Press release
Medication Adherence Market Sales Revenue Focus on Specific Product and Dynamics by 2032
The growth of the Medication Adherence market can be attributed to the increasing awareness about the importance of medication adherence, supported by various programs and initiatives aimed at educating individuals. Additionally, factors such as the aging population, rising healthcare expenditure and pharmaceutical usage, and the prevalence of cardiovascular diseases are expected to drive market growth in the forecast period.
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According to a recent study, the global Medication Adherence market was valued at USD 2,668.1 million in 2021 and is projected to reach USD 5,562.3 million by 2028, exhibiting a CAGR of 11.1% from 2022 to 2028. This growth can be attributed to the growing awareness about medication adherence through programs and initiatives focused on educating individuals about its significance. Furthermore, the increasing aging population, rising healthcare expenditure and pharmaceutical usage, and the prevalence of cardiovascular diseases are expected to drive the market growth during the forecast period.
Increasing Awareness about Medication Adherence
A significant trend observed in the medication adherence market is the rising awareness about medication adherence through patient-saving programs. These programs aim to improve patient compliance and help pharmacists identify individuals who may be missing their medication doses. For instance, the ESPACOMP annual conference, themed "Medication Adherence and Patient Safety," is organized to educate patients and caregivers about medication adherence. The World Health Organization reports that adherence to long-term pharmacotherapies is only around 50%. Medication non-adherence negatively impacts health outcomes. The growing trend of an aging population in the 21st century has further increased the demand for medication adherence, driving market growth.
Cardiovascular Segment Holds the Largest Market Share
The medication adherence market is segmented into cardiovascular, central nervous systems, diabetes, oncology, gastrointestinal, musculoskeletal, and other applications. The cardiovascular segment accounted for the largest market share in 2021 due to the increasing incidence of cardiovascular diseases associated with an unhealthy lifestyle. This segment is expected to grow at the fastest rate during the forecast period. Chronic conditions like heart failure and myocardial infarction require long-term therapy adherence to reduce morbidity and mortality. The high prevalence of medication non-adherence among cardiac patients has led to increased demand for medical adherence devices in this segment, driving market growth.
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Impact of COVID-19 on the Global Medication Adherence Market
The emergence of the COVID-19 pandemic has significantly affected the global medication adherence market. The medication adherence strategy played a crucial role during the pandemic as patients required prompt treatment. There is significant growth potential for COVID-19 drug management due to medicine shortages worldwide. This situation presents significant opportunities for manufacturers of COVID-19 management drugs, leading to substantial growth in the pharmaceutical and biotechnology industries. Consequently, this impact is expected to drive the global medication adherence market.
North America Dominates the Global Medication Adherence Market
North America holds the largest share in the global medication adherence market, primarily due to extensive research and development (R&D) investments, increasing healthcare costs, and a high prevalence of chronic diseases. Chronic illnesses accounted for seven of the top ten causes of mortality in the United States in 2019, according to the Centers for Disease Control and Prevention (CDC). The region's aging population also contributes positively to market growth. The Asia-Pacific region is expected to witness significant growth over the forecast period, driven by changing consumer trends and an increasing geriatric population with a higher incidence of chronic diseases.
Market Segment:
By Type(Software Centric And Hardware Centric)
By Medication(Cardiovascular, Central Nervous System, Diabetes, Oncology, Gastrointestinal, Musculoskeletal, Others)
By Region(North America, Europe, The Asia Pacific, Latin America, The Middle East And Africa)
Competitive Landscape
The global Medication Adherence market comprises numerous local, regional, and global vendors. Key players in the market include HealthEra, McKesson Corporation, Health Beacon, eLucid mHealth, Tinylogics, Johnson & Johnson Services Inc, Ren
Table of Content:
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary
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