Worldwide Insights on the Medication Adherence Industry to 2030 - Growing Demand for Advanced Medication Adherence Systems
DUBLIN, Dec. 2, 2020 /PRNewswire/ -- 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.
The major companies in the global medication adherence market are Qualcomm Incorporated, Koninklijke Philips N.V., McKesson Corporation, AdhereTech Inc., SMRxT Inc., Omnicell Inc., Cardinal Health Inc., DrFirst.com Inc., and Johnson & Johnson Services Inc.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Product
1.3.2 Market Segmentation by Medication
1.3.3 Market Segmentation by Region
1.3.4 Analysis Period
1.3.5 Market Data Reporting Unit
1.3.5.1 Value
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.1.1 Paid
2.1.2 Unpaid
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By region
2.2.1.2 By industry participant
2.2.1.3 By company type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Currency Conversion Rates
2.6 Assumptions for the Study
Chapter 3. Executive Summary
3.1 Voice of Industry Experts/KOLs
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Product
4.1.1.1 Software centric
4.1.1.1.1 Mobile apps
4.1.1.1.2 Others
4.1.1.2 Hardware centric
4.1.1.2.1 Devices
4.1.1.2.1.1 Automated dispensing systems
4.1.1.2.1.2 Smart pill bottles
4.1.1.2.1.3 Electronic trays
4.1.1.2.1.4 Others
4.1.1.2.2 Packaging
4.1.1.2.2.1 Multi dose
4.1.1.2.2.2 Unit dose
4.1.2 By Medication
4.1.2.1 Cardiovascular
4.1.2.2 CNS
4.1.2.3 Diabetes
4.1.2.4 Oncology
4.1.2.5 Respiratory
4.1.2.6 Gastrointestinal
4.1.2.7 Rheumatology
4.1.2.8 Others
4.2 Market Dynamics
4.2.1 Trends
4.2.1.1 Increasing use of medication adherence apps
4.2.1.2 Rising awareness for medication adherence through patient saving programs
4.2.1.3 Growing popularity of medication adherence systems and software
4.2.2 Drivers
4.2.2.1 Growing demand for advanced medication adherence systems
4.2.2.2 Increasing prevalence of chronic diseases
4.2.2.3 Rising geriatric population
4.2.2.4 Increasing demand for mHealth technologies
4.2.2.5 Expanding demand for personalized healthcare
4.2.2.6 Impact analysis of drivers on market forecast
4.2.3 Restraints
4.2.3.1 Privacy and security concerns in the EHR and e-prescribing-based medication adherence systems
4.2.3.2 Inadequate healthcare infrastructure in developing economies
4.2.3.3 Impact analysis of restraints on market forecast
4.2.4 Opportunities
4.2.4.1 Vast unexplored medication adherence market across the globe
4.3 Impact of COVID-19 on Medication Adherence Market
4.3.1 COVID-19 Scenario
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers
4.4.2 Bargaining Power of Suppliers
4.4.3 Intensity of Rivalry
4.4.4 Threat of New Entrants
4.4.5 Threat of Substitutes
Chapter 5. Global Market Size and Forecast
5.1 By Product
5.1.1 Software Centric Medication Adherence Market, by Type
5.1.2 Hardware Centric Medication Adherence Market, by Devices
5.1.3 Hardware Centric Medication Adherence Market, by Packaging
5.2 By Medication
5.3 By Region
Chapter 6. North America Market Size and Forecast
6.1 By Product
6.1.1 Software Centric Medication Adherence Market, by Type
6.1.2 Hardware Centric Medication Adherence Market, by Devices
6.1.3 Hardware Centric Medication Adherence Market, by Packaging
6.2 By Medication
6.3 By Country
Chapter 7. Europe Market Size and Forecast
7.1 By Product
7.1.1 Software Centric Medication Adherence Market, by Type
7.1.2 Hardware Centric Medication Adherence Market, by Devices
7.1.3 Hardware Centric Medication Adherence Market, by Packaging
7.2 By Medication
7.3 By Country
Chapter 8. APAC Market Size and Forecast
8.1 By Product
8.1.1 Software Centric Medication Adherence Market, by Type
8.1.2 Hardware Centric Medication Adherence Market, by Devices
8.1.3 Hardware Centric Medication Adherence Market, by Packaging
8.2 By Medication
8.3 By Country
Chapter 9. LATAM Market Size and Forecast
9.1 By Product
9.1.1 Software Centric Medication Adherence Market, by Type
9.1.2 Hardware Centric Medication Adherence Market, by Devices
9.1.3 Hardware Centric Medication Adherence Market, by Packaging
9.2 By Medication
9.3 By Country
Chapter 10. MEA Market Size and Forecast
10.1 By Product
10.1.1 Software Centric Medication Adherence Market, by Type
10.1.2 Hardware Centric Medication Adherence Market, by Devices
10.1.3 Hardware Centric Medication Adherence Market, by Packaging
10.2 By Medication
10.3 By Country
Chapter 11. Major Markets for Medication Adherence
11.1 U.S. Medication Adherence Market
11.1.1 By Product
11.1.1.1 Software centric medication adherence market, by type
11.1.1.2 Hardware centric medication adherence market, by devices
11.1.1.3 Hardware centric medication adherence market, by packaging
11.1.2 By Medication
11.2 Canada Medication Adherence Market
11.3 Germany Medication Adherence Market
11.4 France Medication Adherence Market
11.5 Spain Medication Adherence Market
11.6 U.K. Medication Adherence Market
11.7 Italy Medication Adherence Market
11.8 Japan Medication Adherence Market
11.9 China Medication Adherence Market
11.10 India Medication Adherence Market
Chapter 12. Medication Adherence Product Analysis
12.1 Hardware-Centric Products
12.1.1 Philips Automated Medication Dispenser
12.1.1.1 Overview
12.1.1.2 Pros
12.1.1.3 Cons
12.1.2 2net Hub
12.1.3 Omnicell XT
12.1.4 Smart Pill Bottle
12.1.5 Nomi Pill Bottle
12.1.6 Cardinal Health Repackaging Solutions
12.1.7 Dispill
12.2 Software-Centric Products
12.2.1 RelayRx PriorAuthPlus
12.2.1.1 Overview
12.2.1.2 Pros
12.2.1.3 Cons
12.2.2 Adherence Performance Solution
12.2.3 eVoucherRx
12.2.4 RelayRx Continuity of Care
12.2.5 Care4Today
12.2.6 Patient Advisor
12.2.7 2net Mobile and 2net Platform
12.2.8 Pharmacy Health Connect
12.2.9 Prescription Reminder Service - Local Store Marketing
12.2.10 Medication Therapy Management Solution
12.3 Products/Technologies Adopted by Pharmaceutical/ Biopharmaceutical Companies
12.3.1 Smart Pill Bottles, Boxes, and Caps
12.3.2 AI-Based Products
12.3.3 Automation of Directly Observed Therapy (DOT)
12.3.4 Connected Devices
12.3.5 Interactive Software
12.3.6 Smart Injectors
12.3.7 Mobile Applications/Software
12.4 Regional Analysis of Medication Adherence Market
12.4.1 North America
12.4.1.1 Key trends
12.4.1.2 Impact of the healthcare system on the market
12.4.1.3 Forecast analysis
12.4.2 Europe
12.4.2.1 Key trends
12.4.2.2 Impact of the healthcare system on the market
12.4.2.3 Forecast analysis
12.4.3 APAC
12.4.3.1 Key trends
12.4.3.2 Impact of the healthcare system on the market
12.4.3.3 Forecast analysis
12.4.4 LATAM
12.4.4.1 Key trends
12.4.4.2 Impact of the healthcare system on the market
12.4.4.3 Forecast analysis
12.5 Impact of Non-Adherence on Clinical Trials
Chapter 13. Competitive Landscape
13.1 List of Players and Their Offerings
13.2 Market Share Analysis of Key Players
13.3 Competitive Benchmarking of Key Players
13.4 Strategic Developments of Key Players
13.4.1 Product/Service Launches
13.4.2 Partnerships
13.4.3 Investments
13.4.4 Other Developments
Chapter 14. Company Profiles
14.1 Koninklijke Philips N.V.
14.1.1 Business Overview
14.1.2 Product and Service Offerings
14.1.3 Key Financial Summary
14.2 Qualcomm Incorporated
14.2.1 Business Overview
14.2.2 Product and Service Offerings
14.2.3 Key Financial Summary
14.3 AdhereTech Inc.
14.3.1 Business Overview
14.3.2 Product and Service Offerings
14.4 McKesson Corporation
14.4.1 Business Overview
14.4.2 Product and Service Offerings
14.4.3 Key Financial Summary
14.5 Omnicell Inc.
14.5.1 Business Overview
14.5.2 Product and Service Offerings
14.5.3 Key Financial Summary
14.6 SMRxT Inc.
14.6.1 Business Overview
14.6.2 Product and Service Offerings
14.6.3 Strategic Growth Plans
14.7 DrFirst.com Inc.
14.7.1 Business Overview
14.7.2 Product and Service Offerings
14.8 Cardinal Health Inc.
14.8.1 Business Overview
14.8.2 Product and Service Offerings
14.8.3 Key Financial Summary
14.9 Johnson & Johnson Services Inc.
14.9.1 Business Overview
14.9.2 Product and Service Offerings
14.9.3 Key Financial Summary
Chapter 15. Appendix
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