The global market for medication adherence reached $1.7 billion in 2016 and should reach nearly $4.0 billion by 2021 at a compound annual growth rate (CAGR) of 18.0% from 2016 through 2021.
Medication adherence include hardware-based systems (e.g., smart pill bottle, smart cap, automated pill dispenser, electronic trays, smart medical watches, smart medical alarms, wearable sensors, and other packaging systems) and software based internet applications (e.g., cloud-based databases, health programs, patient web portals, mobile medication management applications, etc.) to improve medication adherence associated with various chronic diseases. This report is an analytical business tool whose primary purpose is to provide a thorough evaluation of the global market for medication adherence. The format of this study includes the following:
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– Detailed description of medication adherence systems and technologies including software applications (apps).
– Demographics and cost burden of targeted chronic diseases.
– Market characterization, unmet need, market size, and segmentation.
– Market drivers and restraints.
– Detailed market projections through 2021.
– Competition and market shares.
– Key marketed and pipeline (R&D) products along with information about their regulatory status
– Strategic landscape (Merger and acquisitions).
– Regulatory structure.
– Pricing and reimbursement.
– Observations and conclusions on the future of medication adherence systems and technologies.
– Profiles of market participants and associations.
– 16 data tables and 24 additional tables
– An overview of the global medication adherence market
– Analyses of global market trends, with data from 2015 and 2016, and projections of compound annual growth rates (CAGRs) through 2021
– Evaluations of clinical needs, competitive landscape, unmet needs, regulatory structure, and future outlook
– Examinations of the product types and the disease applications for medication adherence, along with chronic disorders
– Evaluations of the market’s dynamics, specifically growth drivers and restraints
– Profiles of major players in the industry
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The global market for medication adherence (hardware-based automation and adherence systems and software-based applications) was worth nearly $1.7 billion in 2016. The market is expected to reach over $3.9 billion by 2021, increasing at a CAGR of 18.0% from 2016 through 2021. This steep increase is fueled by a burgeoning demand for advanced medication adherence systems and a growing number of people worldwide with chronic diseases.
In 2016, the U.S. accounted for about 55% of the global market, or $954 million. The U.S. market should reach $2.1 billion by 2021, increasing at a CAGR of 17.5% from 2016 through 2021. Geographically, the U.S. is expected to maintain dominance in the global market of medication adherence systems and software applications (apps). Those wishing to invest in the medication adherence market ought to strongly consider high-growth application areas such as medication adherence systems and software applications. Double-digit growth rates are expected for most of these applications in the next five years. This growth is due to an increasing geriatric population, greater prevalence of chronic diseases, continuous technological advancements (e.g., digital health, smart medication adherence systems, smart pills, etc.), increasing adoption of smartphones and software applications, transformation of the retail pharmacy industry and other healthcare reforms.