Impact of COVID-19 Outbreak on Medication Adherence Market | Top Key Players are Proteus Digital Health, Inc, AdhereTech, McKesson Corporation, Omnicell, SMRxT, DrFirst, Inc., Cardinal Health, Johnson & Johnson

The key drivers for the growth of the medication adherence market include the rising incidence of chronic diseases, increasing geriatric population, and surging demand for mobile health (mHealth) and personalized medicine. Valuing $1.6 billion in 2016, the market is expected to progress at a CAGR of 12.3% during 2017-2023 (forecast period), reaching $3.6 billion in 2023. Devices or software that monitor patients and help them take the prescribed drugs as per schedule are known as medication adherence systems.

Global Medication Adherence Market Key Players:
1- Proteus Digital Health, Inc
2- AdhereTech
3- McKesson Corporation
4- Omnicel
5- SMRxT
6- DrFirst, Inc.
7- Cardinal Health
8- Johnson & Johnson

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On the basis of product, the market is divided into software-centric and hardware-centric products. Of these, the software-centric division held the larger share in the medication adherence market during the historical period (2013-2016) and will continue to do so till 2023, as such products are cost-effective and easily available. During the forecast period, hardware-centric products would display faster growth, at a 13.1% CAGR, since many leading market players are launching these.

The growing incidence of chronic diseases, especially cardiovascular diseases, is one of the major factors behind the medication adherence market prosperity. As per the 2015 data published by the World Health Organization (WHO), heart diseases killed 17.7 million people, which was 31% of the total people who died that year. Among these, 6.7 million died of stroke and 7.4 million of coronary heart disease. Other chronic diseases, such as chronic obstructive pulmonary disease (COPD), cancer, and diabetes, are also becoming increasingly widespread, thereby driving the usage of medication adherence systems.

As remote patient monitoring is especially advantageous for the elderly, the rising geriatric population is acting as an important medication adherence market driver. According to the United Nations Department of Economic and Social Affairs, the number of people above the age of 60 will triple, from 137 million in 2017 to 425 million in 2050. Such people are physically and immunologically weak, thus prone to serious illnesses, which require proper monitoring and medication. Additionally, as they cannot always visit a doctor, medication adherence systems save time and cost.

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Thus, with the increasing population of the elderly, who require constant monitoring and adherence to medication, while sick, the market for such systems would continue to expand.

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