Global Medication Adherence Market Forecast To 2023
The global medication adherence market is expected to decline from $2.53 billion in 2019 to $2.48 billion in 2020 at a compound annual growth rate (CAGR) of -1.87%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $3.58 billion in 2023 at a CAGR of 12.98%. 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. However, inadequate healthcare infrastructure in developing countries is predicted to hinder the growth of the medication adherence market.
The medication adherence market consists of sales of medication adherence hardware systems and software applications. Medication adherence systems 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. The market consists of revenue generated by the companies manufacturing the medical adherence hardware systems and software solutions by the sales of these products.
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The global medication adherence market is further segmented based on type and geography.
By Type: Hardware Centric, Software Centric
By Medication: Cardiovascular, Central Nervous System, Diabetes, Oncology, Respiratory, Gastrointestinal, Rheumatology, Others
By Geography: The global medication adherence market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American medication adherence market accounts for the largest share in the global medication adherence market.
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Trends In The Medication Adherence Market
Major players are undertaking strategic initiatives such as partnerships and business expansions in untapped regions, which is likely to be a major trend in the medication adherence market.
Medication Adherence Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides medication adherence market overviews, analyzes and forecasts medication adherence market size and growth for the global medication adherence market, medication adherence market share, medication adherence market players, medication adherence market size, medication adherence market segments and geographies, medication adherence market trends, medication adherence market drivers and medication adherence market restraints, medication adherence market’s leading competitors’ revenues, profiles and market shares. The medication adherence market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.