Medication Adherence Market Analysis, Drivers, Growth Rate, Specifications and Forecast, 2023

Veröffentlicht von: P&S Market Research
Veröffentlicht am: 19.02.2018 10:30
Rubrik: Gesundheit & Medizin

(Presseportal openBroadcast) - Medication adherence market is forecasted to reach $3.6 billion value by 2023, growing at a CAGR of 12.3% during 2017-2023.The growth in the market will be led by the growing demand for advanced medication adherence systems, increasing prevalence of chronic diseases, rising geriatric population, increasing demand for mobile health (mHealth) technologies, and expanding demand for personalized healthcare technologies.

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In terms of product type, the medication adherence market has been categorized as software centric and hardware centric, where software centric occupied a larger share in the global market in 2016. Hardware centric products are projected to register faster growth during the forecast period, at a CAGR of 13.1%. This is substantiated by the fact that the major players in the market are focused on launching hardware centric products, such as Smart Wireless Pill Bottles by AdhereTech, Inc., and HealthAssist Watch by Adherence Solutions, LLC, that improve and track adherence in real time.

North America held the largest medication adherence market share in 2016. This large contribution is mainly driven by the increase in R&D infrastructure, growing aging population, expanding healthcare expenditure, and increasing prevalence of chronic diseases in the region. According to the Centers for Disease Control and Prevention (CDC), the total national healthcare expenditure in the U.S. was $3.2 trillion in 2015 and per capita national health expenditure was $9,990. Additionally, the healthcare expenditure as a percentage of GDP was 17.8%, and the total investment in R&D (Medical and Health) for 2015 was around $158.7 billion in the U.S.

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The key players operating in the medication adherence market include Koninklijke Philips N.V., Cardinal Health Inc., Omnicell Inc., McKesson Corporation, Johnson & Johnson Services, Inc., Proteus Digital Health, Inc., AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC, and SMRxT Inc.


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