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Medication Adherence Global Market Report 2024 - By Drivers, Size, Share, Trends, Forecast To 2033
Medication Adherence Market
The medication adherence market size is expected to see rapid growth in the next few years. It will grow to $6.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to increasing prevalence of chronic diseases, increasing adoption of smartphones, increasing demand for personalized healthcare technologies, and advances in medicine . Major trends in the forecast period include cloud-based medication adherence, gamification modes especially for children, 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.
Market Overview -
Medication adherence are the systems that helps to check if a person follows medication recommended by a healthcare provider, whether patients take their medications as prescribed, as well as whether they continue to take a prescribed medication. 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.
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Elevated Demand For Medication Adherence Solutions In Healthcare Combating Non-Adherence Challenges
The increasing requirement for medication adherence solutions to overcome poor adherence to prescribed medication in the healthcare industry is projected to boost the demand for medication adherence solutions. For instance, in April 2022, according to the International Longevity Centre, a UK-based independent policy think tank impacting strategy on a life-course perspective on social aging and demographic change, Medication adherence for chronic illnesses can be as poor as 50% in high-income nations and considerably lower in low-income ones. Non-adherence costs approximately $100 billion to $290 billion in the United States, €125 billion in Europe, and AU$7 billion in Australia. Non-adherence to medication increases cost urging the patients to use medication adherence to treat the problem effectively, thereby generating higher demand for medication adherence solutions.
Competitive Landscape -
Major companies operating in the medication adherence market report are 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., Adherium, mHealth, Everwell, Aardex Group, Propeller Health, Umotif, Echo, HealthEra, Popit, eLucid, Tinylogics, Johnson & Johnson Services Inc, TalkingMedicines, Renesas, Qualcomm Incorporated, Adherence Solutions LLC, SMRxT Inc., Information Mediary, emocha, Mobile Health, DIMAGI, INC., Seamless MD, Merck KGaA, AstraZeneca Brasil, Datos Ltd, Vaica, Wisepill Technologies, Novartis, Aspen Nigeria
Strategic Initiatives Drive Medication Adherence Market Partnerships And Expansion Into Untapped Regions
Major players are undertaking strategic initiatives such as partnerships and business expansions in untapped regions, which is likely to be a major trend in the medication adherence market. For instance, In December 2021, AdhereHealth, a US-based healthcare technology company specialising in medication adherence insights and health outcomes, partnered Hero. The partnership aimed at using Hero's digital in-home care platform to assist patients with chronic illnesses that have high costs, high risks, and complicated medication regimens. Hero is a medication adherence company that delivers end-to-end medication management service for patients and caregivers.
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Key Segments -
The medication adherence market covered in this report is segmented -
1) By Type: Hardware Centric, Software Centric
2) By Medication: Cardiovascular, Central Nervous System, Diabetes, Oncology, Respiratory, Gastrointestinal, Rheumatology, Other Medications
3) By Application: Hospital, Retail Pharmacies, Long-Term Care Facilities, Mail-Order Pharmacies
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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