Canada Medication Adherence Market is projected to grow from $xx Mn in 2023 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2023 - 2030. The market for Medication Adherence is expanding as a result of increasing demand for mHealth technologies and increasing prevalence of chronic diseases in both developed and developing nations. This demand is fueling the development of better software and methods for medication adherence. Some of the key players in the global medication adherence Market include Koninklijke Philips N.V., Cardinal Health Inc., Omnicell Inc., McKesson Corporation, Johnson & Johnson Services, Inc., Proteus Digital Health, Inc., AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC and SMRxT Inc.
Canada Medication Adherence Market is valued at around $344 Bn in 2022 and is projected to reach $815.9 Bn by 2030, exhibiting a CAGR of 11.4% during the forecast period 2023-2030.
Medication adherence refers to the processes that determine whether patients take their drugs as directed and whether they continue to take a medication after it has been given. Medication adherence hardware and software aid healthcare professionals in ensuring that patients take their prescribed medications in order to lower the risk of disease progression, fatalities, and increased healthcare expenses. It includes sales of instruments such as smart pill bottles, smart caps, smart medical watches, wearable sensors, and others.
Technological advancements have contributed to the growth of the global market for medication adherence in recent years. Digital tools like mobile applications, telehealth services, and different devices have improved efficiency and outcome. It has given a boost to the medication adherence global market.
There are many global players in the medication adherence market but Koninklijke Philips N.V., Cardinal Health Inc., Omnicell Inc., McKesson Corporation, Johnson & Johnson Services, Inc., Proteus Digital Health, Inc., AdhereTech Inc., Qualcomm Incorporated, Adherence Solutions LLC and SMRxT Inc. are some of the major players in the market.
It is expected that factors like the increased popularity of mHealth adherence services will accelerate market expansion. The benefits of mHealth adherence programs have been the subject of numerous research investigations. For example, a research paper published in PubMed in March 2022 noted that while many chronic conditions require long-term pharmacological therapy, finding efficient means to increase drug adherence to support positive health outcomes remains to be a challenge. Systolic and diastolic blood pressure are two health outcomes that can be improved with mHealth intervention in addition to medication adherence.
The demand for medication adherence solutions is expected to increase due to the growing need for solutions to address poor adherence to prescribed medication in the healthcare sector. The market still has difficulties with regard to obtaining regulatory permission, lack of awareness about medication adherence as well as data privacy and security concerns.
Drivers of Canada Medication Adherence Market:
Increasing Prevalence of Chronic Diseases: The prevalence of chronic diseases like cardiovascular diseases, respiratory diseases, diabetes, and musculoskeletal diseases is increasing with every passing year globally. It has increased the demand for the medication adherence market as it requires long-term medical treatment and patient engagement is needed for improved patient outcomes.
Technological Advancements: The development of new technology and devices like smart pill bottles, medication reminder apps, electronic monitoring systems, and wearable devices has boosted the growth of the market for medication adherence. It has improved medication adherence and monitoring and support. These technologies offer a wide range of services like real-time monitoring, reminders, and alerts to patients and healthcare providers.
Restraints of Canada Medication Adherence Market:
High-Cost and Accessibility: The cost of medication adherence technology and services is higher for people with lower disposable income and it can be a barrier to the expansion of the market. The ability of patients to access and use medication adherence strategies can also be impacted by the accessibility of healthcare facilities and services.
Data Safety and Privacy: As cybercrime has increased over the past few years, issues about the security of a patient's medical history and other personal information have increased. Some of the factors limiting market expansion are malware, phishing, Man in the Middle attacks, Trojans, and other emerging cyber threats. These factors are poising the growth of the medication adherence market.
In August 2022, an automated patient engagement function was added to Athenahealth to support medication adherence. DrFirst's RxInform automated patient messaging is now part of the athenaOne EHR and practice management suite, assisting patients in adhering to recommended treatment regimens.
In January 2022, CareDxl acquired the Transplant Pharmacy increasing the scope of its medication adherence services. For patients at various transplant centers around the United States, The Transplant Pharmacy offers specialized transplant pharmacy services.
Key players
HealthTab Pillbox Technologies Inc. Medisafe CareRX Corporation Pharmacy Automation Canada Westech Health Care Ltd. Innovation Zed MedSnap, Inc. Medlium Appnovation1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Product:
By Medication:
Methodology for Database Creation
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Combining Secondary and Primary Research
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