Report Overview

The growth of the Medication Adherence market can be attributed to factors such as the rising prevalence of chronic diseases, increased demand for advanced medical adherence system, rapid growth in the geriatric population, strong economic growth in emerging economies, an increase in healthcare expenditure and increment in pharmaceutical usage. Other factors such as augmented demand for personalised healthcare technology and advancements in medicinal technology are expected to further propel the global Medication Adherence market over the forecast period 2022-2028.

Global Medication Adherence Market - Market Trends & Forecast Report 2028

The global medication adherence market was worth USD 2,668.1 million in 2021, and it is further projected to reach USD 5,562.3 million by 2028, growing at a CAGR of 11.1% during 2022-2028 (forecast period). This can be attributed to factors such as the rising prevalence of chronic diseases, increased demand for advanced medication adherence systems, rapid growth in the geriatric population, strong economic growth in emerging economies, an increase in healthcare expenditure, and an increment in pharmaceutical usage. Other factors such as augmented demand for personalized healthcare technology and advancements in medicinal technology are expected to further propel the global Medication Adherence market over the forecast period 2022-2028.

Medication Adherence Overview

The medication adherence system defines the degree to which a patient follows the medical advice of a medical service specialist. The framework is whether the medicine routine of the patient adjusts to an agreed medication routine recommended by the medical care supplier regarding measurement, timing, and recurrence. Medication adherence system and programming aid the clinical staff with patient admission to drug commendation. Medication adherence systems remind people to stick to a medication schedule advised by their doctor and monitor whether or not they take their prescriptions as prescribed. Medication adherence systems examine whether a patient's medication-intake behavior, in terms of timing, dosage, and frequency, follows an agreed-upon medication regimen advised by a healthcare professional. Medication adherence hardware and software assist medical workers in ensuring that patients take their medications as recommended, reducing the risk of illness progression and mortality, as well as lowering healthcare expenditures.

Growth Driver

Increasing Prevalence of Chronic Diseases

There has been a dramatic increase in the prevalence of chronic diseases, including asthma, COPD, diabetes, and cancer, owing to sedentary lifestyles, poor air quality, and growing pollution levels, among other factors. Chronic diseases such as heart disease, diabetes, and cancer are the leading causes of death and disability in the United States. According to the Centers for Disease Control and Prevention, six in ten adults in the United States suffer from a chronic disease, whereas four out of ten adults have two or more. Chronic diseases often require extended therapeutic intervention, including the usage of drugs. Any disruption in the medication intake leads to lethal consequences, thus demanding strict medication adherence. According to the CDC, nothing kills more Americans than heart disease and stroke. Over 877,500 Americans die due to heart disease or stroke each year, making up one-third of the total deaths. Cancer claims nearly 600,000 lives every year, making it the second leading cause of fatality every year. The cause of chronic diseases can include genetic factors, environmental factors, and even oxidative stress. Chronic diseases need clinical intervention in order to ameliorate them, which can be attained by increasing the involvement of patient-centric medication adherence programs, thus fuelling the growth of the medication adherence market.

Increasing Demand for Advanced Medication Adherence Systems

The medication adherence market is growing as a result of the surging demand for enhanced medication adherence solutions. The healthcare ecosystem is fragmented throughout the world, thus vesting the power of decision-making for the treatment and management of a patient into several hands. This fragmentation of healthcare information, along with the lack of coordination among healthcare providers and patients, has had a brutal influence on the cost and quality of healthcare (e.g., diagnosis, patient demographics, medical history, billing, and administrative data). As a result, improved medication management and adherence solutions are required.

Restraints

High Costs along with Low Awareness about Medical Adherence Devices

Increases in patient cost sharing above a certain level negatively influence drug adherence. Patients' capacity to obtain prescriptions at reduced and affordable rates is being harmed owing to a lack of drug insurance coverage, expensive medications, and formulary tiers. Furthermore, several misconceptions and myths prevail with reference to medication adherence. Thereby, these factors hamper the global medical adherence devices market penetration. Moreover, inadequate medical services awareness and inefficient healthcare infrastructure in underdeveloped regions are one of the major limiting factors of the market.

Impact of COVID-19 on the Global Medication Adherence Market

The sudden outbreak of the COVID-19 pandemic had a profound impact on the global medical adherence market. Major biotechnology, pharmaceutical companies, and governments worldwide have been working incessantly to address the challenges posed by the COVID-19 outbreak, from supporting the development of vaccines to preparing for medicine supply chain challenges. The research and development activities in the field of vaccines and molecules witnessed a dramatic surge. Moreover, several commonly used drugs, including hydroxychloroquine, experienced an intensive hike in demand for the management of COVID-19. The resulting conditions have presented huge opportunities for the manufacturers of COVID-19 management drugs, as numerous developed countries struggled with the shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are likely to experience momentous growth in the forthcoming years. This, in turn, is likely to have a substantial impact on the global medical adherence market.

Global Medication Adherence Market – By Type

The global Medication Adherence market has been divided into software-centric and hardware-centric. Software-centric segments dominated the medication adherence market in 2021. Software-centric medication adherence products refer to a collection of programs or applications that track, record, and notify patients or their caregivers about their medication compliance. Compared to hardware-centric items, these products are in higher demand owing to being less expensive and more easily accessible. Furthermore, with the constant emergence of new mobile applications over the years, it is expected that mobile-app-based medication adherence products will grow faster than other software-centric solutions throughout the forecast period. However, the hardware-centric segment is expected to register the highest CAGR over the forecast period.

Global Medication Adherence Market- Regional Insights                                  

In terms of the regional analysis, the global Medication Adherence solution market can be segmented into the Middle East & Africa, Latin America, Asia Pacific, Europe, and North America. Amidst the segmentation, North America accounted for the largest market share in 2021 owing to factors such as rising incidents of clinical trials, increment in medical care consumption, the geriatric populace, and the rising expenditure on medical care innovations by the prominent market players present in the region. For instance- Cardinal Health recently announced a novel technology-based software for enhancing drug adherence among patients. This platform, "Outcomes," combines numerous key business processes to distribute medications. Europe accounts for the second largest market share owing to frequent product launches, an enormous pool of skilled professionals, and advanced healthcare infrastructure.

Competitive Landscape

The global Medication Adherence market is characterized by many local, regional, and global vendors. The key players operating in the global Medication Adherence market are HealthEra, McKesson Corporation, Health Beacon, eLucid mHealth, Tinylogics, Johnson & Johnson Services Inc, Renesas, Qualcomm Incorporated, Adherence Solutions, Allscripts Healthcare Solutions, SMRxT Inc, Vaica, Health Window, Seamless MD, Merck KGaA, Datos Ltd, AstraZeneca, Helium Health, Cardinal Health, Catalia Health, and other prominent players. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers.

Recent Developments

• January 2022: AdhereHealth, a technology leader in medication adherence insights and health outcomes, announced a novel partnership with Levrx Technology Inc, a digital health technology corporation that drives prescription competencies and maximizes savings. Their mutual solution allows health plans and self-insured employers to apprehend immediate pharmacy cost savings along with near-term medical cost discounts by incorporating Levrx's plan-specific and real-time prescription insights with the Adhere Platform's Medication Optimization solutions.

• September 2021: Curant Health and Humana Inc. teamed up to help in achieving better health outcomes for Humana members suffering from Chronic Obstructive Pulmonary Disease (COPD) and Chronic Heart Failure (CHF). The novel pilot program, aimed at refining medication adherence to help patients lead healthier lives and eventually help lessen health care costs, offers inclusive support for members suffering from complex health conditions and prescription medication needs.

Scope of Report:

By Type

• • • • Software Centric
      • Hardware Centric

By Medication

• • • • Cardiovascular
      • Central nervous systems
      • Diabetes
      • Oncology
      • Gastrointestinal
      • Musculoskeletal
      • Others

By Region

• • • • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East and Africa