PUBLISHER: The Business Research Company | PRODUCT CODE: 1429552
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429552
Medication adherence refers to systems that assess whether a person follows the medication prescribed by a healthcare provider, monitoring whether patients take their medications as directed and continue to adhere to a prescribed medication regimen. Medication adherence, both in hardware and software, assists medical professionals in overseeing a patient's medication intake, aiming to reduce instances of disease exacerbation, prevent fatalities, and decrease healthcare costs.
The primary categories of medication adherence are hardware-centric and software-centric. Software-centric medication adherence products comprise programs or applications that monitor, record, and notify the individual and their caregiver about medication compliance. Medications covered include those for cardiovascular, central nervous system, diabetes, oncology, respiratory, gastrointestinal, rheumatology, and others. These products find application in various settings such as hospitals, retail pharmacies, long-term care facilities, and mail-order pharmacies.
The medication adherence market research report is one of a series of new reports from The Business Research Company that provides medication adherence market statistics, including medication adherence industry global market size, regional shares, competitors with a medication adherence market share, detailed medication adherence market segments, market trends and opportunities, and any further data you may need to thrive in the medication adherence industry. This medication adherence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The medication adherence market size has grown rapidly in recent years. It will grow from $3.54 billion in 2023 to $3.96 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth observed in the historical period can be attributed to the rapid expansion of the elderly population, robust economic growth in emerging markets, an increase in healthcare expenditure, a rise in the usage of pharmaceuticals, and an increasing prevalence of cardiovascular diseases.
The medication adherence market size is expected to see rapid growth in the next few years. It will grow to $6.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The anticipated growth in the forecast period can be attributed to the increasing prevalence of chronic diseases, the growing adoption of smartphones, a rising demand for personalized healthcare technologies, and advancements in medicine. Key trends in the forecast period encompass cloud-based medication adherence, gamification modes, especially for children, the development of smart pill containers with innovative features, the creation of medical adherence apps with advanced functionalities, the design of wearable sensors, the innovation of ingestible biosensors, a focus on partnerships and collaborations, and an emphasis on developing innovative products.
The increasing need for solutions addressing medication adherence challenges in the healthcare sector is expected to drive the demand for medication adherence solutions. In April 2022, the International Longevity Centre, an independent UK-based policy think tank focusing on a life-course perspective on social aging and demographic change, reported that medication adherence for chronic illnesses can be as low as 50% in high-income nations and even lower in low-income countries. Non-adherence to prescribed medications incurs significant costs, amounting to approximately $100 billion to $290 billion in the United States, €125 billion in Europe, and AU$7 billion in Australia. To address this issue effectively, patients are increasingly turning to medication adherence solutions, leading to a surge in demand.
The rising prevalence of chronic diseases is anticipated to propel the growth of the medication adherence market in the foreseeable future. Chronic illnesses, characterized by prolonged medical treatment requirements and a hindrance to daily activities, demand consistent medication adherence to prevent disease progression and mortality. Improving adherence to medications can result in better clinical outcomes, reduced healthcare costs, enhanced patient education, and the development of long-term drug adherence initiatives. As of March 2022, the Australian Bureau of Statistics revealed that 78.6% of Australians reported having at least one long-term health concern, with 46.6% (11.6 million) suffering from at least one chronic condition. This escalating incidence of chronic diseases is a driving force behind the medication adherence market.
Major players in the medication adherence market are pursuing strategic initiatives such as partnerships and business expansions into untapped regions. This trend is evident in the December 2021 partnership between AdhereHealth, a US-based healthcare technology company specializing in medication adherence insights, and Hero. The collaboration leveraged Hero's digital in-home care platform to assist patients with chronic illnesses, characterized by high costs, elevated risks, and complex medication regimens. Hero, a medication adherence company, provides end-to-end medication management services for patients and caregivers.
Companies operating in the medication adherence market are also focusing on innovative products such as smart pill bottles to cater to the evolving needs of their customer base. Smart pill bottles are designed to enhance prescription adherence, leading to improved clinical outcomes, reduced healthcare costs, and better patient education. Pfizer Inc., a US-based pharmaceutical and biotechnology corporation, launched the BOSULIF (bosutinib) smart pill bottle testing initiative in June 2021. This smart pill container alerts pharmacy staff if a dosage is missed, facilitating timely patient intervention.
In November 2021, CareDx, Inc., a US-based precision medicine company, acquired MedActionPlan to strengthen its mission of connecting transplant patient offerings. MedActionPlan, a US-based company providing medication adherence services, became part of CareDx through this undisclosed acquisition.
Major companies operating in the medication adherence market report are Omnicell Inc., Koninklijke Philips N.V., Cardinal Health, McKesson Corporation, Allscripts Healthcare Solutions, Inc., CareFusion (Becton Dickenson), Proteus Digital Health, DrFirst.com, Inc., AdhereTech Inc., MedMinder, Caredose, Fruitech Ltd., PHC Holdings Corporation, Kakehashi Inc., MedAdvisor International Pty Ltd., InHandPlus Inc., Adherium, mHealth, Everwell, Aardex Group, Propeller Health, Umotif, Echo, HealthEra, Popit, eLucid, Tinylogics, Johnson & Johnson Services Inc., TalkingMedicines, Renesas, Qualcomm Incorporated, Adherence Solutions LLC, SMRxT Inc., Information Mediary, emocha, Mobile Health, DIMAGI, INC., Seamless MD, Merck KGaA, AstraZeneca Brasil, Datos Ltd., Vaica, Wisepill Technologies, Novartis, Aspen Nigeria
North America was the largest region in the medication adherence market in 2023. Western Europe was the second largest region in the global medication adherence market share. The regions covered in the medication adherence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the medication adherence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Medication adherence market consists of sales of instruments such as smart pill bottles, smart caps, smart medical watches, wearable sensors and others. The market also includes technology associated applications such as cloud-based databases, health programs, patient web portals, mobile medication management applications and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medication Adherence Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medication adherence market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medication adherence? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medication adherence market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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