New York, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medication Adherence Global Market Report 2022" - https://www.reportlinker.com/p06229179/?utm_source=GNW
, AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC and SMRxT Inc.
The global medication adherence market is expected to grow from $2828.08 million in 2021 to $3181.58 million in 2022 at a compound annual growth rate (CAGR) of 12.5%. The growth 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 market is expected to reach $4847.6 million in 2026 at a CAGR of 11.1%.
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.
The main types of medication adherence are hardware-centric and software-centric.Medication adherence products that are software-centric are a collection of programmes or applications which monitor, record, and notify the individual and his or her caregiver about their medication compliance.
The different medications include cardiovascular, central nervous system, diabetes, oncology, respiratory, gastrointestinal, rheumatology, others and are used in various applications such as hospital, retail pharmacies, long-term care facilities, mail-order pharmacies.
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.
Inadequate healthcare infrastructure in developing countries is predicted to hinder the growth of the medication adherence market.According to the World Economic Forum’s publication dated 25th November 2019, every year approximately 6 million people die from low-quality healthcare in developing countries.
Moreover, according to a report by the National Academies of Sciences, Engineering and Medicine, poor quality healthcare kills 5.7 million to 8.4 million people in low and middle-income countries (LMIC) annually and it is responsible for 15% overall deaths in LMIC. The poor infrastructure wedges the gap between the patient and the system restraining the growth of the medication adherence market.
Major players are undertaking strategic initiatives such as partnerships and business expansions in untapped regions, which is likely to be a major trend in the medication adherence market.For instance, in October 2019, Royal Philips and Spencer Health Solutions expanded its partnership and announced the launch of in-home medication adherence & telehealth platform in Europe.
The collaboration aimed at a successful partnership for providing medication adherence solutions to high-acuity patients in the USA and Europe. Beginning with the Netherlands in the fourth quarter of 2019, Spencer Smart Hub is launching in selected markets such as Austria, Belgium, Germany, Luxembourg and Switzerland in Europe.
In September 2019, TrailCard Incorporated, a customized patient access solutions provider, acquired Mango Health for an undisclosed amount.Through this acquisition, TrailCard Incorporated is expected to offer best-in-class adherence and engagement solutions to the patients.
Mango Health is a US-based provider of mobile-based medication adherence and management solutions for the life sciences industry.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the medication adherence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06229179/?utm_source=GNW
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