Medication Adherence Market is Expected to Grow With 17.5% CAGR till 2022: P&S Market Research

NEW YORK, July 06, 2017 (GLOBE NEWSWIRE) -- According to new market research report titled “Global Medication Adherence Market Size, Share, Development, Growth and Demand Forecast to 2022 – Industry Insights by Product (Hardware-Centric Offering, and Software-Only Offering), by Class or Medication (Cardiovascular, Diabetes, Oncology, CNS, Respiratory, Rheumatology, Gastrointestinal, and Others)” published by P&S Market Research, the global medication adherence market is expected to grow with 17.5% CAGR during 2016 – 2022.

Growing demand for advanced medication adherence systems, and growing geriatric population. The increasing demand of mobile health (mHealth) technologies and increasing demand of personalized healthcare technologies will also drive the growth of the global medication adherence market. Among the various product offerings, the software-only offering segment is expected to witness the fastest growth during the forecast period. The global medication adherence market is growing at a significant rate.

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Medication non-adherence is one of the most crucial problems in the healthcare industry, posing a strong financial impact on the global population. For healthcare employers, insurers, and patients, medication non-adherence significantly increases healthcare costs of disease-related complications. For pharmaceutical companies, pharmacy benefit managers, and pharmacies, medication non-adherence significantly grinds down the profit due to non-adhering of medications by the patients. The growing interest of pharmaceutical companies and healthcare providers on medication adherence poses a greater influence on promoting better healthcare outcomes.

The restraints associated with the growth of the global medication adherence market include privacy and security issues in the EHR and e-prescribing based medication adherence; and inadequate healthcare infrastructure in developing economies.

Geographically, North America dominated the global market of medication adherence market in 2015; whereas the Asian market is expected to witness the fastest growth at a during the forecast period.

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Some of the key companies operating in the global medication adherence market include Koninklijke Philips N.V., Qualcomm Incorporated, Proteus Digital Health Inc., AdhereTech Inc., Omnicell, Inc., Adherence Solutions LLC, SMRxT, McKesson Corporation, and DrFirst.

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