Medication Adherence Market Size is valued at 3.20 billion in 2022 and is predicted to reach 11.03 billion by the year 2031 at a 14.9% CAGR during the forecast period for 2023-2031.
The market for medication adherence is projected to see significant growth as leading companies pursue strategic initiatives such as alliances and business expansions in undeveloped areas. The aging population, increased healthcare spending, increased pharmaceutical use, and an increase in cardiovascular disorders are other reasons driving the market. These elements are anticipated to support market expansion shortly. The main drivers of the expansion in this industry are the affordability of pharmaceuticals and out-of-pocket expenses, which might affect patients' capacity to follow their recommended treatments. The market for medication adherence includes selling smart pill bottles, smart caps, smart medical watches, wearable sensors, and others. This development is brought on by several factors, including an aging population, an increase in the prevalence of chronic diseases, increased acceptance of digital health technologies, and more individualized healthcare.
Non-adherence is only moderate in industrialized nations, while in poor nations, adherence rates are significantly lower. The demand for medication adherence solutions is anticipated to increase due to the growing need for solutions to address poor adherence to prescribed medication in the healthcare sector. The medication adherence market's expansion is anticipated to be hampered by inadequate healthcare infrastructure in underdeveloped nations.
Competitive Landscape
Some of Medication Adherence market players are:
- AdhereTech
- Cardinal Health
- DrFirst
- Everwell
- InhandPlus
- Johnson & Johnso
- Koninklijke Philips N.V.
- McKesson Corporation
- MedAdvisor International Pty Ltd
- Medminder Systems, Inc.
- Omnicell, Inc
Market Segmentation:
The medication adherence market is segmented based on type and product. Based on type, the market is segmented as hardware centric and software centric. The market is segmented by application into the cardiovascular, central nervous system, diabetes, oncology, gastrointestinal, musculoskeletal and other medications.
Based On Type, The Software-Centric Segment Is A Major Contributor To The Medication Adherence Market.
The software-centric is expected to hold a major share in the global medication adherence market in 2022 due to a surge in strategic alliances and product releases and a rise in the demand for software to track medication adherence. Furthermore, new software releases for improving medication adherence are anticipated to boost segment growth during the projection period. Software-centric solutions have many benefits in the medication adherence market, such as increased patient empowerment, tailored interventions, and enhanced patient-provider communication. Software programs can be integrated with wearable gadgets like smartwatches or activity trackers to track medication intake, check vital signs, and send out reminders on time. This integration improves the monitoring of adherence and patient involvement.
The Oncology Segment Witnessed Growth At A Rapid Rate.
The oncology segment is projected to grow rapidly in the global Medication Adherence market. Oncology's Medication Adherence Market is devoted exclusively to medication adherence in cancer therapy. Maintaining adherence to cancer treatments is essential for enhancing therapeutic efficacy, controlling side effects, and enhancing patient outcomes and communication with healthcare professionals. In cancer, encouraging drug adherence requires strong patient education and support. Adherence rates can be increased by clearly communicating the significance of adherence, controlling side effects, and addressing patient concerns.
The North America Medication Adherence Market Holds A Significant Revenue Share In The Region.
The North America Medication Adherence market is projected to register the highest market share. This can be attributed to the region's strong focus on the environment, with the increasing adoption of Medication Adherence in different industries, including food & beverages, personal care, packaging, automotive, and others. In addition, the chemical industry in the region is focusing on the production of medication adherence to develop sustainable and environmental-friendly solutions.
Growing demand for bio-based components across industries and widespread adoption of Medication Adherence in the production of intermediate chemicals in the region are factors increasing the growth of the target market in the region. In addition, Europe is projected to grow rapidly in the global medication adherence market due to growing environmental concerns, rapid industrialization, government initiatives, and increasing funding in various industries.
Medication Adherence Market Report Scope
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Report Attribute |
Specifications |
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Market Size Value In 2022 |
USD 3.21 Bn |
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Revenue Forecast In 2031 |
USD 11.03 Bn |
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Growth Rate CAGR |
CAGR of 14.9 % from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
Application and Services |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
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Competitive Landscape |
AdhereTech, Cardinal Health, DrFirst, Everwell, InhandPlus, Johnson & Johnso, Koninklijke Philips N.V., McKesson Corporation, MedAdvisor International Pty Ltd, Medminder Systems, Inc. and Omnicell, Inc. |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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