Medication Adherence Devices Market to be Dominated by Software Centric through 2028
The increasing incidence of chronic
diseases is expected to drive the growth of Global Medication Adherence Devices
Market in the forecast period, 2024-2028.
According to TechSci Research report, “Medication
Adherence Devices Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028,”
the Global Medication Adherence
Devices Market is anticipated to grow at an impressive rate in the forecast
period, 2024-2028. This can be ascribed to the growing demand for
advanced medication adherence systems along with the growing prevalence of
chronic diseases across the globe. Additionally, the growing geriatric
population and growing demand for mHealth technologies for observing and
imposing adherence to the medical plan are expected to create significant
growth during the forecast period. Besides, the growing demand for personalized healthcare and the growing
usage of pharmaceuticals in the developing regions will further boost the
growth of the market during the forecast period. Similarly, the growing demand
for home healthcare services and the growing adoption of smart technology
related to medicine will further propel the growth of the market during the forecast
period. Also, the availability, as well as affordability of medicine, has
increased which will further drive the growth of the market in the forecast
period.
However, the lack
of healthcare infrastructure and growing patient privacy may slow down the
growth of the global medication adherence devices market in the forecast
period. Also, myths and misconceptions associated with medical adherence can
further restrict the growth of the global medication adherence devices market.
Similarly, the uncertainties about reimbursement procedures for the treatment
of chronic diseases can further restrict the growth of the market during the
forecast period.
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TOC on "Medication Adherence Devices Market"
Global Medication Adherence Devices market can be segmented based on type, medication,
region and competitional landscape.
Based
on the type, the global medication adherence devices market can be divided into hardware
centric and software centric. The software-centric segment dominated the
market in 2022 and is expected to continue maintaining its dominance throughout
the forecast period. This can be ascribed to the growing demand for easy-to-use
applications which will help track all records and intimate the patient and also
the respective caregiver of his or her medication compliance. Also, the growing development of new mobile applications
over the years and app-based medication adherence products will boost the
demand for the market.
Based on Medication, the
market can be segmented into cardiovascular, central nervous system, diabetes,
oncology, gastrointestinal, musculoskeletal, others. The cardiovascular
diseases segment is expected to dominate during the forecast period on account
of the increasing prevalence of cardiovascular diseases along with the
unhealthy lifestyle among the population. Also, the high prevalence of
medication non-adherence by heart patients is expected to drive the growth of
the market during the forecast period.
Major companies operating in the Global Medication
Adherence Devices market are:
- Becton,
Dickinson and Company (CareFusion)
- DrFirst.com,Inc.
- AdhereTech
Inc.
- MedMinder.
- Caredose.
- Fruitech
Ltd.
- PHC
Holdings Corporation.
- MedAdvisor
International Pty Ltd.
uMotif Limited, in September 2020, announced that
it has raised around USD6.4 million in the series A investment round. This
funding was led by existing investor AlbionVC. The raised funds would be used for
the development of its patient-centric and decentralized approach to clinical
studies and enable expansion into new study types and more high-demand
territories.
HealthBeacon Limited raised USD12 million in the
series A investment round in January 2019. This funding brought the total
investment to be around USD15 million. The round was led by Oyster Capital and
Elkstone Partners.
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“North America is expected to dominate the Global Medication Adherence Devices Market
on account of growing research and development in the healthcare sector along
with the growing aging population across the region. Similarly, growing
healthcare expenditure and increasing incidence of chronic diseases such as
cardiovascular diseases can further enhance the demand for medication adherence
devices, which will boost the market growth during the forecast period. Also,
growing disposable income helps patients treat chronic diseases at a high cost
which will further drive market growth over the years. Furthermore, the growing
demand for web-based health tech solutions for tracking all the data related to
treatment in the hospital sectors is further contributing to the demand for the
medication adherence market in the forecast period. Besides, the growing number
of new companies in the market is further expected to create lucrative
opportunities for market growth,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Medication Adherence
Devices Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Hardware Centric v/s Software
Centric), By Medication (Cardiovascular, Central Nervous System, Diabetes,
Oncology, Gastrointestinal, Musculoskeletal, Others), By Region and Competition”, has evaluated the future growth potential of global
medication adherence devices market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision-makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
global medication adherence devices market.
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