Global Medication Adherence Market Overview
The Global Medication Adherence Market accounted for US$ 2829.17 Million 2020 and is estimated to be US$ 9597.62 million by 2030 and is anticipated to register a CAGR of 13.1%.
Medication adherence refers to whether patients take their drugs as prescribed (e.g., twice daily) and whether they continue to take a medication after it has been prescribed. The “active, voluntary, and collaborative involvement of the patient in a mutually acceptable course of conduct to achieve a therapeutic result” has been defined as adherence. This concept suggests that the patient has a choice and that the treatment goals and medical regimen are agreed upon by both the patient and the physician. Because of emerging evidence that nonadherence is common and linked to negative outcomes and greater healthcare costs, doctors, healthcare systems, and other stakeholders (e.g., payers) are becoming increasingly concerned about medication adherence. Medication adherence hardware and software assist medical workers in ensuring that patients take their medications as recommended, reducing the risk of illness progression and mortality, as well as lowering healthcare expenditures.
Global Medication Adherence Market Drivers & Restraints
Growth in business operations by emerging and small-sized players
The medication adherence market is predicted to develop due to rising demand for personalized healthcare technologies throughout the forecast period. Before deciding on treatment strategies and medications, personalized health care takes into account a patient's genetic and biological profile. Wearable gadgets and DNA sequencing are two methods used in personalized health care technology that help doctors diagnose diseases sooner and prescribe treatments to lessen disease impact. It is becoming increasingly important as patients and healthcare providers abandon the one-size-fits-all approach to common medical disorders. GSK, Teva Pharmaceuticals, and AstraZeneca are among the major pharmaceutical corporations engaging in customized medicine research and development. People would invest in medication adherence systems as demand for individualized healthcare rises as illness management improves, propelling the market in the forecast period.
Restraining Factors
During the projection period, privacy concerns connected with medication adherence systems are projected to impede market growth. Medication adherence systems keep track of how often patients take their meds. Patients' personal medical records are accessible to these platforms. Patients are becoming increasingly concerned about their privacy being violated. Attackers could send phoney reminders or manipulate patients' medicine intake if the security of smart apps is breached. Patients may be hesitant to use medication adherence systems due to security concerns, limiting the market's growth.
Global Medication Adherence Market Segmentations & Regional Insights
The global Medication Adherence market is segmented based on type, medication and region.
On the basis of Type, the global Medication Adherence market is segmented Hardware centric and Software centric. Based on Medication, the target market is segmented into Diabetes, Cardiovascular, Oncology, Central Nervous System, Gastrointestine and Others.
Regional Insights:
On region the global Medication Adherence market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the medication adherence market in the upcoming forecast era. This is mainly driven by the rise in research and development (R&D) spending, increasing aging population, growing healthcare expenditure, and increasing prevalence of chronic diseases. The region has seen a large increase in its elderly population, which has had a huge positive impact on market growth in the area.
Report Scope:
Attribute |
Details |
Base year for estimation |
2020 |
Forecast period |
2020 – 2030 |
Market representation |
Revenue in USD Million & CAGR from 2020 – 2030 |
Market Segmentation |
By Type- Hardware centric and Software centric By Medication–Diabetes, Cardiovascular, Oncology, Central Nervous System, Gastrointestine and Others. |
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global Medication Adherence market report based on type, medication and region.
Global Medication Adherence Market, By Region:
-
-
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
-
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
-
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
-
- North America
-
Recenet Development:
- In December 2022, Custom Health and L.A. Care Health Plan has launched Medication Adherence Pilot Program for improving health outcomes. Custom Health has developed a system to ensure medications are doing what they should, which relays in real time, medication taking behavior of individual patients to their pharmacy. This program will able to benefit from Custom Health ecosystem which includes in-home drug dispensing device & remote pharmacist led support for patients. This program will help in improving health outcomes & provides better care for L.A. Care members at home.
- In November 2017, Israeli treatment adherence company Vaica has launched new smart medication storage device. A new in-home device is used to help patients who are stick to their treatments. The Capsuled is a unique patient adherence product which is targeted specifically for pharmaceutical industries. The Capsuled device stores medications and includes, informational materials, reminders, & other features which are designed to better enable patients for daily medication routines.
Global Medication Adherence Market Competitive Landscape & Key Players
The key players operating in the global Medication Adherence market includes Qualcomm Incorporated, SMRxT Inc., Koninklijke Philips N.V., Cardinal Health Inc., DrFirst .com Inc., Adhere Tech Inc., Johnson & Johnson Services Inc., Omnicell Inc., McKesson Corporation and Others. Because of the increasing disposable income of the population, APAC offers attractive potential for medication adherence market participants, allowing people to access effective treatment alternatives even at a high cost. Collaborations between manufacturers are projected to boost the market in the APAC region in the future, with the goal of establishing various programmes to encourage innovation in the systems and software used for medication adherence.
Global Medication Adherence Market Company Profile
- Qualcomm Incorporated
- SMRxT Inc.
- Koninklijke Philips N.V
- Cardinal Health Inc.
- DrFirst .com Inc.
- Adhere Tech Inc.
- Johnson & Johnson Services Inc.
- Omnicell Inc.
- McKesson Corporation
- Others
Global Medication Adherence Market Highlights
FAQs
The global Medication Adherence market is segmented based on type, medication and region.
The medication adherence market is predicted to develop due to rising demand for personalized healthcare technologies throughout the forecast period.
North America is expected to dominate the medication adherence market in the upcoming forecast era. This is mainly driven by the rise in research and development (R&D) spending, increasing aging population, growing healthcare expenditure, and increasing prevalence of chronic diseases.
The prominent players in the global Medication Adherence market are adopting Collaborations between manufacturers to boost the market in future, with the goal of establishing various programmes to encourage innovation in the systems and software used for medication adherence.