PUNE, India, June 16, 2023 /PRNewswire/ — Dataintelo, a leading market research firm, today published a new report titled, “Global Medication Adherence Technologies Market by Type (Smart Pill Bottles, Mobile Apps, Wearables, Electronic Health Records), by Application (Chronic Disease Management, Preventive Care, Mental Health), by End User (Hospitals, Clinics, Home Care, Specialty Centers, Pharmacies), by Distribution Channel (Online, Offline), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Forecast to 2031.”
The report provides an in-depth analysis of the medication adherence technologies market’s competitive landscape, market size, share, and growth rate. It also emphasizes on current market dynamics, trends, constraints, and opportunities. As per the data examined in the report, the global medication adherence technologies market is estimated to grow at a moderate CAGR over the forecast period, starting from 2023 to 2031.
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Key Takeaways from the Medication Adherence Technologies Market Report:
- The report categorizes the medication adherence technologies market into various segments, enabling players to plan precise business strategies. The segments are based on type, application, end-user, distribution channel, and region.
- Due to the rapid development in healthcare infrastructure and advancements in medical technology, electronic health records (EHR) are predicted to observe remarkable growth in the coming years.
- The aging global population and the rise in chronic diseases, such as diabetes, hypertension, and mental health disorders, will fuel the demand for medication adherence technologies.
- The gradual shift from hospital to home-based healthcare services will drive the growth of medication adherence technologies in home care settings.
- Convenience and accessibility are driving the growth of online distribution channels, making it a preferred choice among consumers.
- As older adults struggle to adhere to medication regimens, a growing unmet need for medication adherence technologies will propel the market to USD XX Million by the end of 2031.
- Various government and private organizations are proactively investing in research and development for more advanced medication adherence technologies.
The Growing Unmet Needs and the Trend towards Advanced Medication Adherence Technology
Medication adherence, or the extent to which a person follows a prescribed medication regimen, is a major concern for global healthcare. Failure to adhere to medication can lead to complications, delayed recovery, or even death. As a result, there is a growing demand for innovative technologies to track medication adherence and manage prescriptions efficiently.
These technologies largely revolve around smart pill bottles, mobile applications, wearables, and electronic health records. In recent years, advanced technologies, such as artificial intelligence, the Internet of Things (IoT), and 5G communication networks, have also played a significant role in the advancement of medication adherence technologies.
Distinction of the Medication Adherence Technologies Market by End Users and Distribution Channels
The end users of the medication adherence technologies market include hospitals, clinics, home care, specialty centers, and pharmacies. The report highlights that during the forecast period, the home care segment will witness the fastest growth rate due to the ongoing shift from hospital-based care to home-based healthcare services. Additionally, the expanding aging population in developed countries creates a rising demand for home care services, driving the need for effective medication adherence technologies.
The distribution channels for medication adherence technologies are primarily categorized into online and offline channels. The accessibility and convenience of online shopping have led to the increased preference for online distribution channels among consumers. Moreover, as the global coronavirus pandemic continues, consumers have shifted even more towards online shopping. These factors support the growth of the online segment in the coming years.
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Regional Outlook and Key Market Players
The report covers medication adherence technologies markets in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these regions, North America accounts for the largest market share due to its well-developed healthcare infrastructure and the early adoption of advanced technologies.
Some of the key players operating in the medication adherence technologies market include AiCure, AdhereTech, Proteus Digital Health, DrFirst, HealthBeacon, etectRx, Medisafe, SMRxT, TowerView Health, and Omnicell.
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