The medication adherence market size is projected to reach $3.6 billion by 2023, growing at a CAGR of 12.3% during 2017-2023. The market is growing mainly due to the rising demand for advanced medication adherence systems, increasing prevalence of chronic diseases, rising geriatric population, increasing demand for mobile health (mHealth) technologies, and expanding demand for personalized healthcare technologies.
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The global medication adherence market in terms of product is categorized into software centric products and hardware centric products. Software centric products held the larger share in the global market, since these products are low cost and easily accessible, as compared to the hardware centric products. The hardware centric products are expected to register faster growth during the forecast period, with the CAGR likely to increase from 11.1% in the historical period to 13.1% in the forecast period.
The major players in the medication adherence market are undergoing mergers and acquisitions to improve their position in the market. For instance, in December 2016, Omnicell, Inc. announced the complete acquisition of Ateb, Inc. together with its Canadian affiliate, Ateb Canada Ltd. Ateb, Inc. is a provider of pharmacy-based patient care solutions and medication synchronization to independent and chain pharmacies. The acquisition was done to expand the product portfolio of Omnicell, Inc. with industry leading medication adherence solutions to retail pharmacies.
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Some of the other key players operating in the medication adherence market include Proteus Digital Health, Inc., AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC, SMRxT Inc., and DrFirst.com, Inc.
Source: P&S Intelligence
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