Medication Adherence Market
Number of pages: 100 | Report Format: PDF | Published date: 17 February, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 2,471 million |
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Revenue forecast in 2030 |
US$ 4,413 million |
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Growth Rate |
CAGR of 11.6% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Historical Year |
2030 |
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Segments covered |
Type, Application, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global medication adherence market was valued at US$ 2,471 million in 2021 and is expected to register a revenue CAGR of 11.6% to reach US$ 4,413 million by 2030.
Market Fundamentals
Medication adherence is characteristically referred to as the extent to which patients take medication as prescribed by doctors or complete the treatment regimen. This includes filling prescriptions, reminders to take medications as prescribed, and comprehending the administration instructions. According to the American Medication Association, if a patient takes 80% of the medications that have been prescribed, they are deemed adherent. Patients are considered non-adherent if they take less than 80% of their recommended medicine. Doctors, healthcare organizations, and other investors (such as payers) are becoming progressively concerned about medication nonadherence as evidence that it is pervasive and linked to unfavorable outcomes and greater healthcare costs mounts. Measuring patient adherence to medicine and utilizing interventions to increase adherence is still uncommon in everyday clinical practice. A rapidly developing category of therapy called digital therapeutics helps patients stick to their treatment plans and supports medical staff. It uses software to treat illness, either independently or to improve care. Ultimately, the teams' initiatives to increase adherence can benefit patient care and lower hospital readmissions.
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Market Dynamics
Drug administration, therapy, observation, and imposition of adherence to the medication plan are required for all chronic illnesses. One of the key factors driving the growth of the medication adherence market is the rising awareness of the acceptability of medications and therapies. The creation of innovative pill compartments, clinical adherence apps, wearable sensors, ingestible biosensors, focusing on partnerships and collaborative efforts, and generating innovative products are all part of market pattern-based systems for the medication adherence market.The global medication adherence market is growing in urban areas due to a number of considerations, including an increasing senior population supported financially by both the government and commercial players, and an increase in the consumption of medications and treatment services. Further factors driving the market growth are increasing chronic disease cases in underdeveloped areas, rising cell phone usage, increased awareness of personalized medication treatment, and technical developments in therapeutic drugs. A significant trend in the medication adherence market is the growing awareness of medication adherence due to the implementation of patient-saving initiatives. Medication adherence programs are designed to improve patient compliance and help pharmacists identify patients who are not taking their medications on time. For instance, ESPACOMP, the International Society for Medication Adherence, organized the 26th annual conference on medication adherence and patient safety in November 2022 in Berlin, to educate patients and caregivers about medication adherence. Governments and non-governmental groups also sponsor annual conferences and activities. The demand for medication adherence has increased further by the 21st-century trend of an accelerated geriatric population, fuelling the market growth during the anticipated time frame.
However, the growth of the global medication adherence market is hampered by issues like security worries and home health care administrations. One of the main market restraints is the inadequate awareness of medication services coupled with the inadequate healthcare infrastructure in underdeveloped countries. The growth of the worldwide market also be hindered by medication adherence myths and misconceptions. Moreover, beyond a certain point, increasing patient cost-sharing has a negative effect on how closely patients take their medications. Formulary tiers, expensive medications, and a lack of drug insurance coverage are hampering patients' access to affordable pharmaceuticals. For instance, because of the high out-of-pocket expenses, almost 25% of Americans struggle to purchase prescription medicines. Patients without insurance are more inclined than those with insurance to look for ways to reduce costs. These issues prevent the medication adherence market from expanding.
Market Ecosystem
The global medication adherence market is analyzed from three perspectives: Type, Application, and Region.
Medication Adherence Market by Type
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Based on the types, the global medication adherence market is segmented as hardware-centric and software-centric solutions.
The software-centric segment accounted for the largest revenue share of the global medication adherence market in 2021. All available research shows that the general public has quickly adopted new information technologies. Spain's population currently utilizes mobile phones at a rate of 94.6%. Due to the explosion in smart gadgets, new methods to encourage therapeutic adherence have been developed using these devices.
Short messaging services (SMS), text messages, and phone calls were initially used to remind people to take their medications. These reminders have proven to be very efficient strategies and are well-received by patients. Then, with the introduction of smartphones, mobile apps emerged, which opened up new possibilities for performing actions that simplify daily duties, including taking care of one's health. One in five people has installed a mobile health (mHealth) app, and more than 165,000 health-related apps are now available in the market. A rising number of wellness applications are made to support patients in managing their illness and medicine, remind users to take their medications, and educate them about medication adherence. These mobile apps, like the electronic pillbox, have extra helpful features that improve medication adherence and increase treatment adherence. They are not only designed to help individuals remember to take their medications. Therefore, the key factor driving the global medication adherence market growth is the increasing adoption of mHealth services.
Medication Adherence Market by Application
Based on the applications, the global medication adherence market is segmented as cardiovascular, central nervous system, diabetes, oncology, gastrointestinal, musculoskeletal, and others.
The cardiovascular segment accounted for the largest revenue share of the global medication adherence market. In 2021, the cardiovascular disease segment dominated the medication adherence market due to the increased prevalence brought on by lifestyle-associated factors. The increased prevalence of lifestyle-related disorders, including diabetes, is fueling market growth. Both type 1 and type 2 diabetes have unique risks for developing chronic heart disease.
To lower morbidity and mortality in chronic diseases and illnesses, including heart failure, myocardial infarction, and diabetes, patients must adhere to regular long-term therapy. Therefore, the high rate of medication nonadherence among cardiac patients has led to an increase in demand from this segment for medication adherence devices, driving the market expansion of the segment.
Medication Adherence Market by Region
Based on the region, the global medication adherence market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounted for the largest revenue share of the global medication adherence market in 2021. Due to significant investments in research and development (R&D), rising healthcare costs, and an increase in the prevalence of chronic diseases, the North American area dominates the global market for medication adherence. An increase in the number of older adults living in the area is helping to fuel market expansion there. According to a 2019 United Nations Department of Economic and Social Affairs (UNDESA) assessment of the world population, North America's geriatric population is projected to grow significantly by 2050, raising the demand for medication adherence.
Furthermore, the emergence of mental illness in the United States is a major factor in opening new market growth opportunities. For instance, according to the report published in May 2022, by the Commonwealth Fund, about one-quarter of U.S. adults report having a mental health diagnosis such as anxiety or depression or experiencing emotional distress. This is one of the highest rates among 11 high-income countries. An article published in 2022 by Ōmcare cited statistics indicating that between 40% and 60% of people with mental illness had poor medication adherence and took their medications infrequently. Medication nonadherence has numerous consequences, including financial costs for patients, payers, providers, and health systems. The toll of not taking prescription medications as directed is enormous in the United States and creates a heavy financial burden on the healthcare system. Therefore, such factors stimulate the market growth.
Competitive Landscape
Strategic Development
Medication Adherence is defined as the patient's interactive, willing, and cooperative participation in the course of action that is mutually acceptable to have desired and optimum therapeutic effect
Increasing awareness and technological advancements are key trends governing the global medication adherence market growth.
Key companies operating the global medication adherence market are Koninklijke Philips N.V., Cardinal Health Inc., Omnicell Inc., McKesson Corporation, Proteus Digital Health Inc., AdhereTech Inc., and others.
The high cost of drugs and lack of knowledge is the key factors restricting the growth of the global medication adherence market with full potential.
The global medication adherence market is expected to grow at a revenue CAGR of 11.6% during the forecast period from 2020 to 2030.
*Insights on financial performance are subject to the availability of information in the public domain
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Snehal Deshmukh
Principle Consultant
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