NEW YORK, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Medication adherence market is forecasted to reach $3.6 billion value by 2023, growing at a CAGR of 12.3% during 2017-2023, 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.
Access Report Summary with Detailed TOC on "Medication Adherence Market by Product (Software Centric, Hardware Centric), by Medication (Cardiovascular, CNS, Diabetes, Oncology, Respiratory, Gastrointestinal, Rheumatology), by Geography (U.S., Canada, Germany, France, U.K., Japan, China) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" at: https://www.psmarketresearch.com/market-analysis/medical-adherence
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.
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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.
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