4. Financial Overview
         5.5. Strategic Overview
        6. Smiths Medical, Inc.
         6.1. Company Overview
         6.2. Product Portfolio
         6.3. SWOT Analysis
         6.4. Financial Overview
         6.5. Strategic Overview
        7. Verge Solutions, LLC
         7.1. Company Overview
         7.2. Product Portfolio
         7.3. SWOT Analysis
         7.4. Financial Overview
         7.5. Strategic Overview
        8. Prista Corporation
         8.1. Company Overview
         8.2. Product Portfolio
         8.3. SWOT Analysis
         8.4. Financial Overview
         8.5. Strategic Overview
        9. TapRoot Systems
         9.1. Company Overview
         9.2. Product Portfolio
         9.3. SWOT Analysis
         9.4. Financial Overview
         9.5. Strategic Overview
        10. Healthicity, LLC
         10.1. Company Overview
         10.2. Product Portfolio
         10.3. SWOT Analysis
         10.4. Financial Overview
         10.5. Strategic Overview
        11. Riskonnect Inc.
         11.1. Company Overview
         11.2. Product Portfolio
         11.3. SWOT Analysis
         11.4. Financial Overview
         11.5. Strategic Overview
        12. Smartgate Solutions
         12.1. Company Overview
         12.2. Product Portfolio
         12.3. SWOT Analysis
         12.4. Financial Overview
         12.5. Strategic Overview
        13. Riskqual Technologies (A part of Thoma Bravo LLC)
         13.1. Company Overview
         13.2. Product Portfolio
         13.3. SWOT Analysis
         13.4. Financial Overview
         13.5. Strategic Overview
        14. Conduent Inc.
         14.1. Company Overview
         14.2. Product Portfolio
         14.3. SWOT Analysis
         14.4. Financial Overview
         14.5. Strategic Overview

  • 16.   Pre and Post COVID-19 Impact
    •   1. Positive influence on the healthcare industry
        2. The financial disruption of the manufacturing sector
        3. Impact of COVID-19 on emerging companies
        4. Significant mandates in the healthcare regulations initiated by administrations
        5. The overall economic slowdown of the developing and developed nations
  • 17.   FutureWise SME Key Takeaway Points for Client

FAQ


Noteworthy trends include the increasing use of AI for predictive analytics, integration of medication error reporting with electronic health records (EHR), and cross-sector partnerships for better data sharing and analysis.

The global medication error reporting market size was valued at USD 0.54 billion in 2023 and is expected to reach USD 1.62 billion by 2031, growing at a CAGR of 14.72% from 2023 to 2031. Our report includes historical data for the past seven years.

The medication error reporting market is poised for substantial growth due to rising awareness about medication errors and the importance of patient safety. Technological advancements, government efforts to minimize errors, and the demand for efficient healthcare systems are driving this growth. Our report offers insights into current and future trends in this market.

Medication errors stem from communication breakdowns, labeling issues, inadequate training, and patient non-adherence. Our report analyzes these factors impact on the medication error reporting market. Additionally, we provide solutions and strategies to prevent medication errors.

Some of the significant challenges faced by the medication error reporting market include a lack of standardized reporting systems, varying definitions of medication errors, and reluctance from healthcare professionals to report errors. Our report delves into these challenges and offers potential solutions to address them.

Related Market

Allergy Treatment Market

Read More

Medication Management Market

Read More

Artificial Intelligence in Medication Management Market

Read More

Quality and Safety Reporting System for Healthcare Market

Read More
Partner

Our Clients