The rising incidence of chronic diseases is one of the major factors responsible for the mushrooming requirement for medication adherence across the world. As per the Centers for Disease Control and Prevention (CDC), chronic lower respiratory illnesses claimed the lives of 160,201 people in the U.S. in 2017. These diseases are primarily caused because of oxidative stress, environmental factors, and genetic factors. As therapeutic intervention, including the administration of drugs, is needed for treating chronic illnesses, the rising incidence of these diseases is driving the demand for pharmaceutical products.
Moreover, any interruptions in the medication intake can cause fatal consequences, which is why, the growing occurrence rate of chronic diseases is fueling the requirement for medication adherence. Furthermore, the necessity of patient-centric medication adherence programs is also rising, owing to the rising prevalence of these illnesses. The other major global medication adherence market growth driver is the burgeoning requirement for advanced medication adherence systems all over the world. The healthcare ecosystem is highly fragmented around the world, with the availability of several decision makers for the management and treatment of diseases.
The lack of proper coordination among patients and healthcare professionals has affected the quality of patient care as well its cost, as it often results in the fragmentation of the healthcare information (such as, medical history, administrative data, billing, patient demographics, and diagnosis). This is subsequently pushing up the requirement for advanced medication management and adherence platforms. Apart from the aforementioned factors, the growing requirement for personalized healthcare is also expected to fuel the medication adherence market at a CAGR of 15.5% from 2020 to 2030 (forecast period).
Both hardware and software-centric products are widely used for ensuring medication adherence among patients. Between these, the demand for hardware-centric products is predicted to rise at the fastest pace in the coming years. This is credited to the growing focus of the players operating in the industry on developing hardware-centric products, such as automated medication dispenser (developed by Koninklijke Philips N.V.) and Smart Wireless Pill Bottles (developed by AdhereTech Inc.), which enhance and monitor adherence in real time.
Across the globe, the Asia-Pacific (APAC) region is predicted to be the fastest-growing region in the medication adherence market in the coming years. This will be because of the increasing support being provided by several government organizations regarding the launch of medication adherence strategies in the region. For example, the National Heart Foundation of Australia has initiated the development of comprehensive resources that provide detailed information and data regarding the management of medication adherence for cardiovascular diseases.