Singapore, Feb. 28, 2023 (GLOBE NEWSWIRE) — According to the deep-dive market assessment study by Growth Plus Reports, the global medication adherence market was valued at US$ 2,471 billion in 2021 and is expected to register a revenue CAGR of 11.6% to reach US$ 4,413 million by 2030.
Medication adherence is defined as the interactive, voluntary, and cooperative participation of the patient in a mutually acceptable course of action to create a therapeutic effect. This concept suggests that the patient has a choice and that patients and healthcare professionals jointly agree upon the treatment plan and goals. Medication adherence often refers to a patient’s ability to continue taking prescribed medication and take their meds as directed. Thus, adherence and persistence are the key principles describing medication adherence behavior. Although theoretically identical, persistence describes the duration of drug therapy overall, and adherence refers to the degree of medication use during therapy.
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Due to the emerging evidence that medication nonadherence is common, linked to unfavorable outcomes, and related to greater healthcare expenditures, doctors, healthcare systems, and other stakeholders are increasingly concerned about medication adherence. As the global population ages and people take more medications to manage chronic ailments, nonadherence is projected to increase. Long-term medication adherence is reinforced by the rise of performance metrics that recognize quality based on achieving treatment goals like blood pressure and low-density lipoprotein levels after hospitalization for acute myocardial infarction.
The accomplishment of extended therapeutic and outcome goals necessitates collaboration with patients, in contrast to other quality indicators that are more directly controlled by healthcare systems and providers of care. Because of the growing evidence that the rise in the prevalence of chronic diseases, such as diabetes, cancer, heart disease, etc., is a major factor in the global smart healthcare expansion, medication adherence is becoming a greater priority for clinicians, healthcare systems, and other stakeholders. MHealth has grown significantly in recent years due to increased smartphone usage and the industry’s revolutionary digitization. The increased usage of mHealth and government initiatives to digitize healthcare systems are expected to enhance the demand for intelligent healthcare solutions. The healthcare or regulatory process must be completely connected to revamp the treatment process and improve patient happiness. This allows for a speedy and accurate patient experience. These advancements have made it possible for medication adherence to increase even more.
The global medication adherence market is analyzed from three perspectives: Type, Application, and Region.
Excerpts from ‘By Type Segmentation’
Based on the types, the global medication adherence market is segmented as:
- Software-Centric Solutions
The software-centric segment accounted for the largest revenue share of the global medication adherence market in 2021. The software-centric healthcare obtained through medication adherence programs assists in creating personalized models of the patient’s health profile, making treatment plans clear to the patient. The popularity of medication adherence is growing as its use in human services has been exponentially increasing. New strategies to promote medication adherence have been created due to the increase in smart device use. Short messaging service text messages and phone calls were initially employed to remind patients to take their medications. These reminders are well-liked by patients and have shown to be very effective methods. Then, with the advent of smartphones, mobile apps appeared, creating new opportunities for carrying out tasks that made day-to-day responsibilities easier, including taking care of general health.
Excerpts from ‘By Region Segmentation’
Based on the regions, the global medication adherence market is segmented into:
- North America
- Asia Pacific
- Rest of the World
North America accounted for the largest revenue share of the global medication adherence market in 2021. This is related to the growing population, rapid technological adoption, cooperative government actions that support the use of digital health, and widely accessible healthcare infrastructure. Additionally, the increased awareness of health maintenance brought on by the necessity of a healthy lifestyle encourages medication adherence in daily life. Additional factors contributing to the North American medication adherence market growth include the presence of key market players, growing public awareness of connected healthcare, high internet and smartphone penetration, and health apps.
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Excerpts from ‘Competitive Landscape’
The key companies operating the global medication adherence market are:
- 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
- SMRxT Inc.
- AARDEX Group
- Information Mediary
- MedMinder Systems
- DrFirst Inc.
Medication Adherence Market Scope
|Market size value in 2021||US$ 2,471 million|
|Revenue forecast in 2030||US$ 4,413 million|
|Growth Rate||CAGR of 11.6% from 2022 to 2030|
|Base year for estimation||2021|
|Segments covered||Type, Application, and Region.|
|Regional scope||North America, Europe, Asia Pacific, and the Rest of the World (ROW)|
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