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Medication Adherence Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 120 Pages
  • June 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 5617155
The medication adherence market is projected to register a CAGR of 15.0% during the forecast period (2022-2027).

COVID-19 pandemic has emphasized the need for reformation in the health care system for accessibility of medical care to patients in rural areas. Decentralization of the health system to the primary care level and utilization of teleophthalmology should be considered by healthcare planners in the future. Various research studies have provided insight into the application of medicine adherence during the pandemic. For instance, in November 2021, a research study published titled "The impact of the COVID-19 pandemic on medical conditions and medication adherence in people with chronic diseases" stated that medical- and medication-related problems have arisen because of the restrictions put in place to reduce the spread of COVID-19, along with the fear of exposure to COVID-19. Understanding the consequences of the COVID-19 pandemic in people with chronic diseases is crucial to improving health care and outpatient pharmacy accessibility and resources for this population during this and future pandemics. Similarly, another research study published in January 2021, titled "Medication management and adherence during the COVID-19 pandemic: Perspectives and experiences from low-and middle-income countries" stated that the contribution of community pharmacists in managing chronic conditions and promoting medication adherence is key to easing the disease burden on health systems. Hence, such studies will promote market growth in the upcoming future.

Factors such as the rising adoption of mhealth adherence services are expected to increase the market growth. Various research studies have provided insight on the advantages of mhealth adherence services. For instance, in March 2022, a research study published titled "An mHealth Intervention to Improve Medication Adherence and Health Outcomes Among Patients With Coronary Heart Disease: Randomized Controlled Trial" stated that the treatment of many chronic illnesses involves long-term pharmaceutical therapy, but it is an ongoing challenge to find effective ways to improve medication adherence to promote good health outcomes. Cardioprotective medications can prevent the enlargement of harmful clots, cardiovascular symptoms, and poor therapeutic outcomes, such as uncontrolled high blood pressure and hyperlipidemia, for patients with coronary heart disease. Poor adherence to cardioprotective medications, however, has been reported as a global health concern among patients with coronary heart disease, and it is particularly a concern in China. mHealth intervention can improve medication adherence and health outcomes, including systolic blood pressure and diastolic blood pressure. Several end-user facilities have opted for better services in recent years. For instance, in December 2020, Baxter Regional Medical Center announced that it would discontinue its Baxter Regional CARE app at the end of the year. The 268-bed, Mountain Home-based hospital had launched the direct-to-consumer app in early 2019, joining a wave of health systems developing on-demand urgent care services to reduce ER congestion and improve patient engagement. Baxter Regional will handle virtual care through its EHR-based TeleVisits platform, which includes the eClinicalWorks patient portal and Healow mHealth app. Such advancements and its adoptions will increase the market growth in the upcoming future.

However, privacy and security concerns related to the services are likely to hinder the market growth.

Key Market Trends

Software Centric Segment is Expected to Hold a Significant Market Share Over the Forecast Period

Partnership and mergers are another factor for the growth of the market. For instance, in Febraury 2021, an article published titled "Fighting poor medication adherence in the European Union: The Gravitate-Health project" stated that European citizens can obtain a great amount of information (online and offline) about any medicine. As already published by the OECD, poor medication adherence leads to more than 200,000 premature deaths in Europe every year. As a response to this, a public-private partnership has emerged (01 November 2020) between more than 39 members in Europe and the US, under the co-leadership of the University of Oslo and Pfizer, and founded by the Innovative Medicines Initiative (IMI). This project has been given the name “Gravitate-Health Project”. This project was launched on 01 November 2020, with a scheduled duration of five years and a budget of EUR18,500,000. Such projects would increase the market growth in upcoming future. Product launch is anohter factor for the growth of the market. For instance, in October 2020, FDB and RxCap launched a new medication adherence mobile app. It includes the ability for patients to import their lists of prescribed medications along with access to medication instructions from Meducation. Additionally, the app can notify patients when to take their medications, record adherence, and alert designated caregivers if a medication is missed. Such launches would increase the market share.

North America is Expected to Dominate the Market Over the Forecast Period

The North America region would dominate the market. Factors such as research studies would increase the market growth as it provides the cost to benefit ratio of implementing the services. An article published in 2022 by Ōmcare, titled "4 telling medication adherence statistics (updated for 2022)" stated that around 66% of people in the United States take at least one prescription medication. The average number of prescriptions taken is 4 per person, but that number rises significantly for those treating chronic conditions. Regardless, medication is one of the largest expenditures in the healthcare industry to date (over 10% of all healthcare spending). The same source stated that statistics show that between 40 and 60% of patients who are mentally ill have poor medication adherence and rarely take their medications on time, if at all. Similarly, an article published by CDC, in August 2021, titled "Tailored Pharmacy-Based Interventions to Improve Medication Adherence" stated that CVD is a major driver of health care costs in the United States - with over USD 363.4 billion going toward health care services, medications, and lost productivity due to premature death each year. The implications of medication nonadherence are widespread and have financial impacts on health systems, providers, payers, and most importantly, patients. In the United States, the costs of nonadherence to prescribed medications are high and place significant financial strains on the health care system as a whole. Hence, such studies would increase the market grwoth.

Hence, due to abovementioned factors the market is expected to grow in the future.

Competitive Landscape

The market is partially fragmented and consists of several major players. Some of the companies which are currently dominating the market are AdhereTech, McKesson Corporation, Omnicell, Inc. SMRxT INC, and DrFirst among others.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for mHealth Technologies
4.2.2 Increasing Prevalence of Chronic Diseases
4.3 Market Restraints
4.3.1 Privacy and Security Concerns for Patient Data
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type
5.1.1 Hardware Centric
5.1.2 Software Centric
5.2 By Medication
5.2.1 Cardiovascular
5.2.2 Central Nervous System
5.2.3 Diabetes
5.2.4 Oncology
5.2.5 Gastrointestinal
5.2.6 Musculoskeletal
5.2.7 Others
5.3 Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle East & Africa GCC South Africa Rest of Middle East & Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 AdhereTech
6.1.2 Cardinal Health
6.1.3 DrFirst
6.1.4 Everwell
6.1.5 InhandPlus
6.1.6 Johnson & Johnso
6.1.7 Koninklijke Philips N.V.
6.1.8 McKesson Corporation
6.1.9 MedAdvisor International Pty Ltd
6.1.10 Medminder Systems, Inc.
6.1.11 Omnicell, Inc.
6.1.12 SMRxT INC

Companies Mentioned

A selection of companies mentioned in this report includes:

  • AdhereTech
  • Cardinal Health
  • DrFirst
  • Everwell
  • InhandPlus
  • Johnson & Johnso
  • Koninklijke Philips N.V.
  • McKesson Corporation
  • MedAdvisor International Pty Ltd
  • Medminder Systems, Inc.
  • Omnicell, Inc.