Medication Adherence Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

The Business Research Company’s Medication Adherence Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

LONDON, GREATER LONDON, UK, January 25, 2022 /EINPresswire.com/ -- The global medication adherence market size is expected to grow from $2.83 billion in 2021 to $3.18 billion in 2022 at a compound annual growth rate (CAGR) of 12.5%. The medication adherence market growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.85 billion in 2026 at a CAGR of 11.1%.

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The increasing requirement for medication adherence solutions to overcome poor adherence to prescribed medication in the healthcare industry is projected to boost the demand for medication adherence solutions. According to a study published by The Journal of Allergy and Clinical Immunology, in Practice, there has been an increase in controller inhaler use between January and March 2020 by 14.5% where, Propeller Health, a digital platform that tracks the inhaler consumption was used to send alerts to the patients when it is missed. According to TBRC’s medication adherence market research, non-adherence to medication is increasing costs, urging the patients to use medication adherence to treat the problem effectively, thereby generating higher demand for medication adherence solutions.

Medication adherence market trends include major players undertaking strategic initiatives such as partnerships and business expansions in untapped regions, which is likely to be a major trend in the medication adherence market. For instance, in October 2019, Royal Philips and Spencer Health Solutions expanded its partnership and announced the launch of in-home medication adherence & telehealth platform in Europe. The collaboration aimed at a successful partnership for providing medication adherence solutions to high-acuity patients in the USA and Europe. Beginning with the Netherlands in the fourth quarter of 2019, Spencer Smart Hub is launching in selected markets such as Austria, Belgium, Germany, Luxembourg and Switzerland in Europe.

Major players covered in the global medication adherence industry are Koninklijke Philips N.V., Cardinal Health Inc., Omnicell Inc., McKesson Corporation, Johnson & Johnson Services, Inc., Proteus Digital Health, Inc., AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC and SMRxT Inc.

TBRC’s global medication adherence market segmentation is divided by type into hardware centric, software centric, by medication into cardiovascular, central nervous system, diabetes, oncology, respiratory, gastrointestinal, rheumatology, others, by application into hospital, retail pharmacies, long-term care facilities, mail-order pharmacies.

Medication Adherence Global Market Report 2022 – By Type (Hardware Centric, Software Centric), By Medication (Cardiovascular, Central Nervous System, Diabetes, Oncology, Respiratory, Gastrointestinal, Rheumatology, Others), By Application (Hospital, Retail Pharmacies, Long-Term Care Facilities, Mail-Order Pharmacies) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a medication adherence market overview, forecast medication adherence market size and growth for the whole market, medication adherence market segments, geographies, medication adherence market trends, medication adherence market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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