Medication Adherence Market Forecasts to 2030 – Global Analysis By Type (Software Centric, Hardware Centric and Other Types), Medication and By Geography

Medication Adherence Market Forecasts to 2030 – Global Analysis By Type (Software Centric, Hardware Centric and Other Types), Medication and By Geography

According to Stratistics MRC, the Global Medication Adherence Market is accounted for $4,403.1 million in 2023 and is expected to reach $13,615.3 million by 2030 growing at a CAGR of 17.5% during the forecast period. An important component of medical treatment accomplishment is medication adherence, or the extent to which patients adhere to their recommended prescription regimes. A variety of technologies, therapies, and services are available on the market with the aim of enhancing and tracking patient adherence to drug regimes. In order to improve communication between healthcare providers and patients and eventually ensure individuals follow their recommended medication routines, innovations in this sector include wearable technology, smart pill dispensers, mobile health apps, and patient education programs.

According to a CMS.gov December 2022 update, national health expenditure grew 2.7% to USD 4.3 trillion in 2021, or USD 12,914 per person, and accounted for 18.3% of the Gross Domestic Product (GDP) in the United States.

Market Dynamics:

Driver:

Regulatory initiatives

The substantial impact that medication non-adherence has on healthcare outcomes and expenditures is becoming increasingly recognized by governments and regulatory authorities in the healthcare industry globally. In response, a number of laws and guidelines have been put into effect to promote the use of medication adherence programs. Additionally, guidelines encouraging the use of technology-driven adherence tools, payment incentives for healthcare professionals using adherence techniques, and the incorporation of adherence measurements into quality reporting metrics are just a few instances of these initiatives. A supportive regulatory framework promotes the creation and application of cutting-edge adherence services and technologies.

Restraint:

Lack of standardization

The lack of standardized protocols and data formats impedes technology connectivity, making it challenging for healthcare organizations to implement an integrated approach. This lack of standardization restricts the scalability and effectiveness of adherence interventions, in addition to making the creation of comprehensive and interoperable solutions more difficult. However, it may be challenging for healthcare professionals to gather and assess data from various adherence technologies, which makes it more difficult to arrive at insightful inferences and deliver customized therapy.

Opportunity:

Rising chronic disease burden

As diseases like diabetes, heart problems, and respiratory disorders become more common, it is crucial that individuals keep using medications as prescribed in order to effectively manage illness. Because chronic therapies are complex and long-term, it is essential for patients to adhere to their recommended drug schedules in order to avoid issues and enhance their overall health. Moreover, innovation in products and services that support and track medication compliance is being fueled by the increased need for adherence solutions.

Threat:

Cost of adherence solutions

The upfront costs and continuous expenses associated with these solutions can be prohibitively expensive, even though cutting-edge technologies and digital platforms provide sophisticated ways to enhance prescription compliance. Healthcare payers, providers, and, in certain situations, patients are all affected by this cost issue. In contexts with limited resources, the implementation and maintenance of adherence technologies like digital monitoring systems and smart devices could put pressure on healthcare costs. Financial constraints may prevent these treatments from being widely adopted, which would affect their efficacy and accessibility for a range of patient populations.

Covid-19 Impact:

The pandemic's effects, including lockdowns and overloaded healthcare systems, emphasized how important it is for patients to take their prescriptions as prescribed. Medication adherence has become more important as a way to manage and prevent complications, as there is a greater understanding of the way the virus can have serious effects on those with chronic diseases. Additionally, the pandemic's rapid telehealth uptake has created opportunities for remote monitoring and adherence assistance.

The software centric segment is expected to be the largest during the forecast period

With a focus on software-based interventions such as web platforms, mobile applications, and electronic health record connections, the software-centric category is predicted to have the largest share. Patients have the ability to manage their treatment programs with the help of these software solutions, which frequently include features like dosage tracking, real-time monitoring, and drug reminders. Additionally, they also make it easier for patients and healthcare professionals to communicate, enabling customized adherence plans. With the integration of AI, ML, and data analytics to customize interventions to specific patient needs, the software-centric sector is experiencing exponential innovation.

The oncology segment is expected to have the highest CAGR during the forecast period

With an emphasis on enhancing drug adherence for patients undergoing cancer treatment, the oncology segment is predicted to experience profitable growth. Because oncology medicines are so complex and intense, maintaining precise compliance is essential to maximizing therapeutic outcomes. These solutions improve the patient's understanding and participation by offering individualized drug treatments, dose reminders, and training resources. Adherence strategies with an emphasis on oncology are designed to mitigate the possible effects of missed doses, making sure patients execute their targeted therapy, chemotherapy, or immunotherapy regimes.

Region with largest share:

Owing to the region's developing healthcare infrastructure, growing awareness of chronic illnesses, and growing use of digital health solutions, the Asia-Pacific area is anticipated to hold the largest percentage. In order to address the incidence of chronic illnesses, there is an increasing need for medication adherence measures that are effective considering the size and age of the population. Moreover, a recent development in the Asia-Pacific market is the increased creation and use of software-centric solutions that improve patient engagement and adherence by utilizing digital platforms and mobile applications.

Region with highest CAGR:

As a result of growing healthcare investments and government initiatives, the Asia-Pacific area is anticipated to have profitable growth. The Asia Pacific region's varied healthcare landscape and distinct economic circumstances indicate adaptable and culturally sensitive approaches, which is why innovation and customization are essential for tackling the particular opportunities and challenges within the medication adoption market in this vibrant and rapidly changing region.

Key players in the market

Some of the key players in Medication Adherence market include Aardex Group, AdhereTech Inc., Caredose, CareFusion (Becton Dickenson), DrFirst.com, Inc., ELucid MHealth, Fruitech Ltd., Health Beacon, HealthEra, Johnson And Johnson Services Inc, McKesson Corporation, MedAdvisor International Pty Ltd, PHC Holdings Corporation, Propeller Health and Proteus Digital Health.

Key Developments:

In August 2022, Athenahealth added an automated patient engagement feature to help with medication adherence. The new release of the athenaOne EHR and practice management suite includes DrFirst's RxInform automated patient messaging to help patients follow prescribed treatment plans.

In January 2022, CareDxl expanded its medication adherence services with the acquisition of the Transplant Pharmacy. The Transplant Pharmacy provides individualized transplant pharmacy services for patients at multiple transplant centers throughout the United States.

Types Covered:
• Software Centric
• Hardware Centric
• Other Types

Medications Covered:
• Musculoskeletal
• Gastrointestinal
• Oncology
• Diabetes
• Central Nervous System
• Cardiovascular
• Rheumatology
• Other Medications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements