USD 2.43 billion
Medication Adherence Market Size, Share, Growth Analysis, By End User(Pharmaceutical, Hospitals, Pharmacies, Healthcare providers), By Type(Hardware and Software), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35F2015 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
77
Medication Adherence Market Insights
Medication Adherence Market size was valued at USD 2.80 billion in 2022 and is poised to grow from USD 3.22 billion in 2023 to USD 9.93 billion by 2031, at a CAGR of 15.1% during the forecast period (2024-2031)
The global medication adherence market is witnessing substantial growth, driven by the increasing focus on patient-centric care, rising prevalence of chronic diseases, and advancements in healthcare technology.
Poor medication adherence has been a persistent challenge in healthcare, leading to suboptimal treatment outcomes and increased healthcare costs. To address this issue, various solutions and technologies have been developed to improve medication adherence rates, driving the growth of the global market.
US Medication Adherence Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
15.1% CAGR
Global Medication Adherence Market ($ Bn)
Country Share for North America Region (%)
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Medication Adherence Market Segmental Analysis
The global medication adherence market is segmented on the type, end user and region. By type, the market is segmented into hardware and software. By end user, the market is segmented into pharmaceutical, hospitals, pharmacies, healthcare providers. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medication Adherence Market Analysis by Type
Hardware-based solutions dominate the medication adherence market due to their wide availability and ease of use. These devices provide reminders, alerts, and dosage tracking features to ensure patients take their medications on time. Hardware-based solutions are popular among both patients and healthcare providers, as they offer convenience and can significantly improve medication adherence rates.
Software-based solutions, including mobile applications and web platforms, are the fastest-growing segment in the medication adherence market. These solutions leverage digital technology to offer personalized medication reminders, dosage tracking, educational resources, and communication tools. Mobile apps, in particular, are widely adopted due to their accessibility and convenience. Software-based solutions offer flexibility and customization, allowing patients to better manage their medication regimens and stay on track with their treatment plans.
Medication Adherence Market Analysis by End User
The hospitals segment has emerged as the leading end-user of IT solutions in the global medication adherence market, holding a substantial revenue share of 70.6% in 2022. Hospitals have recognized the importance of investing significant capital in acquiring and upgrading their IT systems. These investments are aimed at enhancing workflow efficiency, ensuring safe medication dispensing, and simplifying complex clinical processes. By adopting these practices, hospitals have positioned themselves as the primary drivers of the market, capturing the largest market share.
Pharmacies also play a crucial role as end-users of IT solutions in medication adherence. The pharmacy segment is projected to witness a notable compound annual growth rate (CAGR) of 11.9% over the forecast period. This growth can be attributed to the increasing number of prescriptions being processed and dispensed by pharmacies, coupled with a shortage of pharmacists. To cope with these challenges and ensure effective medication management, pharmacies are increasingly adopting medication management solutions facilitated by IT systems. These solutions assist in streamlining prescription processing, enhancing medication safety, and optimizing pharmacy operations.
Global Medication Adherence Market By Type($ Bn)
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Medication Adherence Market Regional Insights
North America holds the largest market share. This can be attributed to several factors such as the presence of well-established healthcare infrastructure, high healthcare expenditure, and strong adoption of advanced healthcare technologies. Additionally, government initiatives and favorable reimbursement policies further support market growth in North America. The region is also home to major market players, contributing to its dominance in the global market.
Asia Pacific is expected to be the fastest-growing region in the medication adherence market. Factors such as a large population, increasing healthcare expenditure, and rising awareness about the importance of medication adherence are driving market growth in the region. Additionally, improving healthcare infrastructure and the adoption of digital healthcare solutions are creating opportunities for market expansion. Developing economies within the region, such as China and India, are witnessing rapid advancements in healthcare technology and increasing focus on chronic disease management, further fueling the demand for medication adherence solutions.
Global Medication Adherence Market By Geography
- Largest
- Fastest
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Medication Adherence Market Dynamics
Medication Adherence Market Drivers
Rising Chronic Disease Burden
- The increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, respiratory disorders, and cancer necessitates long-term medication adherence. This drives the demand for medication adherence solutions to optimize treatment outcomes and improve patient health.
- The aging population is more susceptible to chronic diseases and often requires multiple medications for proper disease management. Medication adherence solutions play a crucial role in helping older adults maintain medication schedules and avoid medication-related complications.
Medication Adherence Market Restraints
Privacy and Data Security Concerns
- The use of digital health technologies in medication adherence solutions raises concerns about patient privacy and data security. Healthcare providers and solution providers must address these concerns to build trust and ensure patient confidentiality.
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Medication Adherence Market Competitive Landscape
The global medication adherence market is a rapidly growing market driven by the increasing focus on patient-centric healthcare, rising prevalence of chronic diseases, and advancements in technology. Key players in the market are implementing strategies such as mergers and acquisitions, partnerships, and product launches to strengthen their market position and expand their product portfolios.
Medication Adherence Market Top Player’s Company Profiles
- Omnicell, Inc. (United States)
- Koninklijke Philips N.V. (Netherlands)
- Medtronic plc (Ireland)
- McKesson Corporation (United States)
- Cerner Corporation (United States)
- Becton, Dickinson and Company (United States)
- Johnson & Johnson Services, Inc. (United States)
- Novartis International AG (Switzerland)
- Siemens Healthineers AG (Germany)
- AdhereTech Inc. (United States)
- SMRxT Inc. (United States)
- Pillsy Inc. (United States)
- TruMed Systems Inc. (United States)
- Proteus Digital Health (United States)
- West Pharmaceutical Services, Inc. (United States)
- DrFirst, Inc. (United States)
- Talyst LLC (United States)
- Talis Clinical, LLC (United States)
- 3M Company (United States)
- GlobalMed Technologies (United States)
- Hero Digital Therapeutics (United States)
- ResMed Inc. (United States)
Medication Adherence Market Recent Developments
- In March 2023, Cardinal Health, a global pharmacy player, announced a new technology-based software for improving drug adherence among patients. The software uses artificial intelligence to track patient medication intake and provide personalized reminders and support.
- In February 2023, A company called Welldoc launched a new medication adherence program that uses a combination of text messages, phone calls, and in-person visits to help patients stay on track with their medications.
Medication Adherence Key Market Trends
Remote Patient Monitoring
- The rise of telehealth and remote patient monitoring has facilitated medication adherence. Healthcare providers can remotely monitor patients' medication adherence and provide timely interventions or reminders. This trend has gained momentum during the COVID-19 pandemic, where virtual healthcare delivery became crucial.
Medication Adherence Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, the global medication adherence market is witnessing significant growth driven by various factors. The rising prevalence of chronic diseases, increasing awareness about the importance of medication adherence, and advancements in healthcare technology are key drivers of market expansion. The market offers a wide range of solutions and services to improve medication adherence, including mHealth interventions, smart pill bottles, electronic monitoring systems, and medication management apps. These solutions aim to address the challenges of non-adherence and promote better patient outcomes. Furthermore, research studies have provided insights into the positive impact of medication adherence interventions on health outcomes, emphasizing the potential of these solutions to enhance patient adherence and overall healthcare effectiveness.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.80 billion |
| Market size value in 2031 | USD 9.93 billion |
| Growth Rate | 15.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medication Adherence Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medication Adherence Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medication Adherence Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medication Adherence Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medication Adherence Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medication Adherence Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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