Global Medication Adherence Market Report 2023: Sector to Reach $5.36 Billion by 2027 at a CAGR of 10.6%

DUBLIN, April 6, 2023 /PRNewswire/ -- The "Medication Adherence Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

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 medication adherence market is expected to grow to $5.36 billion in 2027 at a CAGR of 10.6%.

Major players in the medication adherence market are Koninklijke Philips N.V., Cardinal Health Inc., Omnicell Inc., McKesson Corporation, Johnson & Johnson Services, Inc., Proteus Digital Health, Inc., AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC and SMRxT Inc.

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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.

The countries covered in the medication adherence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Key Topics Covered:

1. Executive Summary

2. Medication Adherence Market Characteristics

3. Medication Adherence Market Trends And Strategies

4. Medication Adherence Market - Macro Economic Scenario
4.1 COVID-19 Impact On Medication Adherence Market
4.2 Ukraine-Russia War Impact On Medication Adherence Market
4.3 Impact Of High Inflation On Medication Adherence Market

5. Medication Adherence Market Size And Growth
5.1. Global Medication Adherence Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Medication Adherence Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Medication Adherence Market Segmentation
6.1. Global Medication Adherence Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Hardware Centric
• Software Centric

6.2. Global Medication Adherence Market, Segmentation By Medication, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Cardiovascular
• Central Nervous System
• Diabetes
• Oncology
• Respiratory
• Gastrointestinal
• Rheumatology
• Other Medications

6.3. Global Medication Adherence Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Hospital
• Retail Pharmacies
• Long-term Care Facilities
• Mail-order Pharmacies

7. Medication Adherence Market Regional And Country Analysis
7.1. Global Medication Adherence Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Medication Adherence Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/bdk4o5

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