NEW YORK, Aug. 3, 2016 /PRNewswire/ -- The global medication adherence market is growing at a significant rate due to the growing demand for advanced medication adherence systems, and growing geriatric population. The market is further expected witness significant growth during 2016-2022. As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing with high rate. The number has increased from a global share of 9.2% in 1990 to 11.7% in 2013, and is expected to reach 21.1% by the end of 2050. Further, the increasing demand of mobile health (mHealth) technologies and increasing demand of personalized healthcare technologies are also driving the growth of the global medication adherence market. Among the various product offerings in the medication adherence market, the software-only offering segment is expected to witness the fastest growth during the forecast period.
Medication adherence refers to the conformance of patients with the medication prescribed by the healthcare providers in respect to their dosage and timing. According to the U.S. Centers for Disease Control and Prevention (CDC), approximately 20% to 30% of the prescribed medications are never filled. The chronic under-use of medications is one of the most common forms of non-adherence. According to the CDC, the non-adherence of drug therapy causes 30% to 50% of treatment failures and leads to 125,000 deaths annually.
The restraints associated with the growth of the global medication adherence market include privacy and security issues; and inadequate healthcare infrastructure in developing economies.
The development of smartphone adherence apps is one of the key trends observed in the medication adherence market. The app-based medication adherence offers designs and features that can help healthcare providers to improve patient's non-adherence. Currently, the medication adherence app is compatible with all major smartphone operating systems, such as Apple, Android, and Blackberry. Various other designs based advancements, such as attractive and convenience packaging, medication education, reduce readmissions, and patients counselling, are some of the other advancements in the medication adherence market.
Geographically, North America is expected to maintain dominance in the global market of medication adherence during 2016-2022. This is due to due to improved healthcare infrastructure, increased healthcare spending, growing geriatric population, and growing prevalence of chronic diseases. In addition, the increased awareness about innovative and advanced applications of medication adherence technologies is also supporting the growth of the medication adherence market in North America.
The European medication adherence market is growing, mainly due to improved healthcare infrastructure, increasing prevalence of chronic diseases, and growing demand for monitoring services. However, the Asian market of medication adherence is expected to witness the highest growth globally, during the forecast period. This is due to growing geriatric population and increasing awareness about innovative and advanced applications of the medication adherence product and solutions. Additionally, the increased patient demand and increasing life expectancy are likely to increase IT investments in healthcare industry within the region.
Some of the key companies operating in the global medication adherence market include Koninklijke Philips N.V., Qualcomm Incorporated, Proteus Digital Health Inc., AdhereTech Inc., Omnicell, Inc., Adherence Solutions LLC, SMRxT, McKesson Corporation, and DrFirst.
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