Global Medication Adherence Market Size 2024, Forecast To 2033

11 Mar, 2024

The medication adherence market has undergone rapid growth, increasing from $3.54 billion in 2023 to $3.96 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The historic period's growth is attributed to the rapid growth in the elderly population, strong economic growth in emerging markets, a rise in healthcare expenditure, an increase in the usage of pharmaceuticals, and a rising prevalence of cardiovascular diseases. Looking ahead to 2028, the market is poised for continued rapid growth, reaching $6.08 billion at a CAGR of 11.3%. Projected growth drivers in the forecast period include the increasing prevalence of chronic diseases, the increasing adoption of smartphones, a growing demand for personalized healthcare technologies, and advances in medicine. Key trends in the forecast period involve 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.

Global Medication Adherence Market Key Driver

The growing need for solutions to enhance medication adherence in the healthcare industry is anticipated to boost the demand for medication adherence solutions. In April 2022, the International Longevity Centre reported that medication adherence for chronic illnesses can be as low as 50% in high-income nations, and even lower in low-income countries. The economic impact of non-adherence is significant, costing approximately $100 billion to $290 billion in the United States, €125 billion in Europe, and AU$7 billion in Australia. Non-adherence increases overall healthcare costs, compelling patients to turn to medication adherence solutions for effective treatment. This, in turn, is expected to generate a higher demand for medication adherence solutions. The market size for medication adherence solutions is poised to reflect this growing need in 2023 and is predicted to witness further growth in 2024 and 2028.

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Global Medication Adherence Market Segments

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
By Geography:The regions covered in the medication adherence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain 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

Major Medication Adherence Industry Players

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

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Medication Adherence Market Overview

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.

Medication Adherence Global Market Report 2023 provides data on the global medication adherence market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The medication adherence market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.