Press release
Medication Adherence: Innovations Shaping the Market 2024
Medication Adherence Market Trends
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According to The Business Research Company's, The medication adherence market size has grown rapidly in recent years. It will grow from $3.54 billion in 2023 to $3.96 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to rapid growth in elderly population, strong economic growth in emerging markets, rise in healthcare expenditure, rise in usage of pharmaceuticals, and rising prevalence of cardiovascular diseases.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
WPP PLC, Publicis Groupe, Omnicom Group Inc, Dentsu Inc, The Interpublic Group Of Companies, Havas SA, Katz Media Group, Hakuhodo DY Media Partners Inc., Horizon Media, Kingstar Media, Initiative Media Private Limited, Brand Catalyser, AJ Marketing, GrowthElements Private Limited, Adworth Media Pvt Ltd, Alchemy One, MK Media, GDR Media Group, KKBC, KOL Media, Sootoo Network, DLG SA (Digital Luxury Group), Eastidea Integrated Solutions, RuiYing Media, Premium.Digital, Havas Media Shanghai, Totem Media , The One Stop Marketing Ltd., Sage+Archer, Media Reach Advertising, Media Alive, Hotspex Media , Digital Star, ERKA Agile Communication, Media Pozitiv, MoloSo Agency , Evolution Media , Moburst, Media Matters Worldwide, Acquire Media Corporation, LoyaltyPlant, Zwick Roell Group, Belenus of Brazil S / A, METALAC, Fastener SRL, Oasn Me Ltd., Amazonas Industria E Comercio Ltd, Sika, H.B. Fuller, Henkel , Alsayegh Media, Le Astrid International LLC, Twofour group, PAZ marketing, Shells advertising, Saba consultants, KENZ advertising, Amber communications, Socialize, Prodesign Advertising, Keyade, Amorphous new media, Terragon group, NXT Digital, Adclick Africa, Sprout performance partners, Gloo design agency, Brand republic SA, Sauce advertising, WetPaint advertising, NP Digital south Africa, Fogg agency , Fuse factory
Medication Adherence Market 2024 Key Insights:
• 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%.
• Elevated Demand For Medication Adherence Solutions In Healthcare Combating Non-Adherence Challenges
• Strategic Initiatives Drive Medication Adherence Market Partnerships And Expansion Into Untapped Regions
• North America was the largest region in the medication adherence market in 2023
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