According to FutureWise analysis the market for Medication Error Reporting in 2023 was 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.
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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
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Competitive Landscape in Medication Error Reporting Market:
- 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.
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**Objectives of this Study: **
- To provide a comprehensive analysis of the Medication Error Reporting Market By Error Type, By Occurrence and By Region.
- To offer detailed insights into factors such as drivers, restraints, trends, and opportunities, as well as segmental and regional influences on market growth.
- To evaluate current market trends and forecast micro-markets, presenting overall market projections in the form of data sets and PowerPoint presentations.
- To predict the market size in key regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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