Dublin, March 30, 2023 (GLOBE NEWSWIRE) -- The "Medication Adherence Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented Type (Hardware Centric v/s Software Centric), By Medication, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
Global Medication Adherence Devices market is anticipated to witness impressive growth during the forecast period.
This can be ascribed to the growing programs and initiatives organized to educate people about the significance of medical adherence. Also, the growing aging population, increasing development of healthcare expenditure, and rising usage of pharmaceuticals are expected to create significant growth during the forecast period.
Similarly, the growing prevalence of cardiovascular diseases is the major factor fuelling the growth of the market over the years. Additionally, the high-frequency non-adherence to medication among cardiac patients has resulted in demand for medical adherence devices in the forecast period.
Due to the extensive research and development (R&D) expenditures, expanding healthcare costs can boost the growth of the market. According to the US Centers for Disease Control and Prevention (CDC), 7 out of the 10 major causes of death in 2019 in the US were chronic illnesses. Among the various chronic diseases, heart diseases and cancer together accounted for nearly 46% of all deaths in the US in 2019.
Growing Prevalence of Cardiovascular Diseases
Most often, chronic diseases require a long therapeutic intervention by using high-dose drugs and any interruption in the medication intake can create fatal consequences which need strict medication adherence and will further boost the growth of the market during the forecast period. Cardiovascular diseases are one of the major chronic diseases across the world. Coronary heart syndrome, cerebrovascular diseases, rheumatic heart diseases, and other illnesses are among the most commonly observed cardiovascular diseases.
According to the World Health Organization (WHO), 32% of all deaths across the globe i.e., 17.9 million people die due to CVD every year. Furthermore, the increasing geriatric population is susceptible to heart defects due to progressive deterioration in the structure and function of the heart, which largely contributes to the high burden of CVDs; thereby triggering the increased adoption of advanced medication adherence during the forecast period.
Due to genetic factors, and environmental factors, oxidative stress and heart diseases are increasing rapidly. The improvement of chronic diseases necessitates clinical intervention, which is accomplished by increasing the participation of patient-centric medication adherence programs, fuelling the expansion of the global medication adherence devices market.
Growing Demand for Advanced Medication Adherence
The growing demand for advanced medication adherence systems is driving the medication adherence devices market growth in the forecast period. The healthcare ecosystem is fragmented across the globe by the availability of a huge number of decision-makers for the diagnosis and treatment and management of individual patients suffering from chronic diseases.
The growing coordination among healthcare professionals and patients has enhanced the quality of care and its cost, as it leads to the fragmentation of healthcare information such as medical history, patient demographics, billing, diagnosis, and administrative data, and this in turn is expected to boost the growth of the market over the years.
Growing Awareness about Medication Adherence
The growing awareness of medication adherence, on account of the patient-saving programs being initiated, is a major factor fuelling the growth of the medication adherence devices market in the forecast period. Medication adherence programs help in improving patient compliance. Medical adherence also aids pharmacists in identifying patients missing out on the timely intake of medicines. Besides, various government and non-government organizations are sponsoring events and conferences to educate patients and caregivers about medication adherence thereby driving the market growth over the years.
For instance- ESPACOMP has announced that they will organize its 26th annual conference from 17th to 19th November 2022 in Berlin (Germany) and 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.
Market Players
Becton, Dickinson, and Company (CareFusion)., DrFirst.com, Inc., AdhereTech Inc., MedMinder., CareDose., Fruitech Ltd., PHC Holdings Corporation., MedAdvisor International Pty Ltd. are some of the leading players operating in the Global Medication Adherence Devices Market.
Report Scope:
In this report, Global Medication Adherence Devices market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Medication Adherence Devices Market, By Type:
- Hardware Centric
- Software Centric
Medication Adherence Devices Market, By Medication:
- Cardiovascular
- Central Nervous System
- Diabetes
- Oncology
- Gastrointestinal
- Musculoskeletal
- Others
Medication Adherence Devices Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Medication Adherence Devices Market Outlook
6. North America Medication Adherence Devices Market Outlook
7. Europe Medication Adherence Devices Market Outlook
8. Asia-Pacific Medication Adherence Devices Market Outlook
9. South America Medication Adherence Devices Market Outlook
10. Middle East and Africa Medication Adherence Devices Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Global Medication Adherence Devices Market: SWOT Analysis
14. Porter's Five Forces Analysis
15. Competitive Landscape
16. Strategic Recommendations
A selection of companies mentioned in this report includes
- Becton, Dickinson, and Company (CareFusion)
- DrFirst.com,Inc.
- AdhereTech Inc.
- MedMinder.
- Caredose.
- Fruitech Ltd.
- PHC Holdings Corporation.
- MedAdvisor International Pty Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/9qzfx7
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