PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1401929
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1401929
Medication Adherence Market Forecasts to 2030 - Global Analysis By Type (Software Centric, Hardware Centric and Other Types), Medication and By Geography
According to Stratistics MRC, the Global Medication Adherence Market is accounted for $4,403.1 million in 2023 and is expected to reach $13,615.3 million by 2030 growing at a CAGR of 17.5% during the forecast period. An important component of medical treatment accomplishment is medication adherence, or the extent to which patients adhere to their recommended prescription regimes. A variety of technologies, therapies, and services are available on the market with the aim of enhancing and tracking patient adherence to drug regimes. In order to improve communication between healthcare providers and patients and eventually ensure individuals follow their recommended medication routines, innovations in this sector include wearable technology, smart pill dispensers, mobile health apps, and patient education programs.
According to a CMS.gov December 2022 update, national health expenditure grew 2.7% to USD 4.3 trillion in 2021, or USD 12,914 per person, and accounted for 18.3% of the Gross Domestic Product (GDP) in the United States.
Market Dynamics:
Driver:
Regulatory initiatives
The substantial impact that medication non-adherence has on healthcare outcomes and expenditures is becoming increasingly recognized by governments and regulatory authorities in the healthcare industry globally. In response, a number of laws and guidelines have been put into effect to promote the use of medication adherence programs. Additionally, guidelines encouraging the use of technology-driven adherence tools, payment incentives for healthcare professionals using adherence techniques, and the incorporation of adherence measurements into quality reporting metrics are just a few instances of these initiatives. A supportive regulatory framework promotes the creation and application of cutting-edge adherence services and technologies.
Restraint:
Lack of standardization
The lack of standardized protocols and data formats impedes technology connectivity, making it challenging for healthcare organizations to implement an integrated approach. This lack of standardization restricts the scalability and effectiveness of adherence interventions, in addition to making the creation of comprehensive and interoperable solutions more difficult. However, it may be challenging for healthcare professionals to gather and assess data from various adherence technologies, which makes it more difficult to arrive at insightful inferences and deliver customized therapy.
Opportunity:
Rising chronic disease burden
As diseases like diabetes, heart problems, and respiratory disorders become more common, it is crucial that individuals keep using medications as prescribed in order to effectively manage illness. Because chronic therapies are complex and long-term, it is essential for patients to adhere to their recommended drug schedules in order to avoid issues and enhance their overall health. Moreover, innovation in products and services that support and track medication compliance is being fueled by the increased need for adherence solutions.
Threat:
Cost of adherence solutions
The upfront costs and continuous expenses associated with these solutions can be prohibitively expensive, even though cutting-edge technologies and digital platforms provide sophisticated ways to enhance prescription compliance. Healthcare payers, providers, and, in certain situations, patients are all affected by this cost issue. In contexts with limited resources, the implementation and maintenance of adherence technologies like digital monitoring systems and smart devices could put pressure on healthcare costs. Financial constraints may prevent these treatments from being widely adopted, which would affect their efficacy and accessibility for a range of patient populations.
COVID-19 Impact:
The pandemic's effects, including lockdowns and overloaded healthcare systems, emphasized how important it is for patients to take their prescriptions as prescribed. Medication adherence has become more important as a way to manage and prevent complications, as there is a greater understanding of the way the virus can have serious effects on those with chronic diseases. Additionally, the pandemic's rapid telehealth uptake has created opportunities for remote monitoring and adherence assistance.
The software centric segment is expected to be the largest during the forecast period
With a focus on software-based interventions such as web platforms, mobile applications, and electronic health record connections, the software-centric category is predicted to have the largest share. Patients have the ability to manage their treatment programs with the help of these software solutions, which frequently include features like dosage tracking, real-time monitoring, and drug reminders. Additionally, they also make it easier for patients and healthcare professionals to communicate, enabling customized adherence plans. With the integration of AI, ML, and data analytics to customize interventions to specific patient needs, the software-centric sector is experiencing exponential innovation.
The oncology segment is expected to have the highest CAGR during the forecast period
With an emphasis on enhancing drug adherence for patients undergoing cancer treatment, the oncology segment is predicted to experience profitable growth. Because oncology medicines are so complex and intense, maintaining precise compliance is essential to maximizing therapeutic outcomes. These solutions improve the patient's understanding and participation by offering individualized drug treatments, dose reminders, and training resources. Adherence strategies with an emphasis on oncology are designed to mitigate the possible effects of missed doses, making sure patients execute their targeted therapy, chemotherapy, or immunotherapy regimes.
Region with largest share:
Owing to the region's developing healthcare infrastructure, growing awareness of chronic illnesses, and growing use of digital health solutions, the Asia-Pacific area is anticipated to hold the largest percentage. In order to address the incidence of chronic illnesses, there is an increasing need for medication adherence measures that are effective considering the size and age of the population. Moreover, a recent development in the Asia-Pacific market is the increased creation and use of software-centric solutions that improve patient engagement and adherence by utilizing digital platforms and mobile applications.
Region with highest CAGR:
As a result of growing healthcare investments and government initiatives, the Asia-Pacific area is anticipated to have profitable growth. The Asia Pacific region's varied healthcare landscape and distinct economic circumstances indicate adaptable and culturally sensitive approaches, which is why innovation and customization are essential for tackling the particular opportunities and challenges within the medication adoption market in this vibrant and rapidly changing region.
Key players in the market:
Some of the key players in Medication Adherence market include Aardex Group, AdhereTech Inc., Caredose, CareFusion (Becton Dickenson), DrFirst.com, Inc., ELucid MHealth, Fruitech Ltd., Health Beacon, HealthEra, Johnson And Johnson Services Inc, McKesson Corporation, MedAdvisor International Pty Ltd, PHC Holdings Corporation, Propeller Health and Proteus Digital Health.
Key Developments:
In August 2022, Athenahealth added an automated patient engagement feature to help with medication adherence. The new release of the athenaOne EHR and practice management suite includes DrFirst's RxInform automated patient messaging to help patients follow prescribed treatment plans.
In January 2022, CareDxl expanded its medication adherence services with the acquisition of the Transplant Pharmacy. The Transplant Pharmacy provides individualized transplant pharmacy services for patients at multiple transplant centers throughout the United States.
Types Covered:
- Software Centric
- Hardware Centric
- Other Types
Medications Covered:
- Musculoskeletal
- Gastrointestinal
- Oncology
- Diabetes
- Central Nervous System
- Cardiovascular
- Rheumatology
- Other Medications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Emerging Markets
- 3.7 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Medication Adherence Market, By Type
- 5.1 Introduction
- 5.2 Software Centric
- 5.3 Hardware Centric
- 5.3.1 Automated Dispensing Systems
- 5.3.2 Electronic Trays
- 5.3.3 Smart Pill Bottles
- 5.4 Other Types
6 Global Medication Adherence Market, By Medication
- 6.1 Introduction
- 6.2 Musculoskeletal
- 6.3 Gastrointestinal
- 6.4 Oncology
- 6.5 Diabetes
- 6.6 Central Nervous System
- 6.7 Cardiovascular
- 6.8 Rheumatology
- 6.9 Other Medications
7 Global Medication Adherence Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 Aardex Group
- 9.2 AdhereTech Inc.,
- 9.3 Caredose
- 9.4 CareFusion (Becton Dickenson)
- 9.5 DrFirst.com, Inc.
- 9.6 ELucid MHealth
- 9.7 Fruitech Ltd.
- 9.8 Health Beacon
- 9.9 HealthEra
- 9.10 Johnson And Johnson Services Inc
- 9.11 McKesson Corporation
- 9.12 MedAdvisor International Pty Ltd
- 9.13 PHC Holdings Corporation
- 9.14 Propeller Health
- 9.15 Proteus Digital Health
List of Tables
- Table 1 Global Medication Adherence Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Medication Adherence Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global Medication Adherence Market Outlook, By Software Centric (2021-2030) ($MN)
- Table 4 Global Medication Adherence Market Outlook, By Hardware Centric (2021-2030) ($MN)
- Table 5 Global Medication Adherence Market Outlook, By Automated Dispensing Systems (2021-2030) ($MN)
- Table 6 Global Medication Adherence Market Outlook, By Electronic Trays (2021-2030) ($MN)
- Table 7 Global Medication Adherence Market Outlook, By Smart Pill Bottles (2021-2030) ($MN)
- Table 8 Global Medication Adherence Market Outlook, By Other Types (2021-2030) ($MN)
- Table 9 Global Medication Adherence Market Outlook, By Medication (2021-2030) ($MN)
- Table 10 Global Medication Adherence Market Outlook, By Musculoskeletal (2021-2030) ($MN)
- Table 11 Global Medication Adherence Market Outlook, By Gastrointestinal (2021-2030) ($MN)
- Table 12 Global Medication Adherence Market Outlook, By Oncology (2021-2030) ($MN)
- Table 13 Global Medication Adherence Market Outlook, By Diabetes (2021-2030) ($MN)
- Table 14 Global Medication Adherence Market Outlook, By Central Nervous System (2021-2030) ($MN)
- Table 15 Global Medication Adherence Market Outlook, By Cardiovascular (2021-2030) ($MN)
- Table 16 Global Medication Adherence Market Outlook, By Rheumatology (2021-2030) ($MN)
- Table 17 Global Medication Adherence Market Outlook, By Other Medications (2021-2030) ($MN)
- Table 18 North America Medication Adherence Market Outlook, By Country (2021-2030) ($MN)
- Table 19 North America Medication Adherence Market Outlook, By Type (2021-2030) ($MN)
- Table 20 North America Medication Adherence Market Outlook, By Software Centric (2021-2030) ($MN)
- Table 21 North America Medication Adherence Market Outlook, By Hardware Centric (2021-2030) ($MN)
- Table 22 North America Medication Adherence Market Outlook, By Automated Dispensing Systems (2021-2030) ($MN)
- Table 23 North America Medication Adherence Market Outlook, By Electronic Trays (2021-2030) ($MN)
- Table 24 North America Medication Adherence Market Outlook, By Smart Pill Bottles (2021-2030) ($MN)
- Table 25 North America Medication Adherence Market Outlook, By Other Types (2021-2030) ($MN)
- Table 26 North America Medication Adherence Market Outlook, By Medication (2021-2030) ($MN)
- Table 27 North America Medication Adherence Market Outlook, By Musculoskeletal (2021-2030) ($MN)
- Table 28 North America Medication Adherence Market Outlook, By Gastrointestinal (2021-2030) ($MN)
- Table 29 North America Medication Adherence Market Outlook, By Oncology (2021-2030) ($MN)
- Table 30 North America Medication Adherence Market Outlook, By Diabetes (2021-2030) ($MN)
- Table 31 North America Medication Adherence Market Outlook, By Central Nervous System (2021-2030) ($MN)
- Table 32 North America Medication Adherence Market Outlook, By Cardiovascular (2021-2030) ($MN)
- Table 33 North America Medication Adherence Market Outlook, By Rheumatology (2021-2030) ($MN)
- Table 34 North America Medication Adherence Market Outlook, By Other Medications (2021-2030) ($MN)
- Table 35 Europe Medication Adherence Market Outlook, By Country (2021-2030) ($MN)
- Table 36 Europe Medication Adherence Market Outlook, By Type (2021-2030) ($MN)
- Table 37 Europe Medication Adherence Market Outlook, By Software Centric (2021-2030) ($MN)
- Table 38 Europe Medication Adherence Market Outlook, By Hardware Centric (2021-2030) ($MN)
- Table 39 Europe Medication Adherence Market Outlook, By Automated Dispensing Systems (2021-2030) ($MN)
- Table 40 Europe Medication Adherence Market Outlook, By Electronic Trays (2021-2030) ($MN)
- Table 41 Europe Medication Adherence Market Outlook, By Smart Pill Bottles (2021-2030) ($MN)
- Table 42 Europe Medication Adherence Market Outlook, By Other Types (2021-2030) ($MN)
- Table 43 Europe Medication Adherence Market Outlook, By Medication (2021-2030) ($MN)
- Table 44 Europe Medication Adherence Market Outlook, By Musculoskeletal (2021-2030) ($MN)
- Table 45 Europe Medication Adherence Market Outlook, By Gastrointestinal (2021-2030) ($MN)
- Table 46 Europe Medication Adherence Market Outlook, By Oncology (2021-2030) ($MN)
- Table 47 Europe Medication Adherence Market Outlook, By Diabetes (2021-2030) ($MN)
- Table 48 Europe Medication Adherence Market Outlook, By Central Nervous System (2021-2030) ($MN)
- Table 49 Europe Medication Adherence Market Outlook, By Cardiovascular (2021-2030) ($MN)
- Table 50 Europe Medication Adherence Market Outlook, By Rheumatology (2021-2030) ($MN)
- Table 51 Europe Medication Adherence Market Outlook, By Other Medications (2021-2030) ($MN)
- Table 52 Asia Pacific Medication Adherence Market Outlook, By Country (2021-2030) ($MN)
- Table 53 Asia Pacific Medication Adherence Market Outlook, By Type (2021-2030) ($MN)
- Table 54 Asia Pacific Medication Adherence Market Outlook, By Software Centric (2021-2030) ($MN)
- Table 55 Asia Pacific Medication Adherence Market Outlook, By Hardware Centric (2021-2030) ($MN)
- Table 56 Asia Pacific Medication Adherence Market Outlook, By Automated Dispensing Systems (2021-2030) ($MN)
- Table 57 Asia Pacific Medication Adherence Market Outlook, By Electronic Trays (2021-2030) ($MN)
- Table 58 Asia Pacific Medication Adherence Market Outlook, By Smart Pill Bottles (2021-2030) ($MN)
- Table 59 Asia Pacific Medication Adherence Market Outlook, By Other Types (2021-2030) ($MN)
- Table 60 Asia Pacific Medication Adherence Market Outlook, By Medication (2021-2030) ($MN)
- Table 61 Asia Pacific Medication Adherence Market Outlook, By Musculoskeletal (2021-2030) ($MN)
- Table 62 Asia Pacific Medication Adherence Market Outlook, By Gastrointestinal (2021-2030) ($MN)
- Table 63 Asia Pacific Medication Adherence Market Outlook, By Oncology (2021-2030) ($MN)
- Table 64 Asia Pacific Medication Adherence Market Outlook, By Diabetes (2021-2030) ($MN)
- Table 65 Asia Pacific Medication Adherence Market Outlook, By Central Nervous System (2021-2030) ($MN)
- Table 66 Asia Pacific Medication Adherence Market Outlook, By Cardiovascular (2021-2030) ($MN)
- Table 67 Asia Pacific Medication Adherence Market Outlook, By Rheumatology (2021-2030) ($MN)
- Table 68 Asia Pacific Medication Adherence Market Outlook, By Other Medications (2021-2030) ($MN)
- Table 69 South America Medication Adherence Market Outlook, By Country (2021-2030) ($MN)
- Table 70 South America Medication Adherence Market Outlook, By Type (2021-2030) ($MN)
- Table 71 South America Medication Adherence Market Outlook, By Software Centric (2021-2030) ($MN)
- Table 72 South America Medication Adherence Market Outlook, By Hardware Centric (2021-2030) ($MN)
- Table 73 South America Medication Adherence Market Outlook, By Automated Dispensing Systems (2021-2030) ($MN)
- Table 74 South America Medication Adherence Market Outlook, By Electronic Trays (2021-2030) ($MN)
- Table 75 South America Medication Adherence Market Outlook, By Smart Pill Bottles (2021-2030) ($MN)
- Table 76 South America Medication Adherence Market Outlook, By Other Types (2021-2030) ($MN)
- Table 77 South America Medication Adherence Market Outlook, By Medication (2021-2030) ($MN)
- Table 78 South America Medication Adherence Market Outlook, By Musculoskeletal (2021-2030) ($MN)
- Table 79 South America Medication Adherence Market Outlook, By Gastrointestinal (2021-2030) ($MN)
- Table 80 South America Medication Adherence Market Outlook, By Oncology (2021-2030) ($MN)
- Table 81 South America Medication Adherence Market Outlook, By Diabetes (2021-2030) ($MN)
- Table 82 South America Medication Adherence Market Outlook, By Central Nervous System (2021-2030) ($MN)
- Table 83 South America Medication Adherence Market Outlook, By Cardiovascular (2021-2030) ($MN)
- Table 84 South America Medication Adherence Market Outlook, By Rheumatology (2021-2030) ($MN)
- Table 85 South America Medication Adherence Market Outlook, By Other Medications (2021-2030) ($MN)
- Table 86 Middle East & Africa Medication Adherence Market Outlook, By Country (2021-2030) ($MN)
- Table 87 Middle East & Africa Medication Adherence Market Outlook, By Type (2021-2030) ($MN)
- Table 88 Middle East & Africa Medication Adherence Market Outlook, By Software Centric (2021-2030) ($MN)
- Table 89 Middle East & Africa Medication Adherence Market Outlook, By Hardware Centric (2021-2030) ($MN)
- Table 90 Middle East & Africa Medication Adherence Market Outlook, By Automated Dispensing Systems (2021-2030) ($MN)
- Table 91 Middle East & Africa Medication Adherence Market Outlook, By Electronic Trays (2021-2030) ($MN)
- Table 92 Middle East & Africa Medication Adherence Market Outlook, By Smart Pill Bottles (2021-2030) ($MN)
- Table 93 Middle East & Africa Medication Adherence Market Outlook, By Other Types (2021-2030) ($MN)
- Table 94 Middle East & Africa Medication Adherence Market Outlook, By Medication (2021-2030) ($MN)
- Table 95 Middle East & Africa Medication Adherence Market Outlook, By Musculoskeletal (2021-2030) ($MN)
- Table 96 Middle East & Africa Medication Adherence Market Outlook, By Gastrointestinal (2021-2030) ($MN)
- Table 97 Middle East & Africa Medication Adherence Market Outlook, By Oncology (2021-2030) ($MN)
- Table 98 Middle East & Africa Medication Adherence Market Outlook, By Diabetes (2021-2030) ($MN)
- Table 99 Middle East & Africa Medication Adherence Market Outlook, By Central Nervous System (2021-2030) ($MN)
- Table 100 Middle East & Africa Medication Adherence Market Outlook, By Cardiovascular (2021-2030) ($MN)
- Table 101 Middle East & Africa Medication Adherence Market Outlook, By Rheumatology (2021-2030) ($MN)
- Table 102 Middle East & Africa Medication Adherence Market Outlook, By Other Medications (2021-2030) ($MN)
