May 29, 2024

Medical Adherence Market Mastery: Transforming Patient Care

Medical Adherence Market

The medical adherence market comprises products and solutions that help patients follow medical prescriptions and treatment plans. Medical adherence solutions consist of monitoring devices, applications, and educational and counselling programs that help in managing medications and improving patients’ compliance with recommended medical therapies. These solutions play a crucial role in preventing medication errors, reducing readmission rates, improving health outcomes, and lowering healthcare costs. Factors such as rising chronic disease prevalence, increasing penetration of digital healthcare, and growing need for cost-effective treatment methods are expected to drive the demand for medical adherence solutions over the forecast period.

The global Medical Adherence Market is estimated to be valued at US$ 3.68 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The medical adherence market includes products such as mHealth apps, medications organizers, electronic blister packs, medication reminder/monitoring systems, and others. These solutions help improve medication taking behaviour among patients with chronic conditions such as diabetes, hypertension, asthma, and cardiovascular diseases. They notify patients about pending doses, track medicine intake patterns, alert caregivers in emergency scenarios, and provide educational information regarding usage of prescribed drugs. Medical adherence solutions enable better management of chronic diseases and help lower financial burden on healthcare systems by reducing hospital readmissions, disease exacerbations, and overall treatment costs.

Market key trends:
Growing digitization of healthcare and rising adoption of connected health technologies are expected to be key trends shaping the medical adherence market. Connected drug delivery devices, digital healthcare apps, remote patient monitoring systems, and AI-based predictive models are being incorporated to enhance medication adherence. Telehealth and virtual care models have also emerged as effective platforms for offering counseling and monitoring adherence during the COVID-19 pandemic. In addition, increasing collaborations between technology companies and pharmaceutical firms for integrating medical adherence solutions into patient care programs will support the market growth over the forecast period.
Porter’s Analysis

Threat of new entrants: Low barrier to enter in medical adherence market due to availability of easy to develop adherence packaging and reminder applications. However, established players have strong brand image and distribution network.

Bargaining power of buyers: Moderate as buyers have several options across adherence solutions providers. However, chronic diseases prevalence drives demand.

Bargaining power of suppliers: Moderate as key raw materials and components easily available. Established players possess technical expertise and economies of scale.

Threat of new substitutes: Low as there are limited substitutes to medical adherence solutions and technologies. Adherence remains core to disease and medication management.

Competitive rivalry: High due to increasing competition from local and regional players. Key players focus on partnerships, new product launches and acquisition strategies.

Key Takeaways

The global Medical Adherence Market is expected to witness high growth, exhibiting CAGR of 14. percent over the forecast period, due to increasing chronic diseases prevalence globally. The market size for 2023 is US$ 3.68 Bn.

Regional analysis: North America dominates medical adherence market and holds around 45% share owing to increasing healthcare expenditure and faster adoption of novel technologies. Asia Pacific exhibits high growth potential contributed by growing geriatric population, improving access to care and healthcare infrastructure expansion across countries.

Key players operating in the medical adherence market are AdhereTech, McKesson Corporation, Medminder Systems, Inc., Omnicell, Inc., and DrFirst, among others. Key players focus on digital health technologies to develop integrated medical adherence solutions that support personalized care and chronic disease management. Notable mergers and acquisitions in past five years include Omnicell’s acquisition of Aesynt and McKesson’s acquisition of RxCrossroads that strengthened their adherence offerings and services capabilities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it