How Has the Medication Adherence Market Size Evolved in Recent Years?
The medication adherence market has seen considerable growth due to a variety of factors.
• The market size of medication adherence has seen swift expansion in recent years. It is set to scale up from $3.86 billion in 2024 to $4.29 billion by 2025, moving at a compound annual growth rate (CAGR) of 11.1%.
The exponential growth witnessed in the past can be credited to factors such as the increasing elderly population, robust economic development in thriving markets, a surge in healthcare spending, escalation in the use of pharmaceuticals, and the growing occurrence of cardiovascular diseases.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Medication Adherence Market?
The medication adherence market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for medication adherence is expected to witness significant expansion in the upcoming years, escalating to $6.73 billion in 2029 with a compound annual growth rate (CAGR) of 11.9%.
Factors driving growth in the forecast period include an increased occurrence of chronic illnesses, widespread use of smartphones, rising demand for tailor-made healthcare technologies, and medical advancements. Key trends to note during the forecast period encompass cloud-based medication adherence, gamification methods specifically for children, creation of innovative smart pill containers, development of medical adherence apps equipped with innovative features, creation of wearable sensors, development of ingestible biosensors, emphasising on alliances and cooperations, and a focus on the development of inventive products.
What Are The Essential Drivers Behind The Growth Of The Medication Adherence Market?
The demand for medication adherence solutions is expected to surge due to the growing need to address the issue of inadequate compliance with prescribed medication in the health sector. For instance, the International Longevity Centre, a UK-based independent policy tank that influences strategy on the perspective of social aging and demographic change, reported in April 2022 that the adherence to medication for chronic diseases could drop to a mere 50% in wealthy nations and even less in poorer ones. The cost associated with non-compliance is around $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. The economic impact of non-adherence brings about a need for patients to utilize medication adherence in order to tackle the problem effectively, thus triggering a further rise in the demand for medication adherence solutions.
What Are The Key Segments Within The Global 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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How Are New Trends Impacting The Size Of The Medication Adherence Market?
Primary players in the medication adherence market are striving to foster innovation, specifically focusing on the creation of real-time data access to assess the effectiveness of treatments and make well-informed decisions. The concept of real-time data access encompasses the capacity to promptly retrieve and dissect data as and when it is produced or updated, without any notable delays. For instance, in June 2024, PatchRx, an American company dedicated to medication adherence technology, unveiled PatchRx Connect. This advanced technology is structured to incorporate real-time medication adherence data into pre-existing care management platforms seamlessly. This tool enables clinical teams to understand patients' medication intake patterns without causing disruptions in their workflows. The package also includes a smart device to monitor medication usage and offer valuable insights to healthcare providers. Moreover, it comes equipped with patient engagement features such as SMS alerts to improve adherence rates.
Who Are the Key Players 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 are the Regional Insights into 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
