Categories: Healthcare

Medication Adherence Market Expected To Reach $6.08 billion in 2028

Overview and Scope

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.

Sizing and Forecast
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 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 $6.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. 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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Segmentation & Regional Insights
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

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

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Major Driver Impacting Market Growth
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 in Europe, and AU$7 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.

Key Industry Players
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

The medication adherence market report table of contents includes:

1. Executive Summary

2. Medication Adherence Market Characteristics

3. Medication Adherence Market Trends And Strategies

4. Medication Adherence Market – Macro Economic Scenario

5. Global Medication Adherence Market Size and Growth

…..

32. Global Medication Adherence Market Competitive Benchmarking

33. Global Medication Adherence Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Medication Adherence Market

35. Medication Adherence Market Future Outlook and Potential Analysis

36. Appendix