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Medication Adherence Market

Medication Adherence Market Size, Share & Trends Analysis Report by Type (Hardware Centric, and Software Centric), Medication (Cardiovascular, Central Nervous System, Diabetes, Oncology, Gastrointestinal, Musculoskeletal, and Others),, Region And Segment Forecasts, 2023-2031

Report ID : 2125 | Published : 2023-10-10 | Pages: 179 | Format: PDF/EXCEL

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.

Medication Adherence Market

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

Report Attribute

Specifications

Market Size Value In 2022

USD 3.21 Bn

Revenue Forecast In 2031

USD 11.03 Bn

Growth Rate CAGR

CAGR of 14.9 % from 2023 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

Application and Services

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

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

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.

Customization Scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Medication Adherence Market Snapshot

Chapter 4. Global Medication Adherence Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis of Metaverse Industry

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. COVID-19 Impact on Metaverse Industry

Chapter 5. Market Segmentation 1: By Type Estimates & Trend Analysis

5.1. By Type & Market Share, 2019-2031

5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2022 to 2031 for the following By Type:

5.2.1. Hardware Centric

5.2.2. Software Centric

Chapter 6. Market Segmentation 2: By Medication Estimates & Trend Analysis

6.1. By Type & Market Share, 2019-2031

6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2022 to 2031 for the following By Medication:

6.2.1. Cardiovascular

6.2.2. Central Nervous System

6.2.3. Diabetes

6.2.4. Oncology

6.2.5. Gastrointestinal

6.2.6.  Musculoskeletal

6.2.7.  Other Medications

Chapter 7. Medication Adherence Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Medication Adherence Market revenue (US$ Million) estimates and forecasts By Type, 2023-2031

7.1.2. North America Medication Adherence Market revenue (US$ Million) estimates and forecasts By Medication, 2023-2031

7.1.3. North America Medication Adherence Market revenue (US$ Million) estimates and forecasts by country, 2023-2031

7.1.3.1. U.S.

7.1.3.2. Canada

7.2. Europe

7.2.1. Europe Medication Adherence Market revenue (US$ Million) by By Type, 2023-2031

7.2.2. Europe Medication Adherence Market revenue (US$ Million) estimates and forecasts By Medication, 2023-2031

7.2.3. Europe Medication Adherence Market revenue (US$ Million) by country, 2023-2031

7.2.3.1. Germany

7.2.3.2. Poland

7.2.3.3. France

7.2.3.4. Italy

7.2.3.5. Spain

7.2.3.6. UK

7.2.3.7. Rest of Europe

7.3. Asia Pacific

7.3.1. Asia Pacific Medication Adherence Market revenue (US$ Million) by By Type, 2023-2031

7.3.2. Asia Pacific Medication Adherence Market revenue (US$ Million) estimates and forecasts By Medication, 2023-2031

7.3.3. Asia Pacific Medication Adherence Market revenue (US$ Million) by country, 2023-2031

7.3.3.1. China

7.3.3.2. India

7.3.3.3. Japan

7.3.3.4. Australia

7.3.3.5. Rest of Asia Pacific

7.4. Latin America

7.4.1. Latin America Medication Adherence Market revenue (US$ Million) by By Type, 2023-2031

7.4.2. Latin America Medication Adherence Market revenue (US$ Million) estimates and forecasts By Medication, 2023-2031

7.4.3. Latin America Medication Adherence Market revenue (US$ Million) by country, (US$ Million) 2023-2031

7.4.3.1. Brazil

7.4.3.2. Rest of Latin America

7.5. Middle East & Africa

7.5.1. Middle East & Africa Medication Adherence Market revenue (US$ Million) by By Type, (US$ Million)

7.5.2. Middle East & Africa Medication Adherence Market revenue (US$ Million) estimates and forecasts By Medication, 2023-2031

7.5.3. Middle East & Africa Medication Adherence Market revenue (US$ Million) by country, (US$ Million) 2023-2031

7.5.3.1. South Africa

7.5.3.2. GCC Countries

7.5.3.3. Rest of MEA

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. AdhereTech

8.2.2. Cardinal Health

8.2.3.  DrFirst

8.2.4.  Everwell

8.2.5. InhandPlus

8.2.6. Johnson & Johnso

8.2.7.  Koninklijke Philips N.V.

8.2.8.  McKesson Corporation

8.2.9.  MedAdvisor International Pty Ltd

8.2.10. Medminder Systems, Inc.

8.2.11.  Omnicell, Inc.

Segmentation of Medication Adherence Market-

Medication Adherence Market By Type

  • Hardware Centric
  • Software Centric

Medication Adherence Market Seg

Medication Adherence Market By Medication

  • Cardiovascular
  • Central Nervous System
  • Diabetes
  • Oncology
  • Gastrointestinal
  • Musculoskeletal
  • Other Medications

Medication Adherence Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Medication Adherence Market Size?

Medication Adherence Market is expected to grow at a 14.9% CAGR during the forecast period for 2023-2031.

Koninklijke Philips N.V., McKesson Corporation, MedAdvisor International Pty Ltd, Medminder Systems, Inc. and Omnicell, Inc.

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