The Business Research Company’s Medication Adherence Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, November 19, 2020 /EINPresswire.com/ — The medication adherence industry implements systems that are used to check if the medication-intake behavior of the patient conforms to an agreed medication regimen recommended by the healthcare provider with respect to timing, dosage, and frequency. For example, medical adherence apps are used to help patients take medications as prescribed. Low levels of medicine adherence results in poor disease recovery outcomes for patients – therefore such apps can be used as a reminder to take medication, track medication taking, remind to refill or indicated amount of medication left, and store medication information. In 2019, Caredose, a medical technology startup, launched a mobile application which stores all the relevant information for the patient, including the name of the medicine and dosage. It sends reminders to patients about the dosage and time of consuming the medicines, and also records the response from patients whether they are taking their dose correctly or not.
Another trend mentioned in the global medication adherence market report is the use of smart pill containers, as these can monitor the medication-taking activity of patients as well. Smart pillboxes and pill bottles are equipped with sensors and use Bluetooth technology or Wi-Fi for wireless transmission of the data to a nearby computer or mobile. The smart pillbox can be programmed so that the user, caregiver, and/or pharmacist receive notifications from the pillbox. Most smart pillboxes have multiple compartments for daily medications, an audible alarm, and LED indicators to guide to the correct compartment. For instance, Zewa’s MedWell Smart Pill Box consists of 4 compartments for daily medications with alarm and LED lights. It can be connected to a mobile device which displays the daily medication schedule and also can be connected to an online website where data can be analyzed and medication schedules can be changed.
Such medication adherence hardware and software help medical personnel with the patient’s intake to prescribed medication to reduce cases of worsening disease and deaths, and decrease healthcare costs.
The global medication adherence market size reached a value of nearly $2.53 billion in 2019, having increased at a compound annual growth rate (CAGR) of 13.4% since 2015. The market is expected to decline from $2.53 billion in 2019 to $2.48 billion 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 and reach almost $3.58 billion in 2023. It is expected to then reach $4.38 billion in 2025 and $7.28 billion in 2030.
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