Medication Adherence Market Latest Survey Report 2024

Medication Adherence Market to reach over USD 11.03 billion by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Medication Adherence Market Size, Share & Trends Analysis Report By Type (Hardware Centric, and Software Centric), Medication (Cardiovascular, Central Nervous System, Diabetes, Oncology, Gastrointestinal, Musculoskeletal, and Others),, Region, Market Outlook And Industry Analysis 2031"

The global medication adherence market is estimated to reach over USD 11.03 billion by 2031, exhibiting a CAGR of 14.9% during the forecast period.

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Effective treatment of various acute and chronic illnesses depends on medication adherence. It guarantees that patients receive the therapeutic advantages of their drugs as intended, enhances illness management, and aids in stopping complications or disease progression. The growth of the medication adherence market can be attributed to several factors. Firstly, there is a growing awareness about medication adherence, thanks to the increasing number of programs and initiatives to educate people about the importance of adhering to their medical regimens.
Additionally, the market is being driven by elements such as the aging population, higher healthcare expenditure and pharmaceutical usage, and a rise in the prevalence of cardiovascular diseases. These factors are expected to contribute to the market's growth in the foreseeable future. The COVID-19 pandemic has further emphasized the need for healthcare system reforms to ensure access to medical care for patients in rural areas. In this regard, decentralizing the health system to the primary care level and utilizing teleophthalmology are important considerations for future healthcare planners. Furthermore, the rising adoption of mHealth adherence services is expected to fuel market growth. Numerous research studies have highlighted the advantages of using mHealth adherence services, further contributing to the market's expansion.
List of Prominent Players in the Medication Adherence Market:
• AdhereTech
• Cardinal Health
• DrFirst
• Everwell
• InhandPlus
• Johnson & Johnso
• Koninklijke Philips N.V.
• McKesson Corporation
• MedAdvisor International Pty Ltd
• Medminder Systems, Inc.
• Omnicell, Inc

Market Dynamics:
Drivers-
The medication adherence market is experiencing growth due to various programs and initiatives to educate people about the importance of medication adherence. Furthermore, factors such as an aging population, increased healthcare expenditure and pharmaceutical usage, and a rise in cardiovascular diseases are expected to drive market growth in the future. A noteworthy trend in the medication adherence market is the increasing awareness about medication adherence, which can be attributed to implementing patient-saving programs.

Challenges:
Patient compliance can be hampered by forgetfulness, a lack of awareness of the value of adherence, fear of side effects, and complicated prescription regimens. Multiple drugs, each with unique dosage and administration guidelines, are used in some treatment schemes. Patients may need help to continuously follow these regimens due to their complexity, which can result in missing doses or improper administration. Medication adherence may be hampered by socioeconomic issues such as low income, a lack of health insurance, and restricted access to transportation.

Regional Trends:
The North America medication adherence market is expected to register a major market share. Due to elements including a rise in mHealth technologies, a rise in medication adherence software launches, and an increase in healthcare spending in the region. Because of the high costs of research and development (R&D), rising healthcare expenses, and a rise in the prevalence of chronic diseases. Besides, Europe had a substantial share of the market. The market for medical adherence devices in the area is experiencing a massive upsurge due to changing customer preferences and an increase in chronic sickness among the region's aging population.

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Recent Developments:
• In January 2022, Adhere Health, a prominent provider of medication adherence insights and health outcomes, revealed an innovative partnership with Levrx Technology Inc, a digital health technology company focused on enhancing prescription capabilities and maximizing cost savings.
• In September 2021, Current Health and Humana Inc. joined forces intending to improve health outcomes for Humana members dealing with Chronic Obstructive Pulmonary Disease (COPD) and Chronic Heart Failure (CHF).

Segmentation of Medication Adherence Market-
By Type
• Hardware Centric
• Software Centric
By Medication
• Cardiovascular
• Central Nervous System
• Diabetes
• Oncology
• Gastrointestinal
• Musculoskeletal
• Other Medications
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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