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| Medical Adherence Market |
A) Market Overview:
The global Medical Adherence Market is estimated to be valued at US$ 2,310.0 million in 2019 and is
projected to reach US$ (incorporate given market value for 2022) Bn/Mn by 2022,
growing at a CAGR of 15.5% during
the forecast period 2020-2030. This market report by Coherent Market Insights
provides a comprehensive analysis of the trends, drivers, and challenges
shaping the medical adherence market.
Medical adherence refers to the extent to which patients follow prescribed
medication regimens or treatment plans. Factors such as the rising prevalence
of chronic diseases, increasing access to healthcare services, and advancements
in healthcare technology are driving the demand for medical adherence products.
These products offer various advantages such as improved treatment outcomes,
reduced healthcare costs, and enhanced patient satisfaction. The need for
better medication adherence is crucial for patients, as non-adherence can lead
to complications, reduced efficacy of treatments, and increased healthcare
burden.
B) Market key trends:
One key trend observed in the medical adherence market is the increasing
adoption of digital health solutions. With advancements in technology, digital
health platforms are transforming the way healthcare is delivered. These
solutions enable patients to receive personalized medication reminders, monitor
their healthcare progress, and access relevant information through smartphones
and wearable devices. The integration of artificial intelligence and Internet
of Things (IoT) technologies further enhances the effectiveness of these
digital health solutions. The growing acceptance and ease of use of these
digital tools are expected to drive market growth and improve medication
adherence among patients.
Segment Analysis:
The medical adherence market can be segmented based on type, technology, and
end-user.
In terms of type, the market is dominated by medication adherence solutions.
This segment is expected to grow at a significant rate over the forecast
period. The dominance is mainly attributed to the increasing prevalence of
chronic diseases and the need for effective management of medication intake.
Medication adherence solutions, such as smart pill dispensers, electronic
medication monitors, and medication management apps, help patients to adhere to
their prescribed medication schedules and improve treatment outcomes. These
solutions provide reminders, alerts, and notifications to patients, ensuring
that they take their medication as prescribed. With the growing adoption of
technology and the increasing awareness about the benefits of medication
adherence, this segment is expected to dominate the market.
Key Takeaways:
The global Medical
Adherence Market Share is expected to witness high growth, exhibiting a
CAGR of 15.5% over the forecast
period (2020-2030). This growth can be attributed to several factors. Firstly,
the increasing prevalence of chronic diseases, such as diabetes, hypertension,
and cardiovascular diseases, is driving the demand for medication adherence
solutions. These solutions help patients in managing their medication intake,
leading to improved treatment outcomes and reduced healthcare costs.
Regionally, North America is the fastest-growing and dominating region in the
medical adherence market. This can be attributed to the high healthcare
expenditure, increasing awareness about the benefits of medication adherence,
and the presence of key market players in the region. Moreover, the
technological advancements and the strong reimbursement framework in the region
are further supporting market growth.
Key players operating in the medical adherence market include Koninklijke
Philips N.V., McKesson Corporation, and Johnson & Johnson Services Inc.,
who hold the major share of the industry. These companies are focusing on
strategic collaborations, mergers and acquisitions, and product launches to
strengthen their market position. For instance, Koninklijke Philips N.V. recently
launched Medido, a smart pill dispenser that helps patients in managing their
medication schedules. Such initiatives by key players are expected to drive the
growth of the medical adherence market.
Read More,
https://www.newsstatix.com/medical-adherence-market-is-estimated-to-witness-high-growth/
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