Dublin, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The "Medication Adherence Global Market Report 2022, By Type, By Medication, By Application" report has been added to ResearchAndMarkets.com's offering.
The global medication adherence market is expected to grow from $2828.08 million in 2021 to $3181.58 million in 2022 at a compound annual growth rate (CAGR) of 12.5%. The market is expected to reach $4847.6 million in 2026 at a CAGR of 11.1%.
The main types of medication adherence are hardware-centric and software-centric. Medication adherence products that are software-centric are a collection of programmes or applications which monitor, record, and notify the individual and his or her caregiver about their medication compliance. The different medications include cardiovascular, central nervous system, diabetes, oncology, respiratory, gastrointestinal, rheumatology, others and are used in various applications such as hospital, retail pharmacies, long-term care facilities, mail-order pharmacies.
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 medication adherence solutions. 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.
Inadequate healthcare infrastructure in developing countries is predicted to hinder the growth of the medication adherence market. According to the World Economic Forum's publication dated 25th November 2019, every year approximately 6 million people die from low-quality healthcare in developing countries. Moreover, according to a report by the National Academies of Sciences, Engineering and Medicine, poor quality healthcare kills 5.7 million to 8.4 million people in low and middle-income countries (LMIC) annually and it is responsible for 15% overall deaths in LMIC. The poor infrastructure wedges the gap between the patient and the system restraining the growth of the medication adherence market.
Major players are undertaking strategic initiatives such as partnerships and business expansions in untapped regions, which is likely to be a major trend in the medication adherence market. For instance, in October 2019, Royal Philips and Spencer Health Solutions expanded its partnership and announced the launch of in-home medication adherence & telehealth platform in Europe. The collaboration aimed at a successful partnership for providing medication adherence solutions to high-acuity patients in the USA and Europe. Beginning with the Netherlands in the fourth quarter of 2019, Spencer Smart Hub is launching in selected markets such as Austria, Belgium, Germany, Luxembourg and Switzerland in Europe.
Scope
Markets Covered:
1) By Type: Hardware Centric; Software Centric
2) By Medication: Cardiovascular; Central Nervous System; Diabetes; Oncology; Respiratory; Gastrointestinal; Rheumatology; Others
3) By Application: Hospital; Retail Pharmacies; Long-Term Care Facilities; Mail-Order Pharmacies
Key Topics Covered:
1. Executive Summary
2. Medication Adherence Market Characteristics
3. Medication Adherence Market Trends And Strategies
4. Impact Of COVID-19 On Medication Adherence
5. Medication Adherence Market Size And Growth
6. Medication Adherence Market Segmentation
7. Medication Adherence Market Regional And Country Analysis
8. Asia-Pacific Medication Adherence Market
9. China Medication Adherence Market
10. India Medication Adherence Market
11. Japan Medication Adherence Market
12. Australia Medication Adherence Market
13. Indonesia Medication Adherence Market
14. South Korea Medication Adherence Market
15. Western Europe Medication Adherence Market
16. UK Medication Adherence Market
17. Germany Medication Adherence Market
18. France Medication Adherence Market
19. Eastern Europe Medication Adherence Market
20. Russia Medication Adherence Market
21. North America Medication Adherence Market
22. USA Medication Adherence Market
23. South America Medication Adherence Market
24. Brazil Medication Adherence Market
25. Middle East Medication Adherence Market
26. Africa Medication Adherence Market
27. Medication Adherence Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Medication Adherence Market
29. Medication Adherence Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
- 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
- SMRxT Inc.
- AARDEX Group
- Information Mediary
- MedMinder Systems
- Tinylogics
- Vaica
- DrFirst.com Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vupfia
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