Growing Incidence of Chronic Diseases Powering Medication Adherence System Sales

With the rising incidence of chronic diseases, the sales of medication adherence systems are rising rapidly across the world. Chronic diseases usually require long-term therapies and treatment procedures that involve the utilization of drugs. Any interruptions in drug intake may cause fatal consequences, thereby making strict medication adherence extremely necessary for disease treatment. As per the Centers for Disease Control and Prevention (CDC), in the U.S., 160,201 people lost their lives in 2017 because of chronic lower respiratory diseases.

Chronic diseases are caused because of several factors such as oxidative stress, genetics, and many environmental factors. Clinical intervention is necessary for managing and treating these diseases. This is achieved by increasing the adoption of several patient-centric medication adherence programs. Besides these factors, the growing requirement for medication adherence systems is also boosting their sales across the world. In many countries, the lack of adequate cooperation among patients and healthcare professionals is affecting the quality of patient care.

This is because inadequate cooperation leads to errors in disease diagnosis and the fragmentation of healthcare data and information such as patient demographics, administrative data, billing, and medical history. This makes the usage of advanced medication adherence and management platforms extremely integral for disease management and treatment. Hence, with the growing adoption of these platforms, the global medication adherence market is registering huge expansion. The market valuation will grow from $2,310.0 million in 2019 to $11,226.3 million by 2030.

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Growing Demand for mHealth Technologies Driving Medication Adherence Market

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.

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