In 2016, the medication adherence market size generated $1.6 billion and is predicted to advance at a 12.3% CAGR during the forecast period. The various factors positively impacting the market are the surging geriatric population, rising demand for mHealth technologies, increasing demand for personalized healthcare, growing prevalence of chronic diseases, and rising demand for advanced medication adherence systems. The degree to which the patient follows the therapy prescribed by their healthcare provider, including taking the right medication, at the right time and manner, and in the right dose, is referred to as medication adherence.
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When product is taken into consideration, the medication adherence market is categorized into software centric and hardware centric. Between these, the software centric category dominated the market during the historical period and is further expected to hold the larger share of the market during the forecast period. This is because these products have a lower cost and are more easily accessible than hardware centric products. The hardware centric category is projected to grow at the fastest pace during the forecast period and is further divided into packaging and devices.
The increasing popularity of medication adherence systems and software is a key trend being observed in the medication adherence market. Due to the innovative applications of medication adherence software and systems, including double-checking medication administration properties, automatically dispensing applications, and electronic medication administration records facility, their adoption is increasing. These applications of medical adherence systems further help in reducing the chances of adverse drug events and medication errors. Furthermore, these systems and software also enhance healthcare quality by monitoring patient’s medication intake and decrease healthcare cost.
Another factor driving the growth of the medication adherence market is the rising requirement for mHealth technologies. The increasing usage of mobile phones has provided means for addressing health priorities through different applications, which has resulted in the development of mHealth. mHealth is the practice of providing digital healthcare services, including medication adherence solutions, with the aid of different communication channels and devices such as laptops, smartphones/phones, personal digital assistants, and tablets. mHealth has the potential to transform the face of health service delivery.
Hence, the market is registering significant growth because of the rising prevalence of chronic diseases and increasing demand for mHealth technologies.
