Global Medication Adherence Market (2020 to 2030) - by Product and Medication - ResearchAndMarkets.com

The "Medication Adherence Market Research Report: By Product (Software Centric, Hardware Centric), Medication (Cardiovascular, Central Nervous System, Diabetes, Oncology, Respiratory, Gastrointestinal, Rheumatology) - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

Every year, cardiovascular diseases kill 17.9 million people, while cancer claims 9.6 million human victims. These statistics by the World Health Organization (WHO) clearly reflect the burden of chronic diseases, which continues to rise. As a result, the global medication adherence market, which generated $2,310.0 million in 2019, is predicted to grow at a robust 15.5% CAGR between 2020 and 2030, to reach $11,226.3 million in 2030, according to the publisher.

All chronic diseases require prolonged treatment, medication, and monitoring and strict adherence to the medication schedule. The increasing awareness about taking medication as and when directed is the key reason behind the medication adherence market advance. Non-adherence or poor adherence to the medication schedule adds $177 billion to the global healthcare expenditure and results in 25% of all hospitalizations and 50% of all treatment failures each year.

During the COVID-19 pandemic, the medication adherence market is receiving a boost, majorly due to the rapidly rising case and death count attributed to this viral infection. Out of fear of contracting the infection and dying of it due to poor medication adherence, people are rapidly adopting medication adherence solutions. As per a study done on 7,578 patients using controller inhalers, as well as the Propeller Health medication adherence solution, medication adherence rate rose by 14.9% between the first seven days of January 2020 and the last seven days of March 2020.

North America is the most productive region in the medication adherence market presently. As per the CDC, seven in every 10 deaths in the U.S. in 2019 were because of chronic diseases. Apart from the rising prevalence of such medical issues, the geriatric population, healthcare expenditure, and R&D spending on healthcare technologies are increasing in the region. The rising geriatric population is leading to the increasing incidence of chronic diseases, thereby driving the demand for medication adherence solutions.

Over the next 10 years, the medication adherence market will observe the highest CAGR in the Asia-Pacific (APAC) region. The increasing disposable income of the population here is allowing them to go for expensive treatments, as well as medication adherence solutions. Moreover, market players in the region are bringing about technological enhancements in these solutions, for bettering the treatment outcomes. Numerous initiatives have been taken to technologically enhance these solutions, such as those currently underway in Australia and Singapore.

Market Dynamics

Trends

• Increasing use of medication adherence apps
• Rising awareness for medication adherence through patient saving programs
• Growing popularity of medication adherence systems and software

Drivers

• Growing demand for advanced medication adherence systems
• Increasing prevalence of chronic diseases
• Rising geriatric population
• Increasing demand for mHealth technologies
• Expanding demand for personalized healthcare
• Impact analysis of drivers on market forecast

Restraints

• Privacy and security concerns in the EHR and e-prescribing-based medication adherence systems
• Inadequate healthcare infrastructure in developing economies
• Impact analysis of restraints on market forecast

Opportunities

• Vast unexplored medication adherence market across the globe

Companies Mentioned

• Koninklijke Philips N.V.
• Qualcomm Incorporated
• AdhereTech Inc.
• McKesson Corporation
• Omnicell Inc.
• SMRxT Inc.
• DrFirst.com Inc.
• Cardinal Health Inc.
• Johnson & Johnson Services Inc.

For more information about this report visit https://www.researchandmarkets.com/r/dutg1y

View source version on businesswire.com: https://www.businesswire.com/news/home/20201124005643/en/