2017 Medication Adherence Global Market Report (2013-2023) Forecast to Reach $3.6 Billion Growing at a CAGR of 12.3%

The growth in the market will be led by the growing 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.

In terms of product type, the medication adherence market has been categorized as software centric and hardware centric, where software centric occupied a larger share in the global market in 2016. Hardware centric products are projected to register faster growth during the forecast period, at a CAGR of 13.1%. This is substantiated by the fact that the major players in the market are focused on launching hardware centric products, such as Smart Wireless Pill Bottles by AdhereTech, Inc., and HealthAssist Watch by Adherence Solutions, LLC, that improve and track adherence in real time.

By medication, the medication adherence market is predicted to be led by demand for the products used for compliance in cardiovascular diseases, both in terms of size and growth. The leading position of the category is due to the increasing cases of cardiovascular diseases across the globe. As per the 2015 global data from WHO, out of 17.7 million deaths caused by cardiovascular diseases, approximately 7.4 million deaths were due to coronary heart disease and 6.7 million were due to stroke.

North America held the largest medication adherence market share in 2016. This large contribution is mainly driven by the increase in R&D infrastructure, growing aging population, expanding healthcare expenditure, and increasing prevalence of chronic diseases in the region. According to the Centers for Disease Control and Prevention (CDC), the total national healthcare expenditure in the U.S. was $3.2 trillion in 2015 and per capita national health expenditure was $9,990. Additionally, the healthcare expenditure as a percentage of GDP was 17.8%, and the total investment in R&D (Medical and Health) for 2015 was around $158.7 billion in the U.S.

Globally, the key providers in the medication adherence industry are launching new products to gain a larger market share. For instance, in May 2017, DrFirst.com Inc., a clinical software and services provider, announced the launch of SmartSig and PDMP Access Solutions that exemplify intelligent medication management, compliance adherence, and simplification of clinical workflows. The products offer enhance data quality, improve clinical workflow and deliver stronger adherence to therapy. Both SmartSig and PDMP Access Solutions fully integrate with the company’s suite of intelligent medication management products.

The key players operating in the medication adherence market include Koninklijke Philips N.V., Cardinal Health Inc., Omnicell Inc., McKesson Corporation, Johnson & Johnson Services, Inc., Proteus Digital Health, Inc., AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC, and SMRxT Inc.

Market Dynamics

Trends

• Increasing use of smartphone medication adherence apps
• Rising awareness for medication adherence through patient saving programs
• Growing popularity of medication adherence systems and software

Drivers

• Growing demand for advanced medication adherence systems
• Increasing prevalence of chronic diseases
• Rising geriatric population
• Increasing demand for mHealth technologies
• Expanding demand for personalized healthcare
• Impact analysis of drivers on market forecast

Restraints

• Privacy and security concerns in the EHR and e-prescribing based medication adherence systems
• Inadequate healthcare infrastructure in developing economies
• Impact analysis of restraints on market forecast

Opportunities

• Vast unexplored medication adherence market across the globe

Key Topics Covered:

Chapter 1. Research Background

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Introduction

Chapter 5. Global Market Size and Forecast

Chapter 6. North America Market Size and Forecast

Chapter 7. Europe Market Size and Forecast

Chapter 8. Asia-Pacific Market Size and Forecast

Chapter 9. Rest of the World (RoW) Market Size and Forecast

Chapter 10. Medication Adherence Product Analysis

Chapter 11. Competitive Landscape

Chapter 12. Company Profiles

• 2net Hub
• 2net Mobile and 2net Platform
• Adherence Performance Solution
• Cardinal Health Repackaging Solutions
• Care4Today
• Dispill
• eVoucherRx
• HealthAssist
• HealthAssist Watch
• Medication Therapy Management Solution
• Nomi Pill Bottle
• Omnicell Xt
• PatientAdvisor
• Pharmacy Health Connect
• Philips Automated Medication Dispenser
• Prescription Reminder Service – Local Store Marketing
• Proteus Discover
• RelayRx Continuity of Care
• RelayRx PriorAuthPlus
• Smart Wireless Pill Bottles

For more information about this report visit https://www.researchandmarkets.com/research/wthqfc/2017_medication?w=5

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SOURCE Research and Markets

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