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Analyzing the Growth Rate of the Medication Adherence Market: What’s the Expected CAGR for the Next Decade?

The market size for medication adherence has expanded swiftly in the past few years. It is projected to increase from $3.86 billion in 2024 to $4.29 billion in 2025, with a compound annual growth rate (CAGR) of 11.1%. Factors contributing to the growth during the historic period include a surge in the elderly population, significant economic development in emerging markets, an increase in healthcare spending, an upswing in the usage of pharmaceuticals, and a growing incidence of cardiovascular diseases.

The market for medication adherence is projected to experience swift expansion in the approaching years, with its value anticipated to hit $6.73 billion by 2029, growing at a compound annual growth rate (CAGR) of 11.9%. Factors contributing to this projected growth during the forecast period include a rise in chronic disease cases, increased use of smartphones, growing interest in personalized healthcare technologies, and advancements in medical science. Forecast period trends include the development of cloud-based medication adherence systems, usage of gamification for children, creation of smart pill containers with distinctive features, the invention of innovative medical adherence apps, development of wearable and ingestible biosensors, a concentration on partnerships and collaborations, and emphasis on the creation of innovative products.

Which Major Market Drivers Are Expected to Boost the medication adherence Market’s Growth Potential?

The escalating need for solutions to encourage adherence to prescribed medication in the healthcare sector is seen to enhance the market for medication adherence solutions. For instance, as per the April 2022 data from the International Longevity Centre – a UK-based policy think tank focusing on a life-course approach to social aging and demographic change – adherence to medication for chronic diseases can be as low as 50% in affluent countries and even lower in impoverished nations. The financial implications of non-adherence range approximately between $100 billion and $290 billion in the US, €125 billion ($137.5 billion) in Europe, and AU$7 billion ($4.9 billion) in Australia. High cost due to non-adherence to medication compels patients to opt for medication adherence solutions for effective treatment, thus driving up the demand for such solutions.

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What Are the Leading Organizations Impacting the Medication Adherence Market’s Growth?

Major companies operating in the medication adherence market include:

• Omnicell Inc._x000D_

• Koninklijke Philips N.V._x000D_

• Cardinal Health_x000D_

• McKesson Corporation_x000D_

• Allscripts Healthcare Solutions_x000D_

What Are the Most Prominent Trends Driving Change in the Medication Adherence Market?

Leading organizations in the medication adherence market are pivoting towards innovative solutions, like immediate access to data for assessing the efficacy of treatments and guiding informed decisions. Access to data in real-time involves the capacity to instantly retrieve and study data as it comes in or gets updated, with minimal lag time. For example, PatchRx, a medication adherence tech firm based in the US, unveiled PatchRx Connect in June 2024. This software is designed to incorporate real-time data on medication adherence into pre-existing care management infrastructures. This innovative system effectively integrates immediate medication compliance data into existing care management services, providing clinical teams valuable insights into patients’ medication consumption patterns without causing disturbances to their workflow. The system includes a smart device that keeps tabs on medication use, delivering useful data for healthcare practitioners. Furthermore, it comes with a suite of patient engagement amenities, such as SMS notifications, to boost adherence levels.

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What Are the Core Segments of the Medication Adherence Market, and How Do They Contribute to Growth?

The medication adherence market covered in this report is segmented –

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

Subsegments:

1) By Hardware Centric: Smart Pill Dispensers, Medication Adherence Packaging, Wearable Devices, Electronic Pill Bottles, Smart Inhalers

2) By Software Centric: Mobile Health (mHealth) Apps, Medication Reminders And Tracking Apps, Telemedicine Solutions, Electronic Health Records (EHR) Integration, Patient Management Systems With Adherence Features

What Regions Are Leading the Charge in the Medication Adherence Market?

North America was the largest region in the medication adherence market in 2024. 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

How Is the Medication Adherence Market Categorized and Defined in the Industry?

Medication adherence are the systems that helps to check if a person follows medication recommended by a healthcare provider, whether patients take their medications as prescribed, as well as whether they continue to take a prescribed medication. Medication adherence hardware and software help medical personnel with the patient’s intake to prescribed medication to reduce cases of worsening disease and deaths and decrease healthcare costs.

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