Major players in the medication adherence market are Koninklijke Philips N. V. , Cardinal Health Inc. , Omnicell Inc. , McKesson Corporation, Johnson & Johnson Services, Inc. , Proteus Digital Health, Inc.
New York, July 30, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medication Adherence Global Market Report 2020-30: Covid 19 Growth and Change" - https://www.reportlinker.com/p05948409/?utm_source=GNW
, AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC, and SMRxT Inc.
The global medication adherence market is expected to decline from $2.53 billion in 2019 to $2.48 billion in 2020 at a compound annual growth rate (CAGR) of -1.87%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $3.58 billion in 2023 at a CAGR of 12.98%.
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.
North America was the largest region in the medication adherence market in 2019.
In September 2019, TrailCard Incorporated, a customized patient access solutions provider, announced the acquisition of Mango Health, a San Francisco-based mobile-based medication adherence and management solutions for the life sciences industry, 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 was founded in 2011 and is a provider of digital medication and adherence platform.
The medication adherence market covered in this report is segmented by type into hardware-centric; software-centric and by medication into cardiovascular; central nervous system; diabetes; oncology; respiratory; gastrointestinal; rheumatology; others.
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.
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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