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Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthc.....
Medication Adherence Market size was valued US$ 2.1 Bn in 2022 and poised to grow at significant CAGR of 13.2% from 2023-2029. Rapid growth in the older population, strong economic growth in emerging economies, an increase in healthcare expenditure, an increase in pharmaceutical usage, and an increase in the prevalence of cardiovascular diseases all contributed to the historic period's growth. Lack of healthcare infrastructure was one of the factors that hampered expansion in the past. Increased prevalence of chronic diseases, increased smartphone adoption, increased demand for personalised healthcare technology, and advancements in medicine will all contribute to future growth. Privacy issues, home healthcare services, non-medical apps and reminders, and expensive pharmaceuticals are all factors that could slow the growth of the medication adherence industry in the future. Some of the key factors fueling the market growth include rising geriatric population together with increasing occurrence of chronic disease, expanding demand for personalized healthcare, rising demand for advanced medication adherence systems and increasing use of smartphone medication adherence apps. However, inadequate healthcare infrastructure in emerging economies and privacy and security concerns in the EHR are restricting the market growth. In addition, rising awareness for medication adherence through patient saving programs provides huge growth opportunity for the market growth.
Study Period
2024-2030Base Year
2023CAGR
13.2%Largest Market
North AmericaFastest Growing Market
Asia Pacific
Over the past half century, rapid advances have been made in the management of many chronic and acute health problems that require medication therapy, including diabetes, hypertension, high cholesterol, tuberculosis (TB), and human immunodeficiency virus (HIV). With introduction of smartphones, their progress, and applications, mobile apps turn out to be one of substantial ways to implement medication adherence. These systems either be individual or integrated into other healthcare applications. Medication adherence can be of use to provider organizations, population health management programs, pharmaceutical companies, clinical trials, or retail pharmacies. Recent improvements in the conceptualization, measurement, and support of medication adherence offer fresh opportunities to make a meaningful influence on adherence-related behavior and outcomes.
North America accounted for larger revenue share in global medication adherence market with considerable CAGR. The growth in this region is due to huge spending on R&D, various government guidelines giving prominence to adherence and the existence of well-established healthcare infrastructure. Asia Pacific held steady growth during the estimated period owing to rising implementation of advanced systems featured with medication reminder and increasing geriatric population. Japan is the major contributor for the growth of the market in the region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market CAGR |
13.2% |
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By Medication |
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The medication adherence market size was valued at US$ 2.1 Bn in 2022.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.