Medication Adherence Market

Medication Adherence Market Overview

The medication adherence market is estimated to be worth $1.06 billion in 2018 and is expected to grow at CAGR of 23% during the forecast period. Similarly, for smart accessory devices, we expect the market to grow from $480 million to $3.1 billion by 2030. Poor adherence to prescribed medications is a growing concern in the healthcare industry and is believed to be associated with negative health outcomes, inflated medical expenses, loss in productivity and, in certain cases, proves fatal as well. 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. Further, the US pharmaceutical industry alone is estimated to suffer a loss of approximately USD 188 billion per year, due to low adherence to prescribed medications.

Lack of medication adherence is particularly prevalent among elderly patients suffering from chronic clinical conditions, such as cardiovascular disorders, metabolic disorders (e.g., diabetes), neurological and central nervous system related disorders (e.g., multiple sclerosis and Parkinson’s disease) and respiratory disorders (e.g., asthma and chronic obstructive pulmonary disease). It is estimated that overall cost of treatment for non-adherent patients is at least twice as high as patients who adhere to recommended therapy regimens. 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. As a result, several strategies have been / are being developed by pharmaceutical developers and healthcare providers to improve medication adherence. Such initiatives have been strengthened owing to the availability of connected devices and other digital solutions, which allow patients / healthcare providers to closely monitor and improve drug adherence.

Key Companies in Medication Adherence Market 

Examples of key companies engaged in medication adherence market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Adherium, BIOCORP, nGageIT Digital Health, Proteus Digital Health, SOOIL Development, Ypsomed, AARDEX Group, Information Mediary, MedMinder Systems, Philips, Tinylogics and Vaica. This market report includes an easily searchable excel database of all the companies providing smart delivery devices and accessories to improve medication adherence, worldwide.

Recent Developments in Medication Adherence Market:

Several recent developments have taken place in the field of medication adherence market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

• In November 2023, ESPACOMP announced the plan to organize 27th annual conference focused on medication adherence from drug development to patient care.

Scope of the Report

The ‘Medication Adherence Market: Focus on Smart Delivery Devices (Smart Inhalers, Injectors, Wearable Injectors, Pills) and Smart Accessories (Medication Dispensers, Pill Bottles / Boxes, Blister Packs)’ market report features an extensive study of the current market landscape, market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunities of the growing market for smart medication adherence devices that are either already commercialized or under development. This burgeoning field presently offers a lot of opportunities to innovation-driven start-ups and investors.

Amongst other elements, the market research report features:

• A discussion on the current market landscape of smart drug delivery devices for medication adherence (which include smart inhalers, smart injectors, smart wearable injectors and smart pills), featuring information on the developers, along with details on key product specifications, namely audio / visual reminders, connectivity features (USB connection, Bluetooth and / or cellular network), availability of companion mobile application(s) and / or  web portal(s), data storage / cloud platform options, and availability of battery backup / rechargeable batteries.
• A discussion on the current market landscape of smart accessory devices for medication adherence (including smart medication dispensers, smart pill bottles / caps, smart pill boxes and smart blister packs), featuring information on the various developers, along with details on key product specifications. The section also presents a list of compliance packaging systems, along with information on their developers.
• A summary of the various guidelines issued by regulatory authorities to govern the development and approval of combination products (drugs and smart devices) across different geographical regions.
• Detailed profiles of some of the leading players in the industry (based on a proprietary shortlisting criteria), highlighting a brief overview of the company, financial information (if available), details related to its products / offerings, clinical trial results, recent developments and a comprehensive future outlook.
• Detailed case studies on the most common chronic disease indications, featuring disease epidemiology, an overview of the economic burden imposed due to non-adherence to prescribed treatment regimens and a history of drug development efforts along with details on the evolution of delivery devices / strategies for improving therapy adherence.
• A comprehensive competitiveness analysis of connected smart drug delivery systems and smart accessory systems on the basis of supplier power and key product specifications.
• An analysis of funding and investments made in companies focused in medication adherence market; the analysis covers information on seed financing, venture capital financing, debt financing, other equity financing and grants / awards received by these companies.
• An analysis of the partnerships that have been forged between companies in the recent past, covering acquisitions, treatment optimization agreements, distribution agreements, manufacturing and supply agreements, product improvement agreements, product development agreements, product commercialization agreements, licensing agreements, service alliances and other relevant deals inked in the period 2010-2018. It also highlights the number of intercontinental and intracontinental deals signed in the aforementioned time period.
• A list of standalone mobile applications that have been developed / are being developed to enable patients to adhere to prescribed medication regimens, along with the USFDA’s regulations related to such applications. It also includes details on the various articles / publications that have reported the results achieved by using mobile applications for improving medication adherence among patients.

The key objective of medication adherence market report is to provide a detailed market analysis in order to estimate the existing market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunity for medication adherence market during the forecast period. Based on various parameters, such as target consumer segments, likely adoption rates and expected pricing, we have provided an informed estimate on the likely evolution of the market in the short to mid-term and long term, for the forecast period 2018-2030. We have segmented the market by type of solution (smart drug delivery devices and smart accessory devices), type of product (smart inhalers, smart injectors, smart wearable injectors, smart pills, smart medication dispensers, smart pill bottles / caps and boxes, smart blister packs and others), therapeutic areas (metabolic disorders, cardiovascular disorders, neurological and central nervous system related disorders, respiratory disorders, and others), route of administration (oral, injectable, inhalable and others) and geography (North America, Europe, Asia-Pacific and rest of the world). To account for the uncertainties associated with the development of these novel therapies and to add robustness to our model, we have provided three market forecast scenarios, portraying the conservative, base and optimistic tracks of the market’s evolution.

The opinions and insights presented in the market research report were also influenced by discussions held with senior stakeholders in medication adherence market. The market research report features detailed transcripts of interviews held with the following individuals:

• Bernard Vrijens (Chief Executive Officer, AARDEX Group)
• Spencer Waugh (Chief Executive Officer, AceAge)
• Josh Stein (Chief Executive Officer, AdhereTech)
• Duilio Macchi (Chief Executive Officer, Amiko Digital Health)
• Gaurav Patel (Chief Technical Officer, Cognita Labs)
• Tina Valbh (Strategy and Business Development (Advisor), etectRx)
• Jonathan Sacks (Chief Executive Officer and Chairman, PharmAdva)
• Timo Heikkilä (Co-Founder and Chief Operating Officer, Popit Technologies)
• Moore Greenberg (Founder, Wealth Taxi)
• Anonymous (Small-sized company)

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market report are in USD, unless otherwise specified.

Frequently Asked Questions

Question 1: What is medication adherence?

Answer: Medication adherence refers to the timely intake of medication in the prescribed dosage, frequency and direction by the patient.

Question 2: How big is the medication adherence market?

Answer: The medication adherence market size is estimated to be worth $1.06 billion in 2018.

Question 3: What is the projected market growth of the medication adherence market?

Answer: The medication adherence market is expected to grow at compounded annual growth rate (CAGR) of 23% during the forecast period 2018 - 2030.

Question 4: Who are the leading companies in the medication adherence industry?

Answer: Examples of key companies engaged in medication adherence market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Adherium, BIOCORP, nGageIT Digital Health, Proteus Digital Health, SOOIL Development, Ypsomed, AARDEX Group, Information Mediary, MedMinder Systems, Philips, Tinylogics and Vaica.

Question 5: Which region emerged as the hub for players engaged in the medication adherence market?

Answer: North America emerged as the hub for players engaged in the medication adherence market, with over 55% of the companies established in the region.

Question 6: Which type of drug delivery device is primarily offered by the players engaged in medication adherence market?

Answer: Around 64% of the players engaged in medication adherence market offer smart injectors and smart inhalers.

Question 7: Which type of partnership model is majorly opted by the companies engaged in medication adherence business?

Answer: Majority (53%) of the partnership deals in medication adherence market were primarily inked for product development and commercialization.