Medication Adherence Market Expanding Due to Specialized Market Entrants
Box of yellow pills
WELLESLEY, Mass. - April 9, 2021 - (Newswire.com)
Medication doesn't help much if you don't take it.
Medication adherence refers to patients taking the medication prescribed by their healthcare providers at the correct dosage and timing.
Medication nonadherence is an important public health concern, affecting health outcomes and overall healthcare costs for virtually all chronic diseases. Half of all patients do not take their medications as prescribed, and more than one in five new prescriptions go unfilled.
The total potential savings from medication adherence and related disease management could be $300 billion annually in the U.S. alone, which is 13% of healthcare spending.
The growth of the medication adherence systems market is being driven by several factors: the growing elderly population, the rising prevalence of chronic diseases, the widespread adoption of smartphones and technological advancements in life sciences, according to the BCC report, Medication Adherence: Systems, Technologies and Global Markets.
- The global market for medication adherence systems and technologies should grow from $3.5 billion in 2020 to $6 billion by 2025 with a compound annual growth rate (CAGR) of 11.4%.
- The North American market for medication adherence should grow from $1.9 billion in 2020 to $3.1 billion by 2025 with a CAGR of 10.5%.
- Analysis of key market players: MEMOTEXT, MyMeds and Omnicell.
About BCC Research
BCC Research publishes market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering current and emerging industrial and technology sectors. For more information about BCC Research, visit bccresearch.com.
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