Medication Adherence Market to Generate $11,226.3 Million Revenue by 2030: P&S Intelligence

Medication Adherence Market to Generate $11,226.3 Million Revenue by 2030: P&S Intelligence

PR Newswire

NEW YORK, Oct. 6, 2020

NEW YORK, Oct. 6, 2020 /PRNewswire/ -- Every year, cardiovascular diseases kill 17.9 million people, while cancer claims 9.6 million human victims. These statistics by the World Health Organization (WHO) clearly reflect the burden of chronic diseases, which continues to rise. As a result, the global medication adherence market, which generated $2,310.0 million in 2019, is predicted to grow at a robust 15.5% CAGR between 2020 and 2030, to reach $11,226.3 million in 2030, according to P&S Intelligence.

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All chronic diseases require prolonged treatment, medication, and monitoring and strict adherence to the medication schedule. The increasing awareness about taking medication as and when directed is the key reason behind the medication adherence market advance. Non-adherence or poor adherence to the medication schedule adds $177 billion to the global healthcare expenditure and results in 25% of all hospitalizations and 50% of all treatment failures each year.

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During the COVID-19 pandemic, the medication adherence market is receiving a boost, majorly due to the rapidly rising case and death count attributed to this viral infection. Out of fear of contracting the infection and dying of it due to poor medication adherence, people are rapidly adopting medication adherence solutions. As per a study done on 7,578 patients using controller inhalers, as well as the Propeller Health medication adherence solution, medication adherence rate rose by 14.9% between the first seven days of January 2020 and the last seven days of March 2020.

North America is the most productive region in the medication adherence market presently. As per the CDC, seven in every 10 deaths in the U.S. in 2019 were because of chronic diseases. Apart from the rising prevalence of such medical issues, the geriatric population, healthcare expenditure, and R&D spending on healthcare technologies are increasing in the region. The rising geriatric population is leading to the increasing incidence of chronic diseases, thereby driving the demand for medication adherence solutions.

Browse report with detailed COVID-19 impact analysis on Medication Adherence Market Research Report: By Product (Software Centric, Hardware Centric), Medication (Cardiovascular, Central Nervous System, Diabetes, Oncology, Respiratory, Gastrointestinal, Rheumatology) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/medical-adherence

Over the next 10 years, the medication adherence market will observe the highest CAGR in the Asia-Pacific (APAC) region. The increasing disposable income of the population here is allowing them to go for expensive treatments, as well as medication adherence solutions. Moreover, market players in the region are bringing about technological enhancements in these solutions, for bettering the treatment outcomes. Numerous initiatives have been taken to technologically enhance these solutions, such as those currently underway in Australia and Singapore.

Players in the medication adherence market are coming up with new and advanced solutions in order to increase their revenue. The solutions are designed to achieve a number of objectives, including:

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The major companies in the global medication adherence market are Qualcomm Incorporated, Koninklijke Philips N.V., McKesson Corporation, AdhereTech Inc., SMRxT Inc., Omnicell Inc., Cardinal Health Inc., DrFirst.com Inc., and Johnson & Johnson Services Inc.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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