The Business Research Company’s Medication Adherence Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, May 24, 2021 /EINPresswire.com/ — 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 the medication compliance management market. 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.
The medication adherence market consists of sales of medication adherence hardware systems and software applications. Medication adherence systems 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. The market consists of revenue generated by the companies manufacturing the medical adherence hardware systems and software solutions by the sales of these products.
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The global medication adherence market size is expected to grow from $2.44 billion in 2020 to $2.74 billion in 2021 at a compound annual growth rate (CAGR) of 12.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The medication adherence market is expected to reach $4.18 billion in 2025 at a CAGR of 11%.
Major players in the medication adherence industry 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.
The medication adherence market covered in this report is segmented by type into hardware-centric, software-centric, by medication into cardiovascular, central nervous system, diabetes, oncology, respiratory, gastrointestinal, rheumatology, others, and by application into hospital, retail pharmacies, long-term care facilities, mail-order pharmacies.
Medication Adherence Global Market – By Type (Hardware Centric, Software Centric), By Medication (Cardiovascular, Central nervous system, Diabetes, Oncology, Gastrointestinal, Musculoskeletal, Others), And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides medication adherence market overview, forecast medication adherence market size and growth for the whole market, medication adherence market segments, and geographies, medication adherence market trends, medication adherence market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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