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How has the medication adherence market grown in recent years?

The market size for medication adherence has seen an accelerated expansion in the past few years. The market is projected to escalate from $3.86 billion in 2024 to $4.29 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 11.1%. Factors leading to the growth during the historic period include a significant increase in the elderly population, robust economic development in burgeoning markets, an upward trend in healthcare spending, increased usage of pharmaceutical products, and a surge in the cases of cardiovascular diseases.

How is the medication adherence market size expected to evolve during the forecast period?

The market size of investments is anticipated to witness significant expansion in the coming years. It is projected to increase to $5912.89 billion by 2029, growing at a compound annual growth rate of 7.4%. The expansion during the forecast period can be due to factors such as increasing sustainable investment, rise of digital currencies, global trade dynamics, regulatory alterations, and concerns surrounding cybersecurity. Key trends within the forecast period encompass the utilization of robo-advisors, private equity along with venture capital investments, investments in real assets and infrastructure, the application of artificial intelligence in investment strategies, as well as diversified investment portfolios.

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Which key drivers are propelling the medication adherence market’s growth?

The increasing requirement for medication adherence solutions to overcome poor adherence to prescribed medication in the healthcare industry is projected to boost the demand for medication adherence solutions. For instance, in April 2022, according to the International Longevity Centre, a UK-based independent policy think tank impacting strategy on a life-course perspective on social aging and demographic change, Medication adherence for chronic illnesses can be as poor as 50% in high-income nations and considerably lower in low-income ones. Non-adherence costs approximately $100 billion to $290 billion in the United States, €125 billion ($137.5 billion) in Europe, and AU$7 billion ($4.9 billion) in Australia. Non-adherence to medication increases cost urging the patients to use medication adherence to treat the problem effectively, thereby generating higher demand for medication adherence solutions.

What are the market segments in the medication adherence industry?

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

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Which leading companies are shaping the growth of the medication adherence market?

Major companies operating in the medication adherence market include Omnicell Inc., Koninklijke Philips N.V., Cardinal Health, McKesson Corporation, Allscripts Healthcare Solutions, Inc., DrFirst.com, Inc., AdhereTech Inc, MedMinder, Caredose, PHC Holdings Corporation, Kakehashi Inc., MedAdvisor International Pty Ltd., InHandPlus Inc., Adherium, mHealth, Aardex Group, Propeller Health, Umotif, Echo, HealthEra, Popit, Tinylogics, Johnson & Johnson Services Inc, TalkingMedicines, Adherence Solutions LLC, SMRxT Inc., emocha, Mobile Health, DIMAGI, INC., Seamless MD, Merck KGaA, AstraZeneca Brasil, Datos Ltd, Vaica, Wisepill Technologies, Novartis AG

What key trends are currently impacting the medication adherence market’s development?

Leading firms within the medication adherence market are prioritizing innovation, such as real-time data usage in determining the efficacy of treatments and facilitating informed judgements. The term “real-time data access” denotes the instant retrieval and examination of data once generated or revised, without notable delays. For instance, PatchRx, an American technology company specializing in medication adherence, introduced PatchRx Connect in June 2024. This innovation is designed to incorporate real-time medicine adherence data into existing patient care management systems. This unique tool integrates real-time medication adherence data into pre-existing care management systems without disturbing workflows, thereby providing essential insights into a patient’s medication habits to the clinical teams. The solution comprises of an intelligent device that monitors medication usage and supplies useful insights for healthcare professionals. In addition, it is equipped with patient engagement utilities, such as SMS alerts, to improve adherence rates.

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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 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

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