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Medication Adherence Market Value is Expected to Reach $7,277.4 Million by 2030 | TBRC Reports
Medication Adherence Market
The global medication adherence market reached a value of nearly $2,529.6 million in 2019, having increased at a compound annual growth rate (CAGR) of 13.4% since 2015. The market is expected to decline from $2,529.6 million in 2019 to $2,482.3 million in 2020 at a rate of -1.9%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 12.5% from 2021 ad reach $3,579.7 million in 2023. It is expected t reach $4,381.0 million in 2025, and $7,277.4 million in 2030.
The key drivers of the medication adherence market include:-
Increasing demand for personalized healthcare technologies is expected to contribute to the growth of the medication adherence market in the forecast period. Personalized health care involves considering patient’s genetic and biological profile before arriving at treatment plans and medication. Several tools used in personalized health care technology, including wearable devices and DNA sequencing, help doctors to detect diseases earlier, and prescribe medicines to reduce the impact of diseases. It is gaining importance as patients and healthcare professionals are increasingly letting go of the one-size-fits-all model for common medical conditions.i Major pharmaceutical companies such as GSK, Teva Pharmaceuticals and AstraZeneca are investing in development of personalized medicines.
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Medication Adherence Market Segmentation:-
By Type-
a. Hardware Centric
b. Software Centric
The software centric market was the largest segment of the medication adherence market segmented by type, accounting for 59.1% of the total in 2019. Going forward, the hardware centric segment is expected to be the fastest growing segment in the medication adherence market, at a CAGR of 10.5% during 2019-2023.
By Medication -
a. Cardiovascular
b. Central nervous system
c. Diabetes
d. Oncology
e. Gastrointestinal
f. Musculoskeletal
g. Others
The others market was the largest segment of the medication adherence market segmented by medication, accounting for 37.8% of the total in 2019. Going forward, the others segment is expected to be the fastest growing segment in the medication adherence market, at a CAGR of 11.4% during 2019-2023.
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By Geography - The medication adherence market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa
Some of the major key players involved in the medication adherence market are
• Omnicell Inc.
• Koninklijke Philips N.V.
• Cardinal Health
• McKesson Corporation
• Allscripts Healthcare Solutions, Inc.
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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