Medication Adherence Devices Market Research Study: Market Dynamics and Competitive Landscape 2027

According to a report by TechSci Research, titled “Medication Adherence Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” the global medication adherence devices market is expected to grow at an impressive rate between 2024 and 2028. This growth can be attributed to the increasing demand for advanced medication adherence systems and the rising prevalence of chronic diseases worldwide. Additionally, the growing geriatric population and the increasing demand for mHealth technologies to monitor and enforce adherence to medical plans are expected to drive significant growth during this period. The market is also expected to benefit from the growing demand for personalized healthcare and the increasing use of pharmaceuticals in developing regions. Furthermore, the rising demand for home healthcare services and the growing adoption of smart technology related to medicine will continue to propel market growth. The availability and affordability of medicine have also increased, further driving market growth.

However, several factors may hinder the growth of the global medication adherence devices market. The lack of healthcare infrastructure and concerns about patient privacy may slow down market growth. Myths and misconceptions about medical adherence may also restrict growth. Uncertainties about reimbursement procedures for chronic disease treatment may further limit market expansion.

The global medication adherence devices market can be segmented based on type, medication, region, and competitive landscape. In terms of type, the market can be divided into hardware-centric and software-centric segments. The software-centric segment dominated the market in 2022 and is expected to maintain its dominance throughout the forecast period. This dominance can be attributed to the growing demand for easy-to-use applications that help track records and notify patients and their caregivers about medication compliance. The development of new mobile applications and app-based medication adherence products will also boost market demand.

In terms of medication, the market can be segmented into cardiovascular, central nervous system, diabetes, oncology, gastrointestinal, musculoskeletal, and others. The cardiovascular diseases segment is expected to dominate during the forecast period due to the increasing prevalence of cardiovascular diseases and unhealthy lifestyles among the population. Additionally, the high prevalence of medication non-adherence among heart patients is expected to drive market growth.

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Major companies operating in the Global Medication Adherence Devices market are:

• Becton, Dickinson and Company (CareFusion)
• DrFirst.com,Inc.
• AdhereTech Inc.
• MedMinder.
• Caredose.
• Fruitech Ltd.
• PHC Holdings Corporation.
• MedAdvisor International Pty Ltd.

uMotif Limited, in September 2020, announced that it has raised around USD6.4 million in the series A investment round. This funding was led by existing investor AlbionVC. The raised funds would be used for the development of its patient-centric and decentralized approach to clinical studies and enable expansion into new study types and more high-demand territories.

HealthBeacon Limited raised USD12 million in the series A investment round in January 2019. This funding brought the total investment to be around USD15 million. The round was led by Oyster Capital and Elkstone Partners.

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“North America is expected to dominate the Global Medication Adherence Devices Market on account of growing research and development in the healthcare sector along with the growing aging population across the region. Similarly, growing healthcare expenditure and increasing incidence of chronic diseases such as cardiovascular diseases can further enhance the demand for medication adherence devices, which will boost the market growth during the forecast period. Also, growing disposable income helps patients treat chronic diseases at a high cost which will further drive market growth over the years. Furthermore, the growing demand for web-based health tech solutions for tracking all the data related to treatment in the hospital sectors is further contributing to the demand for the medication adherence market in the forecast period. Besides, the growing number of new companies in the market is further expected to create lucrative opportunities for market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Medication Adherence Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Hardware Centric v/s Software Centric), By Medication (Cardiovascular, Central Nervous System, Diabetes, Oncology, Gastrointestinal, Musculoskeletal, Others), By Region and Competition”, has evaluated the future growth potential of global medication adherence devices market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global medication adherence devices market.

Table Of Content-

1. Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.     Markets Covered

1.2.2.     Years Considered for Study

1.2.3.     Key Market Segmentations

2. Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3. Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4. Voice of Customer
5. Global Medication Adherence Devices Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Type (Hardware Centric v/s Software Centric)

5.2.2.     By Medication (Cardiovascular, Central Nervous System, Diabetes, Oncology, Gastrointestinal, Musculoskeletal, Others)

5.2.3.     By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa)

5.2.4.     By Company (2022)

5.3.  Market Map

5.3.1 By Type

5.3.2 By Medication

5.3.3 By Region

6. North America Medication Adherence Devices Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Type (Hardware Centric v/s Software Centric)

6.2.2.     By Medication (Cardiovascular, Central Nervous System, Diabetes, Oncology, Gastrointestinal, Musculoskeletal, Others)

6.2.3.     By Country

6.3.  North America: Country Analysis

6.3.1.     United States Medication Adherence Devices Market Outlook

6.3.1.1.         Market Size & Forecast

6.3.1.1.1.             By Value

6.3.1.2.         Market Share & Forecast

6.3.1.2.1.             By Type

6.3.1.2.2.             By Medication

6.3.2.     Canada Medication Adherence Devices Market Outlook

6.3.2.1.         Market Size & Forecast

6.3.2.1.1.             By Value

6.3.2.2.         Market Share & Forecast

6.3.2.2.1.             By Type

6.3.2.2.2.             By Medication

6.3.3.     Mexico Medication Adherence Devices Market Outlook

6.3.3.1.         Market Size & Forecast

6.3.3.1.1.             By Value

6.3.3.2.         Market Share & Forecast

6.3.3.2.1.             By Type

6.3.3.2.2.             By Medication

……………….. continued

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About TechSci Research:

TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

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