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Medication Adherence Market is Forecasted to Grow at a CAGR of 12.3% During 2017-2023: P&S Market Research

Medication Adherence Market is Forecasted to Grow at a CAGR of 12.3% During 2017-2023: P&S Market Research

The medication adherence market size is projected to reach $3.6 billion by 2023, growing at a CAGR of 12.3% during 2017-2023. The market is growing mainly due to the rising demand for advanced medication adherence systems, increasing prevalence of chronic diseases, rising geriatric population, increasing demand for mobile health (mHealth) technologies, and expanding demand for personalized healthcare technologies.

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The global medication adherence market in terms of product is categorized into software centric products and hardware centric products. Software centric products held the larger share in the global market, since these products are low cost and easily accessible, as compared to the hardware centric products. The hardware centric products are expected to register faster growth during the forecast period, with the CAGR likely to increase from 11.1% in the historical period to 13.1% in the forecast period.

The expanding demand of personalized healthcare technologies due to advanced applications of medication adherence plays a pivotal role in the growth of the medication adherence market. The electronic healthcare records received through medication adherence systems help in building personalized models of patient’s health profile, thereby delivering treatment plans specific to the individual. The popularity of medication adherence is increasing, as its application in healthcare has been rising vastly. Further, the demand for personalized healthcare not only improves the quality of care but also reduces the cost of treatment. In addition, personalized healthcare system is gaining popularity in home care facilities, that further improves the overall disease management and reduce the incidences of non-adherence.

The European market for medication adherence is expected to cross $900.0 million by 2023, growing at a CAGR of 10.9% during 2017-2023. The region offers significant opportunities for the growth of the medication adherence market. These opportunities are characterized by the increasing adoption of technological advancements and development of medication adherence system by pharmaceutical companies operating in the region. Various start-up companies such as Medisafe Project LTD have been expanding in the Europe region due to huge opportunities prevailing within the region. Various chronic diseases such as diabetes and cardiovascular diseases are severely impacting the European population. According to the European Cardiovascular Disease Statistics (2017), cardiovascular disease (CVD) causes 3.9 million deaths in the Europe and more than 1.8 million deaths in the European Union (EU), every year. Increasing non- adherence for the treatment of various chronic diseases escalates the cost and mortality rate in the various European countries.

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The major players in the medication adherence market are undergoing mergers and acquisitions to improve their position in the market. For instance, in December 2016, Omnicell, Inc. announced the complete acquisition of Ateb, Inc. together with its Canadian affiliate, Ateb Canada Ltd. Ateb, Inc. is a provider of pharmacy-based patient care solutions and medication synchronization to independent and chain pharmacies. The acquisition was done to expand the product portfolio of Omnicell, Inc. with industry leading medication adherence solutions to retail pharmacies.

Some of the other key players operating in the medication adherence market include Proteus Digital Health, Inc., AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC, SMRxT Inc., and DrFirst.com, Inc.

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