New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medication Adherence Global Market Report 2023" - https://www.reportlinker.com/p06229179/?utm_source=GNW
, AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC and SMRxT Inc.
The global medication adherence market will grow from $3.18 billion in 2022 to $3.58 billion in 2023 at a compound annual growth rate (CAGR) of 12.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The medication adherence market is expected to grow to $5.36 billion in 2027 at a CAGR of 10.6%.
Medication adherence market consists of sales of instruments such as smart pill bottles, smart caps, smart medical watches, wearable sensors and others.The market also includes technology associated applications such as cloud-based databases, health programs, patient web portals, mobile medication management applications and others.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the medication adherence market in 2022.Western Europe was the second largest region in the medication adherence market.
The regions covered in the medication adherence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of medication adherence are hardware-centric and software-centric.Medication adherence products that are software-centric are a collection of programmes or applications which monitor, record, and notify the individual and his or her caregiver about their medication compliance.
The different medications include cardiovascular, central nervous system, diabetes, oncology, respiratory, gastrointestinal, rheumatology, others and are used in various applications such as hospital, retail pharmacies, long-term care facilities, mail-order pharmacies.
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. According to a study published by The Journal of Allergy and Clinical Immunology, in Practice, there has been an increase in controller inhaler use between January and March 2020 by 14.5% where, Propeller Health, a digital platform that tracks the inhaler consumption was used to send alerts to the patients when it is missed. 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.
Inadequate healthcare infrastructure in developing countries is predicted to hinder the growth of the medication adherence market.In September 2021, according to a United Nations report, the health system in Afghanistan is in danger of collapsing, while on the streets of Kabul, the hunger that families are experiencing is just as severe there as it is in the country’s drought-stricken rural districts.
Moreover 9 out of 37 COVID-19 hospitals were closed. The poor infrastructure wedges the gap between the patient and the system restraining the growth of the medication adherence market.
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.
In November 2021, CareDx, Inc., a US-based precision medicine company, acquired MedActionPlan for an undisclosed amount. The acquisition aimed to contribute to CareDx’s mission of linking transplant patient offerings. MedActionPlan is a US-based company providing medication adherence services.
The countries covered in the medication adherence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The medication adherence market research report is one of a series of new reports that provides medication adherence market statistics, including medication adherence industry global market size, regional shares, competitors with a medication adherence market share, detailed medication adherence market segments, market trends and opportunities, and any further data you may need to thrive in the medication adherence industry. This medication adherence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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