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.
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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 European market for medication adherence is expected to
cross $900.0 million by 2023, growing at a CAGR of 10.9% during 2017-2023. The
region offers significant opportunities for the growth of the medication
adherence market. These opportunities are characterized by the increasing
adoption of technological advancements and development of medication adherence
system by pharmaceutical companies operating in the region. Various start-up
companies such as Medisafe Project LTD have been expanding in the Europe region
due to huge opportunities prevailing within the region. Various chronic
diseases such as diabetes and cardiovascular diseases are severely impacting
the European population. According to the European Cardiovascular Disease Statistics
(2017), cardiovascular disease (CVD) causes 3.9 million deaths in the Europe
and more than 1.8 million deaths in the European Union (EU), every year.
Increasing non- adherence for the treatment of various chronic diseases
escalates the cost and mortality rate in the various European countries.
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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.
Source: P&S Intelligence
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