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2024-2033 Medication Adherence Market: What Growth Rate is Predicted?

The market for medication adherence has experienced swift growth in recent years. It is projected to increase from $3.54 billion in 2023 to $3.96 billion in 2024, with a compound annual growth rate (CAGR) of 11.9%. The previous growth rate can be credited to factors such as the fast-paced growth of the elderly population, solid economic progression in developing markets, increase in healthcare spending, escalation in the use of pharmaceuticals, and a surge in cardiovascular disease incidence.

Expected to experience significant rise in the coming years, the market size for medication adherence is projected to reach the scale of $6.08 billion by 2028 with a CAGR of 11.3%. A variety of factors such as a growing occurrence of chronic health conditions, widespread smartphone use, the increasing need for customized healthcare technologies, and medical advancements contribute to this potential growth within the forecast period. Several emerging trends during this forecast period include cloud-based medication adherence, the adoption of gamification methods particularly for children, the evolution of smart pill containers with ground-breaking features, the creation of innovative medication adherence applications, the development of wearable and ingestible biosensors, an emphasis on partnerships and collaborations, and a focus on the production of inventive products.

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What Aspects Are Driving the Expansion of the medication adherence Market?

The surging call for solutions to medication adherence, in response to unsatisfactory adherences to prescribed drugs in healthcare, is expected to escalate the demand for these practices. For instance, a recent statement from the International Longevity Centre in April 2022 – an independent policy organization in the UK focused on strategic approaches towards social aging and demographic shifts – indicates a medication adherence rate as low as 50% for chronic diseases in wealthy nations, and much worse in underprivileged countries. Non-compliance to medication regimes is estimated to cost around $100 billion to $290 billion in America, €125 billion in Europe, and AU$7 billion in Australia. This non-commitment to prescribed medication drives up costs, pushing patients to adopt medication adherence as a viable solution, subsequently driving up the demand for medication adherence schemes.

What Are the Significant Segments of the Medication Adherence Market?

1) By Type: Hardware Centric, Software Centric

2) By Medication: Cardiovascular, Central Nervous System, Diabetes, Oncology, Respiratory, Gastrointestinal, Rheumatology, Other Medications

3) By Application: Hospital, Retail Pharmacies, Long-Term Care Facilities, Mail-Order Pharmacies

What Trends Are Influencing the Evolution of the Medication Adherence Market?

Significant industry participants are adopting strategic actions like collaborations and business growth in previously unexplored regions, signifying a salient trend in the medication adherence market. To illustrate, in December 2021, AdhereHealth – an American healthcare technology firm dedicated to medication adherence awareness and health outcomes – teamed up with Hero. This collaboration envisaged utilizing Hero’s digital platform for in-home care to help out patients suffering from chronic diseases with substantial costs, substantial risks, and complex medication routines. Hero is a firm specialising in medication adherence, providing comprehensive medication management services for patients and caregivers.

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Which Geographic Areas Are Influencing the Growth of the Medication Adherence Market?

North America was the largest region in the medication adherence market in 2023. Western Europe was the second largest region in the global medication adherence market share. The regions covered in the medication adherence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Medication Adherence Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the medication adherence market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Medication Adherence Market Include

1. Medication Adherence Market Executive Summary

2. Medication Adherence Market Segments

3. Medication Adherence Market Size And Template Market Growth Rate

4. Key Medication Adherence Market Trends

5. Major Medication Adherence Market Drivers

……

25. Key Mergers And Acquisitions In The Medication Adherence Market

26. Top Medication Adherence Companies

27. Medication Adherence Market Opportunities And Strategies

28. Medication Adherence Market, Conclusions And Recommendations

29. Appendix

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