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Medication Adherence Market Overview
The global medication adherence market size was valued at $1.6 billion in 2016, and is projected to grow at a CAGR of 12.3% during the forecast period. The market will be led by software centric products, in terms of size, while hardware centric products are expected to witness the fastest growth. Software centric products held a larger share in the global market, since these products are low cost and easily accessible, as compared to hardware centric products.
GLOBAL MEDICATION ADHERENCE MARKET, BY PRODUCT, $M (2013-2023)
On the basis of medication, the medication adherence market has been segmented into cardiovascular, central nervous system (CNS), diabetes, oncology, respiratory, gastrointestinal, rheumatology, and others. Both hardware centric and software centric products were most commonly utilized for cardiovascular diseases, in 2016. They are also expected to witness the fastest growth during the forecast period, due to the rising prevalence of cardiovascular disorders and unhealthy lifestyle. According to the WHO, approximately 17.7 million people died from cardiovascular diseases in 2015, representing 31% of the global deaths.
North America was the largest contributor to the global market, mainly due to factors such as the presence of a well-established healthcare infrastructure and vigorous R&D activities taking place in the country. However, Asia-Pacific is expected to witness the fastest growth during forecast period. The medication adherence market in Japan is expected to witness the fastest growth at a CAGR of 15.1%. This is largely attributed to the increasing geriatric population, and rising implementation of advanced systems featured with medication reminder for them. It is also estimated that China will become the third fastest growing market by 2023, surpassing the U.S.
The report includes product analysis including pros, cons, and efficacy of the products, share of wallet analysis, as well as regional analysis with respect to key trends, regulations and legislations in the medication adherence market. The report also includes products that are being adopted by various pharmaceutical/biopharmaceutical companies, and the clinical trial impact for non-adherence.
One of the key trend observed in the regional analysis of the medication adherence market is the government initiatives to launch various adherence programs. While, in North America, the various government regulations giving importance to adherence, as well as legislations providing rewards for the same, is expected to have a positive impact on the regional market during the forecast period.
The detailed product analysis for both hardware centric and software centric is provided in the medication adherence market report. Hardware centric products such as HealthAssist watch, Automated medication dispenser, 2net Hub, Proteus Discover, Omnicell Xt, Smart Wireless Pill Bottles, Nomi pill bottles, Repackaging Solutions, and Dispill were analyzed. Further, the software centric range of products for analysis include RelayRx PriorAuthPlus, Adherence Performance Solution, eVoucherRx, RelayRx, Care4Today, Patient Advisor, 2net Mobile and platform, HealthAssist, Prescription reminder services, and medication therapy management (MTM) solution.
Medication Adherence Market Dynamics
The increasing use of smartphone adherence apps, rising awareness to reduce non-adherence through patient saving programs, and the growing popularity of these systems and software are the key trends observed in the medication adherence market, globally. However, factors such as privacy and security concerns in the electronic healthcare record (EHR) and electronic prescribing (e-prescribing) based medication adherence systems, and inadequate healthcare infrastructure in developing economies are restraining the growth of the market.
Various factors leading to the growth of the medication adherence market include the growing demand for advanced products, increasing prevalence of chronic diseases, rising geriatric population, increasing demand for mobile health (mHealth) technologies, and the expanding demand for personalized healthcare technologies.
The advanced medication adherence systems with innovative and advanced applications such as automatic dispensing machine applications, double-checking medication administration properties, and eMAR facility, and other potential features facilitate its wide acceptance among users. The rising aging population also has a profound effect on the growth of the medication adherence market, since the elderly population is more prone to illness. According to a publication by the UN-DESA on the World Population Prospects, the global number of people aged 80 years or over is projected to grow three times by 2050, from 137 million in 2017 to 425 million in 2050.
Additionally, increase in the penetration of various communication channels and devices such as cell phones/smartphones, laptops, tablets, and personal digital assistants (PDAs), and rise in the demand of mHealth technologies are the driving factors of the medication adherence market. According to the International Telecommunication Union, almost one billion households in the world now have internet access (of which 230 million are in China, 60 million in India and 20 million in the world's 48 Least Developed Countries).
The medication adherence market provides immense opportunities for the players to grow, due to the vast unexplored market across the globe. There has been considerable amount of acceptance in developed nations, but the market is still in its nascent form, especially in the developing countries of Asia-Pacific, Latin America, and Africa. This creates abundant opportunities for the major players to exploit the potential of the global market, and to invest and expand their products and services in these regions.
Medication Adherence Market Competitive Landscape
Some of the key players in the global market include Koninklijke Philips N.V., Cardinal Health Inc., and Omnicell Inc., that provide hardware centric products, while McKesson Corporation, and Johnson & Johnson Services, Inc. are the major providers of software centric products. The major players in the market are also launching new products, which is expected to increase their medication adherence market share in the coming years.
For instance, in February 2017, Omnicell Inc., announced the launch of Omnicell VBM 200F, an automated pharmacy solution, to increase pharmacy efficiency and profitability. The company in March 2016, announced the general availability of its medication adherence solution, SureMed, by Omnicell Guided Packing software. The software is specifically designed to increase the pharmacist’s accuracy in filling in medication blister cards that improve adherence for patients. In March 2016, the company also announced a web-based Find-A-Pharmacy tool, that helps to connect consumers and their families with pharmacists, to reduce non-adherence.
Some of the other key players operating in the medication adherence industry include Proteus Digital Health, Inc., AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC, SMRxT Inc., and DrFirst.com, Inc.