Market Overview:
Medical adherence refers to the extent to which a person’s behavior coincides with medical or health advice. This includes following directions or instructions for treatments or prescribed drugs. Poor medication adherence leads to avoidable healthcare costs and lack of disease control. Maintaining good medication adherence helps patients get the most benefit from prescribed treatments which improves their overall health outcomes.
The global 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 medical adherence market growth is the rapid adoption of advanced digital technologies and devices that enables remote tracking of medication usage and reminders for doses. Wearable biosensors, connected devices, mobile applications and digital platforms are being used to capture real world data on medication use. This data helps healthcare providers and caregivers closely monitor patients outside of clinical settings and intervene early if nonadherence issues are detected. Analytics tools further assist in analyzing patterns to develop more personalized treatment plans and counseling programs focused on adherence.
SWOT Analysis
Strength: Medical adherence solutions provide improved health outcomes and help reduce unnecessary healthcare spending. Integrating medical adherence solutions with electronic health records improves data collection and analysis.
Weakness: Behavioral barriers such as forgetfulness and lack of understanding of medical conditions hinder adherence. High costs associated with medical adherence solutions restrict their adoption.
Opportunity: Growing geriatric population susceptible to chronic diseases creates demand for medical adherence solutions. Increasing investments by healthcare IT players to develop advanced digital adherence platforms present opportunities.
Threats: Privacy and security concerns over patient data slow down digital solutions adoption. Lack of incentives and reimbursement policies impact return on investment for medical adherence solutions.
Key Takeaways
The global medical adherence market is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing prevalence of chronic diseases. Chronic diseases such as diabetes, cardiovascular diseases, and respiratory diseases require lifelong medication adherence for effective management. As per WHO, chronic diseases accounted for over 70% of all deaths worldwide in 2020.
Regional analysis: North America dominated the global medical adherence market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to growing geriatric population, rising healthcare expenditure, and presence of major players in the region. However, Asia Pacific is anticipated to witness the fastest growth owing to increasing focus of global players on expanding footprint and rising disease burden in developing countries of the region.
Key players operating in the medical adherence market are AdhereTech, McKesson Corporation, Medminder Systems, Inc., Omnicell, Inc., and DrFirst, among others. The major players are focused on developing advanced digital platforms through integration of innovative technologies such as AI, blockchains, sensors, and monitoring devices to improve medical compliance. Partnerships and collaborations remain key growth strategies adopted by these companies to strengthen market position and address the unmet needs of various healthcare stakeholders.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it