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Market Overview:
The Medical Adherence Market primarily consists of solutions and services that help patients follow medical prescriptions and treatment plans. This includes adherence packaging solutions, reminder tools, and medication reminder apps. These solutions monitor medication schedules and offer reminders to patients through emails, texts, calls or other means. They play a crucial role in improving treatment outcomes by ensuring patients adhere to their prescribed dosage and frequency.
The Medical Adherence Market is estimated to be valued at US$ 3.68 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the Medical Adherence Market is the growing prevalence of chronic diseases that require long term medication adherence. As per the Centers for Disease Control and Prevention, around six in ten Americans live with at least one chronic disease such as heart disease, cancer or diabetes. Non-adherence to treatment plans can worsen the health conditions and increase healthcare expenditure. To address this issue, healthcare providers are increasingly adopting digital solutions that make adherence monitoring convenient. Another driver is the cost savings achieved through adherence. Non-adherence is estimated to cause around $300 billion in unnecessary costs to the U.S. healthcare system annually. Adherence solutions help reduce hospital readmissions and optimize drug utilization.
Segment Analysis
The global medical adherence market can be segmented into application and end user. Based on application, the adherence packaging segment dominates the market as it helps organize and manage medications. Adherence packaging such as blister cards and strip/dosage unit are widely used as they make it easier for patients to take the right medication at the right time.
PEST Analysis
Political: Governments across countries are implementing various regulations to improve medication adherence among patients. For instance, the US FDA has legislation in place to ensure correct labeling of drugs.
Economic: The aging population profile and rise in chronic diseases globally will drive the need for adherence solutions, presenting an opportunity for market growth.
Social: Growing awareness about benefits of timely medication is positively impacting the market. Adherence solutions help patients and caregivers manage regiments better.
Technological: Digital solutions such as applications, monitoring devices, and packaging with sensors are gaining popularity. They provide real-time alerts and reminders to patients.
Key Takeaways
The global medical adherence market is expected to witness high growth, exhibiting 14% CAGR over the forecast period, due to increasing prevalence of chronic diseases. The market size is estimated to reach US$ 10.56 Bn by 2030 from US$ 3.68 Bn in 2023.
North America dominates the global market currently owing to supportive regulatory environment and rising healthcare spending in the region. However, Asia Pacific is expected to witness fastest growth during the forecast period due to growing medical tourism, increasing healthcare affordability, and expanding patient pool in countries like India and China.
Key players operating in the medical adherence market are AdhereTech, McKesson Corporation, Medminder Systems, Inc., Omnicell, Inc., and DrFirst, among others. These players are focusing on developing digital and smart adherence solutions to gain higher market share. For instance, AdhereTech offers digital packaging integrated with Internet of Things (IoT) sensors to monitor medication intake in real-time.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
