Medical Adherence Market Unveiled: Pioneering Healthcare Solutions
Posted by Roger on December 8th, 2023
Market Overview:
The Medical Adherence Market involves products and solutions that help patients follow medical prescriptions and treatment plans for chronic diseases as prescribed by healthcare providers. Medical adherence products include bottles and caps, blister packs, compliance monitoring tools, reminder packaging, and medication-tracking apps, which helps patients stay on track with their medications. Poor adherence to prescribed treatments increases the risk of worsening health outcomes, disease progression, and avoidable hospitalizations.
The Medical Adherence Market is estimated to be valued at US$ 3.68 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the medical adherence market is the increasing prevalence of chronic diseases worldwide. As per estimates, around 133 million Americans suffer from at least one chronic disease. Poor medication adherence in chronic diseases like diabetes, hypertension, hyperlipidemia leads to adverse health outcomes. For instance, non-adherence to diabetes treatment is associated with increased hospitalization rates. Thus, medical adherence solutions are being increasingly adopted to manage chronic diseases effectively. Another trend is the shift from traditional adherence packaging systems to digital solutions like wearable sensors and mobile applications that send reminders and track medication-taking behavior in real-time. This is expected to fuel the medical adherence market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The medical adherence market requires high capital investments for R&D and distribution networks, acting as barriers for new players. Bargaining power of buyers: Patients have high bargaining power due to availability of generic drug options and alternative therapy options. Bargaining power of suppliers: Major players have integration across the value chain giving them bargaining power over suppliers. Threat of new substitutes: Alternate drug delivery options and therapy types pose threats. Competitive rivalry: Intense competition between existing big players.
SWOT Analysis
Strengths: Technological advancements in solutions. Weaknesses: Complex regulatory landscape and data privacy concerns. Opportunities: Untapped emerging markets and adjunct therapies. Threats: Alternate drug adherence solutions and price wars.
Key Takeaways
The global medical adherence market is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing chronic disease prevalence and rising healthcare costs. North America dominated the market in 2023 with a share of over 35%, due to supportive regulations and advanced healthcare systems in the US and Canada. Asia Pacific is anticipated to be the fastest growing region during the forecast period owing to rising medical expenditures and increasing patient awareness in major countries like India and China.
Key players operating in the medical adherence market are AdhereTech, McKesson Corporation, Medminder Systems, Inc., Omnicell, Inc., and DrFirst, among others. AdhereTech offers digital health solutions for medication adherence and chronic disease management. McKesson Corporation provides Medication Adherence Packaging Systems and adherence packaging services. Medminder Systems offers personalized pill dispensing devices and medication adherence programs.
