July 25, 2024
Adherence Packaging Market

The Rising Demand For Efficient Medication Management Solutions Is Anticipated To Openup The New Avenue For Adherence Packaging Market

The global Adherence Packaging Market is estimated to be valued at US$ 993.89 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Adherence packaging is unit-dose packaging systems that organize and package medication or supplement by date and time. It simplifies medication adherence for patients with pre-packaged single or multi-dose packages made for each time of day such as morning, noon, evening and bedtime. Adherence packaging helps patients follow doctor’s instructions by making it easier to take correct dosage at the right time. It is widely used in long-term care facilities, hospitals and home care settings.

Market Dynamics:

The growth of the global adherence packaging market is driven by rising geriatric population and increasing prevalence of chronic diseases. As per WHO, chronic disease prevalence is estimated to grow by 57% globally by the year 2020. Geriatric population suffers more from chronic illnesses which require continuous medication and adherence packaging helps them to manage multiple medications efficiently. Moreover, adherence packaging reduces medication waste by reducing unused or left over tablets. It packs only required dosage for each time which prevents overuse of medicines. However, adherence packaging solutions have higher costs than traditional methods that can restrain its adoption among cost-sensitive consumers.

Segment Analysis

The global Adherence Packaging market is segmented on the basis of product type, application, and end user. Based on product type, the adherence packaging market is segmented into blister card packaging, pouch packaging, and stick/bottle packaging. Among these, the blister card packaging sub segment dominated the market in 2023 and is expected to continue its dominance over the forecast period due to its widespread usage in packaging of medicines, tablets, pills and other medical products.

PEST Analysis

Political: Government regulations regarding healthcare and pharmaceutical industry are important for adherence packaging market. Regulations that support preventive healthcare can boost the market.
Economic: Rising healthcare expenditure increases the demand for adherence packaging as it ensures proper usage of medicines which in turn reduces healthcare costs.
Social: Increased awareness about benefits of adherence packaging in disease management and awareness regarding preventing/managing chronic diseases create demand.
Technological: Adoption of automated adherence packaging machines and tracking technology in packaging is gaining popularity and boosting the market growth.

Key Takeaways

The global Adherence Packaging Market Share is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing need for preventive healthcare and demand for better management of chronic diseases.

The North America region dominated the market in 2023 with a share of over 35%, due to presence of major players, higher adoption of adherence packaging in healthcare organizations, and growing prevalence of chronic diseases in the region. Asia Pacific is expected to witness fastest growth over the forecast period, owing to rising healthcare expenditure, growing generic drugs market, and increasing standards of healthcare services.

Key players operating in the Adherence Packaging market are Westrock Company, Keystone Folding Box Co, Cardinal Health Inc, Omnicell Inc., Jones Healthcare Group, Drug Package LLC, Manrex Limited, Medicine-on-time LLC, and Rx Systems Inc. Major players are focusing on new product launches, expanding regional presence and collaboration to strengthen their market position. For instance, in 2022, McKesson launched an adherence packaging solution aimed at improving medication adherence for chronic conditions.

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