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.
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The expanding demand of personalized healthcare technologies due to advanced applications of medication adherence plays a pivotal role in the growth of the medication adherence market. The electronic healthcare records received through medication adherence systems help in building personalized models of patient’s health profile, thereby delivering treatment plans specific to the individual. The popularity of medication adherence is increasing, as its application in healthcare has been rising vastly. Further, the demand for personalized healthcare not only improves the quality of care but also reduces the cost of treatment. In addition, personalized healthcare system is gaining popularity in home care facilities, that further improves the overall disease management and reduce the incidences of non-adherence.
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.
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