DUBLIN, December 02, 2021--(BUSINESS WIRE)--The "Medication Adherence Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global medication adherence market reached a value of nearly $2,438.2 million in 2020, having increased at a compound annual growth rate (CAGR) of 10.0% since 2015.
The market is expected to decline from $2,529.6 million in 2019 to $2,438.2 million in 2020 at a rate of -3.6%. The market is then expected to recover and grow at a CAGR of 11.4% from 2021 and reach $4,181.3 million in 2025.
It is expected reach $6,497.0 million in 2030, at a CAGR of 9.2%.
Growth in the historic period resulted from rapid growth in elderly population, strong economic growth in emerging markets, rise in healthcare expenditure, rise in usage of pharmaceuticals, and rising prevalence of cardiovascular diseases. Factors that negatively affected growth in the historic period were lack of healthcare infrastructure, and lockdown and social distancing norms owing to the COVID-19 outbreak.
Going forward, increasing prevalence of chronic diseases, increasing adoption of smartphones, increasing demand for personalized healthcare technologies, and advances in medicine will drive the growth. Factors that could hinder the growth of the medication adherence market in the future include privacy concerns, home healthcare services, non-medical apps and reminders and costly medications.
The medication adherence market is segmented by type into hardware centric, and software centric. The software centric market was the largest segment of the medication adherence market segmented by type, accounting for 59.6% of the total in 2020. Going forward, the hardware centric segment is expected to be the fastest growing segment in the medication adherence market, at a CAGR of 14.4% during 2020-2025.
The medication adherence market is also segmented by medication into cardiovascular, central nervous system, diabetes, oncology, gastrointestinal, musculoskeletal, and others. The others market was the largest segment of the medication adherence market segmented by medication, accounting for 40.7% of the total in 2020. Going forward, the others segment is expected to be the fastest growing segment in the medication adherence market, at a CAGR of 11.2% during 2020-2025.
North America was the largest region in the global medication adherence market, accounting for 39.9% of the total in 2020. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the medication adherence market will be Asia Pacific, and Western Europe where growth will be at CAGRs of 12.6% and 10.0% respectively. These will be followed by the Middle East, and South America, where the markets are expected to grow at CAGRs of 14.0% and 15.5% respectively.
The global medication adherence market is concentrated, with few large players with significant market share and presence large of small players in the market.
The top ten competitors in the market made up to 64.5% of the total market in 2020. Major players in the market include Omnicell Inc., Koninklijke Philips N.V., Cardinal Health, McKesson Corporation, and Allscripts Healthcare Solutions, Inc.
The top opportunities in the medication adherence market segmented by type will arise in the software centric market segment, which will gain $2,244.5 million of global annual sales by 2025.
The top opportunities in the medication adherence market segmented by medication will arise in the others segment, which will gain $1,688.3 million of global annual sales by 2025. The medication adherence market size will gain the most in the USA at $1,582.3 million.
Market-trend-based strategies for the medication adherence market include cloud-based medication adherence, gamification modes especially for children, developing smart pill containers with innovative features, developing medical adherence apps with innovative features, developing wearable sensors, developing ingestible biosensors, focusing on partnerships and collaborations, and focusing on developing innovative products.
Player-adopted strategies in the medication adherence market include strengthening business through the launch of new solutions, and expanding through strategic partnerships.
Top Players in the Market are
Koninklijke Philips N.V.
Allscripts Healthcare Solutions, Inc.
CareFusion (Becton Dickenson)
Proteus Digital Health
Key Topics Covered:
1. Medication Adherence Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6.1. Segmentation By Geography
6.2. Segmentation By Type
6.3. Segmentation By Medication
7. Medication Adherence Market Characteristics
7.1. Market Definition
7.2. Segmentation By Type
7.2.1. Hardware Centric
7.2.2. Software Centric
7.3. Segmentation By Medication
7.3.2. Central Nervous System
8. Medication Adherence Market Trends and Strategies
8.1. Cloud-Based Medication Adherence
8.2. Gamification In Medication Adherence For Children
8.3. Rising Demand For Smart Pill Container
8.4. Increasing Use Of Smartphone Medical Adherence Apps
8.5. Strategic Partnerships and Business Expansions
8.6. Use Of Wearable Sensors
8.7. Ingestible Biosensors for Medication Adherence
8.8. New Product Launches
8.9. Expanding interest for packaging types
8.10. New payment models
9. Impact Of COVID-19 On Medication Adherence Market
9.1. COVID-19 Impact and Solutions
9.2. Psychological Issues Promote Decreasing Adherence To Medication Routines
9.3. Severe Impact On Low- and Middle- Income Countries
9.4. Impact On Geriatric Population
For more information about this report visit https://www.researchandmarkets.com/r/9pf1g
View source version on businesswire.com: https://www.businesswire.com/news/home/20211202005562/en/
Laura Wood, Senior Press Manager
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