Global Medication Adherence Market Report 2022 – Market Forecast, Trends And Strategies

The global medication adherence market size is expected to grow from $2.83 billion in 2021 to $3.18 billion in 2022 at a compound annual growth rate (CAGR) of 12.5%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The medication adherence market is expected to reach $4.85 billion in 2026 at a CAGR of 11.1%.

What is the Global Medication Adherence Market?

The medication adherence market consists of sales of medication adherence hardware systems and software applications. Medication adherence systems check if a person follows medication recommended by a healthcare provider, whether patients take their medications as prescribed, as well as whether they continue to take a prescribed medication. Medication adherence hardware and software help medical personnel with the patient’s intake to prescribed medication to reduce cases of worsening disease and deaths and decrease healthcare costs. The market consists of revenue generated by the companies manufacturing the medical adherence hardware systems and software solutions by the sales of these products.

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What drives the Global Medication Adherence Market?

The increasing requirement for medication adherence solutions to overcome poor adherence to prescribed medication in the healthcare industry is projected to boost the demand for medication adherence solutions. According to a study published by The Journal of Allergy and Clinical Immunology, in Practice, there has been an increase in controller inhaler use between January and March 2020 by 14.5% where, Propeller Health, a digital platform that tracks the inhaler consumption was used to send alerts to the patients when it is missed. Non-adherence to medication increases cost urging the patients to use medication adherence to treat the problem effectively, thereby generating higher demand for medication adherence solutions.

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Global Medication Adherence Market Segments
The global medication adherence market is segmented:
By Type: Hardware Centric, Software Centric
By Medication: Cardiovascular, Central Nervous System, Diabetes, Oncology, Respiratory, Gastrointestinal, Rheumatology, Others
By Application: Hospital, Retail Pharmacies, Long-Term Care Facilities, Mail-Order Pharmacies
By Geography: The regions covered in the medication adherence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Medication Adherence Global Market Report 2022provides market size and growth forecasts for the global medication adherence market, global medication adherence market share, medication adherence market segments and geographies, medication adherence market competitive landscape including leading competitors’ revenues, profiles and market shares. The medication adherence market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Medication Adherence Industry Playersinclude 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. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.