WELLESLEY, Mass., Oct. 16, 2017 (GLOBE NEWSWIRE) -- A higher incidence of chronic diseases worldwide and the demand for advanced medication adherence systems are fueling growth in this market, which has the potential to surpass $3.9 billion by 2021. A new report by BCC Research examines the industry’s prospects and technologies by disease applications and geographical regions.
The global market for medication adherence systems and software applications was worth $1.7 billion in 2016, more than half of which was accounted for by the United States. According to the report Medication Adherence: Technologies and Global Markets, the industry is poised to expand by 18.0% over the next five years. Market growth is due to the growing geriatric population, continuous technological advancements (e.g., digital health, smart medication adherence systems, smart pills, etc.), increasing adoption of smartphones and software applications, transformation of the retail pharmacy industry and other healthcare reforms.
Medication adherence systems, which comprised 80% of the global market in 2016, will increase by 16.8% over the forecast period. Software applications (the remaining 20%) will grow by 22.5%.
Research Highlights
- Geographically, the United States is expected to maintain dominance in this industry.
- By 2021, the Europe, Asia, and ROW (rest of the world) markets are predicted to reach $1.2 billion, $555 million, and $79 million, respectively, with five-year growth rates of 18.0%, 19.8%, and 17.7%.
- In terms of chronic illnesses, cardiovascular disease and diabetes lead the global medication adherence market, with anticipated growth rates of 18.0% and 20.0%, respectively.
“The medication adherence market is relatively small, but is expanding due to the presence of highly specialized companies with advanced medication adherence solutions, smartphone applications and noninvasive sensor-based technologies,” said Robert G. Hunter, BCC Research senior editor, healthcare. “There are also many early-stage start-ups that are developing technology-enabled, innovative solutions to address unmet needs.”
Despite Double-Digit Growth, Restraints Exist
There are some key restraints to growth of the global medication adherence market. These include privacy and security issues associated with cloud-based medication adherence systems and software applications; issues of data inconsistency and poor accuracy; and the fact that the medication adherence market requires a strong healthcare IT network, 4G internet connectivity and adequate healthcare services to offer complete solutions.
Editors/reporters requesting analyst interviews should contact steven.cumming@bccresearch.com.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.