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Medication Management System Market size to grow by USD 7.4 bn in 2032, North America to account for 49.6% of the global industry growth

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New York, May 10, 2023 (GLOBE NEWSWIRE) — In 2022, the global medication management system market accounted for USD 2.5 billion and is expected to reach USD 7.4 billion in 2032. This market is estimated to register a CAGR of 11.7% between 2023 and 2032.  The term “medication system market” refers to the administration, monitoring, and distribution of medications with the help of modern technology. These systems are designed to decrease medication errors, increase medication adherence and improve patient safety.

The market growth is driven by the continuing incidence of chronic disease, the aging population & the need to reduce healthcare expenditures. Market growth of medication management systems is also expected to continue in the becoming years. The market growth is driven by technological developments such as telemedicine, electronic health records (EHRs), and other innovations.

Medication Management System Market
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Key Takeaway:

  • Based on software, in 2022, the medication management system market was dominated by the inventory management software segment.
  • Based on services, in 2022, the medication analytics segment dominated the largest market share.
  • Based on the mode of delivery, in 2022 the cloud-based segment is the most lucrative in the medication management system market.
  • Based on end-use, in 2022, the hospital’s segment is dominated in the end-use segment of the medication management system market.
  • In 2022, North America dominated the market with the highest revenue share of 49.6%.
  • North America is expected to have the highest CAGR among all regions, owing to the adoption of AI for Medication Management Systems and differences in consumer mindsets.

Factors affecting the growth of the Medication Management System industry

There are several factors that can have an impact on the growth of the Medication Management System industry including:

  • Aging population: The demand for medication management systems is rising due to the world’s aging population. People generally need more prescriptions as they get older, and a medication management system can help them better manage their pharmaceutical regimens.
  • Increasing prevalence of chronic diseases: Globally, chronic illnesses including diabetes, heart disease, and cancer are on the rise. Medication management systems are necessary since these illnesses frequently call for long-term medication maintenance.
  • Technological advancements: Technological improvements including cloud computing, artificial intelligence, and mobile health are advantageous to the medication management system sector. These developments are simplifying medication management for patients and patient adherence monitoring for healthcare professionals.
  • Government initiatives: Governments are putting more of an emphasis on cutting costs and improving healthcare outcomes. By increasing drug adherence and lowering medication errors, medication management systems can aid in achieving these objectives.
  • Increasing healthcare costs: drug management systems can help cut expenses by increasing drug adherence and lowering medication mistakes. Healthcare prices are rising globally.

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Top Trends in Medication Management System Market

AI and machine learning technologies are increasingly being used in medication management systems in order to evaluate data and provide insights into medication use patterns, patient outcomes, and treatment efficacy. The COVID-19 pandemic has accelerated the use of medication management systems and telehealth platforms to provide remote medication management and monitoring. To increase patient involvement and medication adherence, pharmaceutical management systems are being developed with patient-centered features such as patient education materials and medication adherence reminders. A key component of medication management is patient engagement.

Market Growth

The need for effective medication management systems to lower medication errors the rising prevalence of chronic diseases & the expanding need for remote patient monitoring are some of the factors contributing to the market growth. Additionally, as healthcare practitioners explore strategies to treat patients remotely & lower the risk of infection transmission the COVID-19 pandemic has increased the demand for medication management systems. The market for medication management systems is anticipated to increase in the coming years as a result of the growing emphasis on personalized medicine and the rising adoption of electronic health records (EHRs).

Regional Analysis

North America is accounted as the most dominant market in the global medication management system market with a market share of 49.6%, during the forecasted period. North America has the largest market for medication management systems due to the expanding usage of healthcare IT solutions and the focus on patient safety. The United States is the region’s biggest market and the source of the majority of the profits.

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Scope of Report

Report Attribute Details
Market Value (2022) US$ 2.5 Billion
Market Size (2032) US$ 7.4 Billion
CAGR (from 2023 to 2032) 11.7%
North America Revenue Share 49.6%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

Long-term pharmaceutical management is required for chronic diseases like diabetes, cancer, and heart disease. The rising incidence of chronic diseases is driving the demand for medication management systems to enhance patient safety and reduce medication mistakes. The world’s population is aging, and older people commonly have multiple chronic conditions that necessitate taking multiple medications. drug management initiatives are therefore essential for ensuring that seniors adhere to their recommended drug regimes. Medication errors and non-adherence are expensive for healthcare systems. Medication management systems can assist save healthcare costs by lowering medication errors, preventing hospitalizations, and improving patient outcomes.

Market Restraints

In healthcare settings with low resources, specifically, the cost of setting up and maintaining medication management systems may preclude their implementation. Medication management systems require a robust healthcare IT infrastructure, including electronic health records (EHRs) and computerized physician order entry (CPOE) systems. Drug management systems may not be widely used in many underdeveloped countries due to a lack of healthcare IT infrastructure. Systems for managing medications retain private patient data, including health information and prescription history. The security and privacy of this data must be ensured.

Market Opportunities

Medication management systems that integrate with EHRs are highly sought after in order to assist healthcare practitioners in managing prescription orders, administration, and paperwork more successfully. The increased incidence of chronic diseases like diabetes and cardiovascular disease is driving the demand for medication management systems that can help medical professionals manage complex prescription regimens and improve treatment outcomes. There is an increasing need for medication management systems as more elderly people develop various chronic conditions and are more likely to require complicated prescription regimens.

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Report Segmentation of the Medication Management System Market

Software Insight

With the greatest revenue share of 29.2% and a predicted CAGR of 11.2% during the forecast period. Inventory management software is anticipated to be the most profitable in the worldwide pharmaceutical management system market. Inventory management software, a crucial component of pharmaceutical management systems, makes a substantial contribution to waste reduction and medication safety. To ensure that pharmaceuticals are available when needed, healthcare professionals can monitor medication usage, keep an eye on medication expiration dates, and maintain the proper inventory levels in medication management systems.

Services Insight

The Medication Management System Market share is dominated by the medication analytics segment with a share of 51.2%. Medication analytics involves analyzing, gathering & interpreting information about the management and use of medications. This data can be used to identify trends and patterns to evaluate the efficiency of medication regimens and to improve patients’ outcomes. To decrease medication errors, increase drug adherence also to increase patient safety, and optimize prescription regimens medication analytics can be utilized in the market for medication management systems.

Mode of Delivery Insight

The Medication Management System Market, with the largest revenue share of 46.8% and a projected CAGR of 10.6% during the forecast period. Cloud-based distribution refers to a delivery technique in which software applications and services are hosted on remote servers and accessed through the Internet as opposed to being installed on a user’s local device. The market for medication management systems is seeing an increase in popularity for cloud-based distribution because of its many benefits including cost-effectiveness, security, accessibility, cooperation, and scalability.

End-Use Insight

the hospitals are expected to be the most lucrative in the global medication management system market, with the largest revenue share of 52.6% and a projected CAGR of 11.6% during the forecast period. Medication management systems let hospitals administer medications more precisely and effectively. Hospitals that use medication management systems benefit in a number of ways including, better communication increased productivity and patient safety, regulatory compliance, and lower costs.

Recent Developments of the Medication Management System Market

  • In 2020, Pharmaceutical Strategies Group (PSG), a provider of data analytics and pharmacy consulting services, has been acquired by Omnicell, a top provider of prescription management solutions. The acquisition was made with the intention of enhancing Omnicell’s analytical capabilities and growing its clientele.
  • In 2020, BD announced the debut of BD HealthSight, a brand-new drug management platform. In order to increase pharmaceutical safety and lower medication errors, the platform combines the ordering, dispensing, and administration of medications into a single system.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/medication-management-system-market/request-sample/

Market Segmentation

Based on Software

  • Computerized Physician Order
  • Clinical Decision Support System Solutions
  • Inventory Management Software
  • Administration Software
    • Electronic Medication Administration Record
    • Barcode Medication Administration
  • Decentralized
    • Pharmacy-based ADS
    • Ward-based ADS
    • Automated Unit-Dose Dispensing
  • Automated Dispensing Systems
  • Centralized
  • Assurance System Software
  • Other Software’s

Based on Services

  • Medication Analytics
  • Point-of-Care Verification
  • ADE Surveillance

Based on Mode of Delivery

  • On-premises
  • Web-based
  • Cloud-based

Based on End-Use

  • Hospitals
  • Pharmacy
  • Other End-Uses

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape

The market for medication management systems is quite competitive with a number of significant firms & a large number of smaller businesses present. Becton, Dickinson and Company, Omnicell, McKesson Corporation, Allscripts & Cerner Corporation are a few of the prominent companies in the market for medication management systems. These companies provide a wide range of medication management record (eMAR) systems, medication dispensing systems, medication synchronization platforms, automated dispensing cabinets & other solutions.

Key Market Players:

Listed below are some of the most important Medication Management System industry players.

  • Becton Dickinson and Company
  • GE Healthcare
  • McKesson Corporation
  • QuadraMed Affinity Corporation
  • Omnicell, Inc.
  • Allscripts
  • Cerner Corporation
  • Other Key Players

Browse More Related Reports:

  • Acne Medication Market is expected to grow at a CAGR of 4.5% over the next ten years and will reach USD 9.9 Billion in 2033.
  • Pharmacy Market size is expected to be worth around USD 1,750 mn by 2032 from USD 1,108 mn in 2022, growing at a CAGR of 4.8%
  • ePharmacy Market is projected to achieve a valuation of USD 2,07,117.88 Mn by 2032 at a CAGR of 16.2%, from USD 46,148.37 Mn in 2022.
  • Internet of Medical Things market was valued at US$ 48.7 billion in 2022 and is expected to grow to US$ 370.9 billion. Between 2023 and 2032, this market is estimated to register a CAGR of 23.15%.
  • Behavioral Health Market size is expected to be worth around USD 227.5 Bn by 2032 from USD 140.1 Bn in 2022, growing at a CAGR of 5.1% during the forecast period from 2022 to 2032.
  • Artificial Intelligence in the Healthcare Market was valued at USD 9.81 billion in 2022. It is projected to reach USD 258.5 billion at a CAGR of 38.73% between 2023 to 2032.
  • mHealth Market is estimated to be worth USD 50,890 million in 2022. This number will increase at a compound annual growth rate of 11.8% between 2023-2032.

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Artificial Intelligence

Brainomix Achieves Breakthrough with FDA Clearance of e-Lung AI Software

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Established market leader in stroke AI imaging receives its first FDA clearance in the lung imaging space.With this expanded foundation of AI-driven healthcare solutions, the Oxford-based company remains committed to driving innovation and delivering impactful advancements in imaging biomarkers.OXFORD, England, and CHICAGO, May 17, 2024 /PRNewswire/ — Brainomix, a pioneer in artificial intelligence (AI) imaging solutions to enable precision medicine, is proud to announce the FDA clearance of its latest product, Brainomix 360 e-Lung. Brainomix’s entry into the lung imaging space follows a series of successful clearances and widespread clinical adoption of its Brainomix 360 Stroke platform in both the US and Europe.

The clearance of e-Lung marks a significant milestone in Brainomix’s journey to expand its footprint in medical imaging beyond stroke-related applications and represents a notable step forward in the quest for advanced lung imaging solutions. The company, with its rich academic heritage and record of scientific excellence, will expand its research collaborations in the pulmonology space to yield new insights to inform future iterations of e-Lung and chart a path towards continual improvements for the lung imaging technology.
Dr Deji Adegunsoye, Assistant Professor of Medicine and Scientific Director of the Interstitial Lung Disease Program at University of Chicago Medicine, said: “This is an exciting step for Brainomix, who have a demonstrated track record of developing novel AI-based solutions in stroke and are now applying that expertise to develop innovative tools in the lung space. The preliminary data for e-Lung is impressive and would indicate that we have a promising tool that could help to expedite healthcare delivery and improve clinically meaningful outcomes for patients with lung disease.”
Brainomix recently announced the publication of a new study1 in the prestigious peer-reviewed journal American Journal of Respiratory and Critical Care Medicine (AJRCCM), resulting from a research collaboration with AstraZeneca. The results showed that Brainomix’s proprietary lung imaging biomarkers, which include the weighted reticulovascular score (WRVS), stratified patients at risk of Idiopathic Pulmonary Fibrosis (IPF) progression, outperforming standard measures.
Dr Michalis Papadakis, CEO and Co-Founder of Brainomix, said: “We are harnessing our expertise in AI-powered imaging to develop novel biomarkers in other disease indications where AI can support imaging-based diagnostic and treatment decisions.
“This e-Lung FDA clearance reflects our focus on developing innovative solutions that empower healthcare professionals with cutting-edge tools for sophisticated disease evaluation, enhancing access to treatments that can ultimately work to improve patient outcomes.”
Brainomix will be presenting its latest e-Lung data at the American Thoracic Society (ATS) annual conference in San Diego May 17th – 22nd, including results from research collaborations with Heidelberg University and with Seattle-based Avalyn Pharma.
Am. J. Respir. Crit. Care Med.: 2024 Feb 16 – e-Lung CT Biomarker Stratifies Patients at Risk of IPF Progression in a 52-Week Clinical Trialhttps://www.atsjournals.org/doi/abs/10.1164/rccm.202312-2274LEAbout Brainomix
Brainomix specializes in the creation of AI-powered software solutions to enable precision medicine for better treatment decisions in stroke and lung fibrosis. With origins as a spin-out from the University of Oxford, Brainomix is an expanding commercial-stage company with offices in the UK, Ireland and the USA, and operations in more than 30 countries. A private company, backed by leading healthtech investors, Brainomix has innovated award-winning imaging biomarkers and software solutions that have been clinically adopted in hundreds of hospitals worldwide. Its first product, the Brainomix 360 stroke platform, provides clinicians with the most comprehensive stroke imaging solution, driving increased treatment rates and improving functional independence for patients.
To learn more about Brainomix and its technology visit www.brainomix.com, and follow us on Twitter, LinkedIn and Facebook.
Contacts
Jeff Wyrtzen, Chief Marketing & Business Development [email protected] +44 (0)7927 164210T +44 (0)1865 582730
Media enquiries
Charles ConsultantsSue [email protected] M +44 (0)7968 726585
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CUBE acquires global regulatory intelligence businesses from Thomson Reuters

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LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.

The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.” 
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.

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Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan

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The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”

With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.  
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky. 
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter:  @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City 
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman 
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
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FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone  Email: [email protected]  

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