It has been estimated that, of the ~4 billion annual prescriptions filled by the retailers in the US, approximately 50% are not taken by patients in accordance to physicians’ instructions. According to the US Centers for Disease Control and Prevention (CDC), failure to comply to prescribed treatment regimens has been identified as the cause of 125,000 premature deaths, up to 69% of all rehospitalizations, and results in approximately USD 100-300 billion worth of avoidable annual healthcare spending. Studies have demonstrated that every one percent improvement in medication adherence can help the US healthcare industry save up to USD 2 billion, resulting in an increase in pharmaceutical revenues by ~USD 4 billion.
Opinions expressed by eminent industry personnel acknowledge the potential of novel technologies, such as smart / connected devices, in improving drug adherence
Presently, over 130 smart products, designed to promote medication adherence in diverse patient groups, are currently available / under development
Case Study: Over the years, stakeholders have gradually adopted a variety of modern technological advancements to improve adherence to anti-diabetes drugs / therapies
The efforts of different stakeholders in the development of connected devices with various features have significantly strengthened the growing product landscape
Growth in partnership activity reflects the increasing interest of stakeholders in this domain; majority of such deals are focused on product development
Foreseeing an opportunistic future, various private and public investors have made capital investments; in fact, since 2015, ~USD 1.1 billion has been raised across 60 instances
Driven by the increasing focus on improving therapy efficiency and reducing healthcare burden, the market is anticipated to grow at a CAGR of 15.4% over the coming decade
Primarily centered in North America, the long-term opportunity is likely to be distributed across devices intended for different therapeutic areas and routes of administration
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