What is the Current Market Size and Forecast of Medication Adherence Market? | Top Key Players are Cardinal Health, Omnicell, McKesson, Proteus Digital Health, Inc, AdhereTech, SMRxT

The medication adherence market is growing at a CAGR of 12.3% during forecast period. The market is growing mainly due to the rising demand for advanced medication adherence systems, increasing prevalence of chronic diseases, rising geriatric population, increasing demand for mobile health (mHealth) technologies, and expanding demand for personalized healthcare technologies.

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The expanding demand of personalized healthcare technologies due to advanced applications of medication adherence plays a pivotal role in the growth of the medication adherence market. The electronic healthcare records received through medication adherence systems help in building personalized models of patient’s health profile, thereby delivering treatment plans specific to the individual. The popularity of medication adherence is increasing, as its application in healthcare has been rising vastly. Further, the demand for personalized healthcare not only improves the quality of care but also reduces the cost of treatment. In addition, personalized healthcare system is gaining popularity in home care facilities, that further improves the overall disease management and reduce the incidences of non-adherence.

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The European market for medication adherence is expected to cross $900.0 million by 2023, growing at a CAGR of 10.9% during 2017-2023. The region offers significant opportunities for the growth of the medication adherence market. These opportunities are characterized by the increasing adoption of technological advancements and development of medication adherence system by pharmaceutical companies operating in the region. Various start-up companies such as Medisafe Project LTD have been expanding in the Europe region due to huge opportunities prevailing within the region. Various chronic diseases such as diabetes and cardiovascular diseases are severely impacting the European population. According to the European Cardiovascular Disease Statistics (2017), cardiovascular disease (CVD) causes 3.9 million deaths in the Europe and more than 1.8 million deaths in the European Union (EU), every year. Increasing non- adherence for the treatment of various chronic diseases escalates the cost and mortality rate in the various European countries.

The major players in the medication adherence market are undergoing mergers and acquisitions to improve their position in the market. For instance, in December 2016, Omnicell, Inc. announced the complete acquisition of Ateb, Inc. together with its Canadian affiliate, Ateb Canada Ltd. Ateb, Inc. is a provider of pharmacy-based patient care solutions and medication synchronization to independent and chain pharmacies. The acquisition was done to expand the product portfolio of Omnicell, Inc. with industry leading medication adherence solutions to retail pharmacies.

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Some of the other key players operating in the medication adherence market include Proteus Digital Health, Inc., AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC, SMRxT Inc., and DrFirst.com, Inc.

GLOBAL MEDICATION ADHERENCE MARKET SEGMENTATION
By Product
• Software centric
 Mobile apps
 Others (cloud based application, and various web portals)
• Hardware centric
 Devices
 Automated dispensing systems
 Smart pill bottles
 Electronic trays
 Others
 Smart Watches
 Digital Timer Caps
 Smart Pills
 Smart Inhalers
 Various Medication Monitoring Devices
 Packaging
 Multi dose
 Unit dose
By Medication
 Cardiovascular
 Central nervous system (CNS)
 Diabetes
 Oncology
 Respiratory
 Gastrointestinal
 Rheumatology
 Others
 Acquired Immunodeficiency Syndrome (AIDS)
 Allergic Reaction
 Common Cold & Cough
 Viral Fever
 Various Chronic & Acute Diseases and Conditions
By Region
• North America
 U.S.
 Canada
 Rest of North America
• Europe
 Germany
 France
 U.K.
 Rest of Europe
• Asia-Pacific
 Japan
 China
 Rest of Asia-Pacific
• Rest of the World

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