Medication Adherence Global Market to Reach $4.84 Billion by 2026 at a CAGR of 11.1%

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Nov 16, 2022, 09:00 ET

DUBLIN, Nov. 16, 2022 /PRNewswire/ -- The "Medication Adherence Global Market Report 2022, By Type, By Medication, By Application" report has been added to ResearchAndMarkets.com's offering.

The global medication adherence market is expected to grow from $2828.08 million in 2021 to $3181.58 million in 2022 at a compound annual growth rate (CAGR) of 12.5%. The market is expected to reach $4847.6 million in 2026 at a CAGR of 11.1%.

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. According to the World Economic Forum's publication dated 25th November 2019, every year approximately 6 million people die from low-quality healthcare in developing countries. Moreover, according to a report by the National Academies of Sciences, Engineering and Medicine, poor quality healthcare kills 5.7 million to 8.4 million people in low and middle-income countries (LMIC) annually and it is responsible for 15% overall deaths in LMIC. 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. For instance, in October 2019, Royal Philips and Spencer Health Solutions expanded its partnership and announced the launch of in-home medication adherence & telehealth platform in Europe. The collaboration aimed at a successful partnership for providing medication adherence solutions to high-acuity patients in the USA and Europe. Beginning with the Netherlands in the fourth quarter of 2019, Spencer Smart Hub is launching in selected markets such as Austria, Belgium, Germany, Luxembourg and Switzerland in Europe.

Scope

Markets Covered:
1) By Type: Hardware Centric; Software Centric
2) By Medication: Cardiovascular; Central Nervous System; Diabetes; Oncology; Respiratory; Gastrointestinal; Rheumatology; Others
3) By Application: Hospital; Retail Pharmacies; Long-Term Care Facilities; Mail-Order Pharmacies

Key Topics Covered:

1. Executive Summary

2. Medication Adherence Market Characteristics

3. Medication Adherence Market Trends And Strategies

4. Impact Of COVID-19 On Medication Adherence

5. Medication Adherence Market Size And Growth

6. Medication Adherence Market Segmentation

7. Medication Adherence Market Regional And Country Analysis

8. Asia-Pacific Medication Adherence Market

9. China Medication Adherence Market

10. India Medication Adherence Market

11. Japan Medication Adherence Market

12. Australia Medication Adherence Market

13. Indonesia Medication Adherence Market

14. South Korea Medication Adherence Market

15. Western Europe Medication Adherence Market

16. UK Medication Adherence Market

17. Germany Medication Adherence Market

18. France Medication Adherence Market

19. Eastern Europe Medication Adherence Market

20. Russia Medication Adherence Market

21. North America Medication Adherence Market

22. USA Medication Adherence Market

23. South America Medication Adherence Market

24. Brazil Medication Adherence Market

25. Middle East Medication Adherence Market

26. Africa Medication Adherence Market

27. Medication Adherence Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Medication Adherence Market

29. Medication Adherence Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned