Global Medication Adherence Market Trends And Strategies Of Major Players In The Medication Adherence Market 2020
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The global medication adherence market reached a value of nearly $2,529.6 million in 2019, having increased at a compound annual growth rate (CAGR) of 13.4% since 2015. The market is expected to decline from $2,529.6 million in 2019 to $2,482.3 million in 2020 at a rate of -1.9%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 12.5% from 2021 ad reach $3,579.7 million in 2023. It is expected to reach $4,381.0 million in 2025, and $7,277.4 million in 2030. Increasing demand for personalized healthcare technologies is expected to contribute to the growth of the medication adherence market in the forecast period.
The medication adherence market consists of sales of medication adherence hardware systems and software applications by entities (organizations, sole traders and partnerships) that produce medication adherence hardware systems and software solutions that are used by patients to take prescribed medicines.
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The global medication adherence market is further segmented based on type, medication and geography.
By Type: Hardware Centric, Software Centric.
By Medication: Cardiovascular, Central Nervous System, Diabetes, Oncology, Gastrointestinal, Musculoskeletal, 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 of 39.7% in the global medication adherence market 2019.
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Trends In The Medication Adherence Market
There has been an increasing demand for smart pill containers as these can monitor the medication-taking activity of patients. Pillboxes and pill bottles are equipped with sensors and use Bluetooth technology or Wi-Fi for wireless transmission of the data to a nearby computer or mobile. The smart pillbox can be programmed so that the user, caregiver, and/or pharmacist receive notifications from the pillbox. Most of the smart pillboxes have multiple compartments for daily medications, an audible alarm and LED indicators to guide to the correct compartment.
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 market size and growth for the global medication adherence market, medication adherence market share, medication adherence market players, medication adherence market segments and geographies, 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.