Rockville, MD, Dec. 16, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global wearable medication adherence tracker market is estimated to reach a valuation of US$ 2,403.0 million in 2024 and is expected to grow at a CAGR of 10.3% during the forecast period of (2024 to 2034).
The healthcare providers and patients are suffering from high cost for the management of chronic disease conditions such as diabetes (DM), hypertension (HTN) related problems. Management of these conditions require long term adherence. Both patients and healthcare providers suffer significant costs in managing these chronic illnesses. Ignorance of this could lead to more severe conditions. The conventional approach to drug management, which involves manual tracking, frequent doctor visits, and hospital stays, tends to be more expensive. This is accomplished by wearables, which lower the number of hospital visits and overall cost of care by remotely monitoring the patient's health and prescription compliance in real time.
Patients avoid issues that could result in costly emergency treatments or readmissions because the wearables make sure they take their prescriptions as directed. They also give patients the ability to actively manage their existing diseases, which improves health outcomes and reduces the need for regular monitoring by medical personnel. Because of the increasing need for affordable solutions, wearable technology has become a crucial component of contemporary healthcare administration.
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Key Takeaways from Market Study
- The global wearable medication adherence tracker market is projected to grow at 3% CAGR and reach US$ 6,404.8 million by 2034
- The market created an absolute $ opportunity of US$ 4,001.8 million growing at a CAGR of 3% between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 9% in 2024
- Predominating market players include Philips Healthcare, Proteus Digital Health, iRhythm Technologies, E-pill Medication Reminders, Omron Healthcare, EtectRx, Tenovi, Dassault Systèmes, and Medtronic among others.
- Smartwatches with medication features is holding highest share of 7% in wearable medication adherence tracker market in 2024, with an absolute dollar opportunity of US$ 1,167.7 million.
- North America and Western Europe are expected to create an absolute $ opportunity of US$ 2,221.0 million
“High prevalence of diabetes and cardiovascular diseases making surge in the demand for wearable medication adherence trackers in the management of chronic diseases” says a Fact.MR analyst.
Leading Players Driving Innovation in the Wearable Medication Adherence Tracker Market:
Key competitors in the wearable medication adherence tracker market are Philips Healthcare, Proteus Digital Health, iRhythm Technologies, E-pill Medication Reminders, Omron Healthcare, EtectRx, Tenovi, Dassault Systèmes, and Medtronic among others.
Most of the chronic disease conditions such as DM, HTN, and heart diseases involve complex medication management that makes consistent adherence quite difficult for patients. These wearable trackers make things quite simple by allowing real-time reminders, monitoring, and ensuring that patients are on course with their treatment. This allows the tracking of medication adherence, preventing complications and hospitalizations that improve patient outcomes. As these chronic disease conditions are continuously on surge, patients along with healthcare providers are taking initiatives in the adoption of wearable medication adherence trackers to improve adherence and quality of life of affected individuals.
Wearable Medication Adherence Tracker Industry News:
- In order to streamline and automate ongoing patient monitoring both within and outside of hospitals, Royal Philips and smartQare formed a strategic cooperation in April 2024. Through this project, wearable biosensors are used to lessen the clinical workload.
- In January 2023, Masimo's recently released W1 wearable watch was included to Philips and Medtech's patient monitoring collaboration.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global Wearable medication adherence tracker market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the product type (smartwatches with medication features; pill-tracking wearables; wearables with biometric monitoring and adherence tracking; patch-based wearables; multifunctional health devices; and medication adherence platforms with wearables), medication type (chronic disease medications – diabetes, cardiovascular diseases, respiratory diseases; mental health and neurology - depression or anxiety medications, alzheimer’s or dementia medications; oncology medications; lifestyle/general wellness) and end user (patients/individuals, healthcare providers, caregivers) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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