Market Trends of Global Medication Adherence
This section covers the major market trends shaping the Medication Adherence Market according to our research experts:
The Software Centric Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The software segment is expected to witness growth in the market owing to factors such as an increase in demand for software in medication adherence and a rise in strategic partnerships and product launches. For instance, as per an article published in March 2022 in PubMed, the technology used in electronic pill bottles, which are composed of a standard-sized pill bottle and an electronic cap with a microchip, stores a date and time stamp once the cap has been removed during an opening event. Device or hardware attributes include evaluation criteria such as device size, battery life, medicine storage capacity, installation or software requirements, and the necessity for a wireless connection. Such studies showcasing the uses and advantages of software in medication adherence are expected to drive market growth over the forecast period.
Furthermore, new software launches for advancement in medication adherence are expected to increase segment growth over the forecast period. For instance, in April 2021, Cardinal Health launched a new platform to improve drug adherence. The platform, which the company is calling Outcomes, brings together several already-running businesses to provide tele pharmacy, digital patient engagement, and pharmaceutical therapy management capabilities.
North America is Anticipated to Hold a Significant Share Over the Forecast Period
North America is expected to hold a significant share of the market owing to factors such as an increase in the adoption of medication adherence software launches, a rise in mHealth technologies, and a surge in healthcare expenditure across the region.
An article published in December 2021 by Ōmcare, titled "4 Telling Medication Adherence Statistics (updated for 2022)," stated that around 66% of people in the United States took at least one prescription medication. The average number of prescriptions taken was 4 per person, but that number rose significantly for those being treated for chronic conditions. Regardless, medication is one of the largest expenditures in the healthcare industry to date (over 10% of all healthcare spending). The same source stated statistics showing that between 40 and 60% of mentally ill patients had poor medication adherence and rarely took their medications on time, if at all.
Furthermore, according to a CMS.gov December 2022 update, national health expenditure grew 2.7% to USD 4.3 trillion in 2021, or USD 12,914 per person, and accounted for 18.3% of the Gross Domestic Product (GDP) in the United States. Such expenditure is expected to drive market growth over the forecast period. Additionally, as per CDC October 2022 estimates, every year, 805,000 people in the United States had a heart attack, 605,000 of these were first-time heart attacks, while 200,000 were caused by previous heart attacks. This surge in chronic diseases also contributes to the growth of the studied market.
