The Business Research Company’s report on the Medication Adherence Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the medication adherence market in recent years?
The increasing requirement for medication adherence solutions to overcome poor adherence to prescribed medication in the healthcare industry is projected to boost the demand for medication adherence solutions. For instance, in April 2022, according to the International Longevity Centre, a UK-based independent policy think tank impacting strategy on a life-course perspective on social aging and demographic change, Medication adherence for chronic illnesses can be as poor as 50% in high-income nations and considerably lower in low-income ones. Non-adherence costs approximately $100 billion to $290 billion in the United States, €125 billion ($137.5 billion) in Europe, and AU$7 billion ($4.9 billion) in Australia. Non-adherence to medication increases cost urging the patients to use medication adherence to treat the problem effectively, thereby generating higher demand for medication adherence solutions.
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What is the projected market size of the medication adherence industry, and how is it expected to grow?
The medication adherence market size has grown rapidly in recent years. It will grow from $3.86 billion in 2024 to $4.29 billion in 2025 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to rapid growth in elderly population, strong economic growth in emerging markets, rise in healthcare expenditure, rise in usage of pharmaceuticals, and rising prevalence of cardiovascular diseases.
The medication adherence market size is expected to see rapid growth in the next few years. It will grow to $6.73 billion in 2029 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to increasing prevalence of chronic diseases, increasing adoption of smartphones, increasing demand for personalized healthcare technologies, and advances in medicine. Major trends in the forecast period include cloud-based medication adherence, gamification modes especially for children, developing smart pill containers with innovative features, developing medical adherence apps with innovative features, developing wearable sensors, developing ingestible biosensors, focusing on partnerships and collaborations, and focusing on developing innovative products.
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Who are the key players driving competition in the medication adherence market?
Major companies operating in the medication adherence market include Omnicell Inc., Koninklijke Philips N.V., Cardinal Health, McKesson Corporation, Allscripts Healthcare Solutions, Inc., DrFirst.com, Inc., AdhereTech Inc, MedMinder, Caredose, PHC Holdings Corporation, Kakehashi Inc., MedAdvisor International Pty Ltd., InHandPlus Inc., Adherium, mHealth, Aardex Group, Propeller Health, Umotif, Echo, HealthEra, Popit, Tinylogics, Johnson & Johnson Services Inc, TalkingMedicines, Adherence Solutions LLC, SMRxT Inc., emocha, Mobile Health, DIMAGI, INC., Seamless MD, Merck KGaA, AstraZeneca Brasil, Datos Ltd, Vaica, Wisepill Technologies, Novartis AG
What key trends are expected to drive the medical waste management market during the forecast period?
Major companies operating in the medication adherence market are focusing on developing innovation, such as real-time data access for evaluating treatment effectiveness and making informed decisions. Real-time data access refers to the ability to retrieve and analyze data immediately as it is generated or updated, without significant delay. For instance, in June 2024, PatchRx, a US-based medication adherence technology company, launched PatchRx Connect, designed to integrate real-time medication adherence data into existing care management platforms. A new tool seamlessly integrates real-time medication adherence data into existing care management platforms. It allows clinical teams to gain insights into patients’ medication-taking behaviors without disrupting workflows. The solution includes a smart device that tracks medication usage, providing actionable insights for healthcare providers. Additionally, it features patient engagement tools, such as SMS alerts, to enhance adherence rates.
Which key geographies are driving the growth of the medication adherence market?
North America was the largest region in the medication adherence market in 2024. 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
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What are the key segments driving growth in the medication adherence market?
The medication adherence market covered in this report is segmented –
1) By Type: Hardware Centric, Software Centric
2) By Medication: Cardiovascular, Central Nervous System, Diabetes, Oncology, Respiratory, Gastrointestinal, Rheumatology, Other Medications
3) By Application: Hospital, Retail Pharmacies, Long-Term Care Facilities, Mail-Order Pharmacies
Subsegments:
1) By Hardware Centric: Smart Pill Dispensers, Medication Adherence Packaging, Wearable Devices, Electronic Pill Bottles, Smart Inhalers
2) By Software Centric: Mobile Health (mHealth) Apps, Medication Reminders And Tracking Apps, Telemedicine Solutions, Electronic Health Records (EHR) Integration, Patient Management Systems With Adherence Features
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What defines the structure and scope of the medication adherence market?
Medication adherence are the systems that helps to check if a person follows medication recommended by a healthcare provider, whether patients take their medications as prescribed, as well as whether they continue to take a prescribed medication. Medication adherence hardware and software help medical personnel with the patient’s intake to prescribed medication to reduce cases of worsening disease and deaths and decrease healthcare costs.
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