Medication Adherence Market to Surpass USD 5.5 Billion Mark by 2028
The global Medication Adherence market is further projected to reach USD 5,562.3 million by 2028, exhibiting a CAGR of 11.1% during 2022-2028 (forecast period).
The growth of the Medication Adherence market can be attributed to the rising awareness about Medication Adherence due to growing programmes and initiatives organized with the aim to educate people about the significance of medical adherence. Moreover, factors like the ageing population, increment in the healthcare expenditure and pharmaceutical usage, and the surge in the prevalence of cardiovascular diseases are likely to propel the market growth over the forecast period..
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, exhibiting a CAGR of 11.1% during 2022-2028 (forecast period). This can be attributed to the rising awareness about Medication Adherence due to growing programs and initiatives organized to educate people about the significance of medical adherence. Moreover, factors like the aging population, increment in healthcare expenditure and pharmaceutical usage, and the surge in the prevalence of cardiovascular diseases are likely to propel the market growth over the forecast period.
Rising Awareness about Medication Adherence
The rising awareness about medication adherence, on account of the patient saving programs being initiated, is a key tendency being witnessed in the medication adherence market. Medication adherence programs aim to advance patient compliance and assist pharmacists in recognizing the patients who are missing out on the timely intake of their medicines. For instance- ESPACOMP has announced that it will organize its 26th annual conference from 17th to 19th November 2022 in Berlin (Germany). The theme of this year's conference will be: "Medication Adherence and Patient Safety." Governments and non-government organizations sponsor conferences and events across the year to tutor patients and caregivers regarding medication adherence. According to World Health Organization (WHO), adherence to long-term pharmacotherapies is only 50%. Medication non-adherence has a crucial negative impact on health outcomes. The rising trend of an accelerated aging society in the 21st century has further augmented the demand for Medication Adherence, thereby driving the market growth over the forecast period.
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The Cardiovascular Segment Accounted for the Largest Share in terms of application
The global Medication Adherence market has been segmented into cardiovascular, central nervous systems, diabetes, oncology, gastrointestinal, musculoskeletal, and others. Cardiovascular disorders account for the largest market share of the Medication Adherence market in 2021, owing to the augmented occurrence of cardiovascular ailments as a result of the population's unhealthy lifestyle. Moreover, this category is also predicted to expand at the fastest rate in the medication adherence market over the forecast period. Chronic diseases and illnesses such as heart failure and myocardial infarction require adherence to long-term therapy in order to reduce morbidity and mortality. Consequently, the high frequency of medication non-adherence among cardiac patients has resulted in rising demand for medical adherence devices from this segment, thus propelling the market growth of the segment.
Impact Of COVID-19 On the Global Medication Adherence Market
The emergence of the COVID-19 pandemic has significantly impacted the global patient engagement solutions market. The medical adherence strategy was helpful during the epidemic since patients required prompt treatment. Due to medicine shortages in countries worldwide, there is a significant growth potential for COVID-19 drug management. The resulting conditions have presented huge opportunities for the manufacturers of COVID-19 management 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.
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North America Dominated the Global Medication Adherence Market in 2021
The North American region dominates the global medication adherence business mostly due to the extensive research and development (R&D) expenditures, expanding healthcare costs, as well as an increase in the prevalence of chronic diseases. Centers for Disease Control and Prevention (CDC) stated that chronic illnesses constitute seven out of the ten leading causes of mortality in the United States in 2019. The region is experiencing an increment in the aging population, which is also contributing positively to the market growth in the area. Northern America is expected to witness a considerable increase in its elderly population by 2050, as per the 2019 UN Department of Economic and Social Affairs (UNDESA) study on the world population, which will boost the demand for medication adherence. Moreover, the Asia-Pacific region is expected to grow with a considerable growth rate over the forecast period. The medical adherence devices market in the region is observing a gigantic surge due to the altering tendency of the customers and the rising geriatric populace leading to rising cases of chronic illness in this region.
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.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global Medication Adherence market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global Medication Adherence market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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