Medication Adherence Market

COVID-19 Impact Analysis

• Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness a significant growth in the future, owing to the demand for vaccine and treatment drugs for COVID-19. This, in turn, is expected to have a significant impact on the global medical adherence market.

Top Impacting Factors
Rising geriatric population combined with solid monetary support from government and private player, rise in medical services consumption, and ascend in use of drugs are some factors leading to rise of the market in urbanized centers. 

Additionally, rise in incidents of chronic illness in less developed regions, expanding usage of cell phones, rise in the awareness of customized medical care advances, and technical advancements in therapeutic medication will further propel the development of the market.

However, factors such as security concerns and home medical care administrations could hinder the growth of the medication adherence market.

Inadequate medical services awareness coupled with inefficient healthcare infrastructure in underdeveloped regions is one of the major limiting factors of the market. 
Additionally, myths and misconceptions associated with medical adherence may further hamper global market penetration.

Key Market Trend

• North America is anticipated to dominate medical adherence market, owing to reasons such as rising incidents of clinical trials, increasing in the geriatric populace, medical care consumption, and R&D spending on medical care innovations in the region. 
• North America is followed by Europe, owing to reasons such as frequent product launches, advanced healthcare infrastructure, and emergence of a huge pool of skilled professionals.
• The medical adherence market in Asia-Pacific is witnessing a huge surge, owing to the changing tendency of the customers combined with rising geriatric populace leading to more incidents of the chronic illness in this region. 
• The market is seeing lethargic improvement in the Middle East and Africa and Latin America due to less awareness on therapeutic medications coupled with huge misconceptions associated with medical adherence.
• Cardinal Health, a global pharmacy player, recently announced a new technology-based software for improving drug adherence among patients. The platform which is named as “Outcomes” combined several key business processes to deliver medications.
• HealthBeacon, a global medical device player, has recently launched a COVID-19 support offering for patients on injectable therapies. The system known as Injection Care Management System (ICMS) includes virtual care support, coordination of medical therapy, medical waste collection, and HealthBeacon Smart Chips.

Key Benefits of the Report

• This study presents the analytical depiction of the medication adherence industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the medication adherence market share.
• The current market is quantitatively analyzed to highlight the market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in the Medication Adherence Market Report

• Which are the leading players active in the medication adherence market?
• How is each segment of the market expected to grow during the forecast period?
• What are the adoption trends for the medication adherence market in emerging economies and established economies across the world?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What future projections would help in taking further strategic steps?
• What are the impacts of COVID-19 in the industry?
• What is medication adherence?
• What is the medication adherence market prediction in the future?
• What are the current trends and predicted trends?