Medication Adherence Market Definition
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.
Medication adherence systems remind a person to follow a medication schedule recommended by a healthcare provider, and checks whether patients take their medications as prescribed. Medication adherence systems check if the medication-intake behavior of the patient conforms to an agreed medication regimen recommended by the healthcare provider with respect to timing, dosage, and frequency. 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 Market Size
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 t reach $4,381.0 million in 2025, and $7,277.4 million in 2030.
Growth in the historic period resulted from rapid growth in elderly population, strong economic growth in emerging markets, rise in healthcare expenditure, and rise in usage of pharmaceuticals. Factors that negatively affected growth in the historic period were lack of healthcare infrastructure, and non-medical apps and reminders.
Going forward, increasing prevalence of chronic diseases, increasing adoption of smartphones, increasing demand for personalized healthcare technologies, and advances in medicine will drive the growth. Factors that could hinder the growth of the medication adherence market in the future include privacy concerns, and home healthcare services.
Medication Adherence Market Drivers
The key drivers of the medication adherence market include:
Increasing Demand For Personalized Healthcare Technologies
Increasing demand for personalized healthcare technologies is expected to contribute to the growth of the medication adherence market in the forecast period. Personalized health care involves considering patient’s genetic and biological profile before arriving at treatment plans and medication. Several tools used in personalized health care technology, including wearable devices and DNA sequencing, help doctors to detect diseases earlier, and prescribe medicines to reduce the impact of diseases. It is gaining importance as patients and healthcare professionals are increasingly letting go of the one-size-fits-all model for common medical conditions.i Major pharmaceutical companies such as GSK, Teva Pharmaceuticals and AstraZeneca are investing in development of personalized medicines. Personalized healthcare models use the medical logs received from medication adherence systems to build personalized models of patient’s health profile, and to deliver treatment plans specific to the individual. Rising demand for personalized healthcare owing to better disease management will encourage people to invest in medication adherence systems, thereby driving the market in the forecast period.
Medication Adherence Market Restraints
The key restraints on the medication adherence market include:
Privacy concerns associated with medication adherence systems are expected to limit the growth of the market during the forecast period. Medication adherence systems continuously monitor the patients’ intake of medications. These systems have access to patients’ personal medical records. There are growing concerns regarding the violation of privacy among the patients. Violation of security of smart apps could result in attackers sending fake reminders, or manipulating with the medication intake of patients. These security concerns might discourage the patients from using medication adherence systems, thereby limiting the growth of the market.
Medication Adherence Market Trends
Major trends influencing the medication adherence market include:
Rising Demand For Smart Pill Container
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. For instance, Zewa’s MedWell Smart Pill Box consists of 4 compartments for daily medications with alarm and LED lights. It can be connected to a mobile device, which displays daily medication schedule and also can be connected to an online website where data can be analyzed and medication schedules can be changed.iv
Increasing Use Of Smartphone Medical Adherence Apps
Medical adherence apps, which help patients take medications as prescribed are emerging as a major trend in the medical adherence market. Low levels of medicine adherence results in poor disease outcomes for patients, therefore these type of apps can be used as a reminder to take medication, track medication taking, remind to refill or indicated amount of medication left, and store medication information. For instance, in 2019, Caredose, a medical technology startup, launched a mobile application, which helps patients adhere to their medications. The app will have all the information about the patient including the name of the medicine and dosage. It sends reminders to patients about the dosage and time of consuming the medicines. It also records the response from patients whether they are taking their dose correctly or not.v
Opportunities And Recommendations In The Medication Adherence Market
Opportunities – The top opportunities in the medication adherence market segmented by type will arise in the software centric market segment, which will gain $540.8 million of global annual sales by 2023. The top opportunities in the medication adherence market segmented by medication will arise in the others segment, which will gain $514.6 million of global annual sales by 2023. The medication adherence market size will gain the most in the USA at $366.2 million.
Market-trend-based strategies for the medication adherence market include 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. Player-adopted strategies in the medication adherence market include strengthening business through the launch of new solutions, and expanding through strategic partnerships.
Recommendations – To take advantage of the opportunities, the business research company recommends the medication adherence companies to focus on investing in production of smart pill container, focus on investing on development of ingestible biosensors, offer skimmed pricing, focus on developed and emerging markets, leveraging e-commerce to maximize reach and revenues, leveraging social media platforms and targeting local pharmacies to spread awareness.
Medication Adherence Market Segmentation
The medication adherence market is segmented by type, by medication and by geography.?
The medication adherence market can be segmented by type
The software centric market was the largest segment of the medication adherence market segmented by type, accounting for 59.1% of the total in 2019. Going forward, the hardware centric segment is expected to be the fastest growing segment in the medication adherence market, at a CAGR of 10.5% during 2019-2023.
- a. Hardware Centric
- b. Software Centric
By Medication –?
The medication adherence market can be segmented by medication
The others market was the largest segment of the medication adherence market segmented by medication, accounting for 37.8% of the total in 2019. Going forward, the others segment is expected to be the fastest growing segment in the medication adherence market, at a CAGR of 11.4% during 2019-2023.
- a. Cardiovascular
- b. Central nervous system
- c. Diabetes
- d. Oncology
- e. Gastrointestinal
- f. Musculoskeletal
- g. Others
The nebulizers market is segmented into
North America was the largest region in the global medication adherence market, accounting for 39.7% of the total in 2019. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the medication adherence market will be Eastern Europe, and Asia Pacific, where growth will be at CAGRs of 12.1% and 10.9% respectively. These will be followed by the Middle East, and South America, where the markets are expected to grow at CAGRs of 8.8% and 8.63% respectively.
- o North America
- o Western Europe
- o Asia Pacific
- South Korea
- o Eastern Europe
- o South America
- o Middle East
- o Africa
Nebulizers Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • 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.
- • Everwell
- • Aardex Group
- • Propeller Health
- • Umotif
- • Echo
- • HealthEra
- • Health Beacon
- • Popit
- • eLucid mHealth
- • Tinylogics
- • Johnson & Johnson Services Inc.
- • Renesas
- • McKesson Corporation
- • Qualcomm Incorporated
- • Adherence Solutions LLC
- • SMRxT Inc.
- • Information Mediary
- • MedMinder Systems
- • Seamless MD
- • Catalia Health
- • Merck KGaA
- • Datos Ltd
- • Vaica
- • Health Window
- • Wisepill Technologies
- • AstraZeneca
- • Helium Health
- • Cardinal Health