London, Aug. 20, 2020 (GLOBE NEWSWIRE) -- According to The Business Research Company's research report, the global medication adherence market is concentrated, with a few large players holding a significant portion of the market share, while there is a smaller presence of minor players in the market. The top ten competitors in the market made up 60% of the total market in 2019. Major players in the market include Omnicell Inc., Koninklijke Philips N.V., Cardinal Health, McKesson Corporation, and Allscripts Healthcare Solutions, Inc.
Some major players are undertaking strategic initiatives such as partnerships and business expansions in untapped regions, which is likely to be a major trend in the medication adherence market. For instance, in October 2019, Royal Philips and Spencer Health Solutions expanded their partnership and announced the launch of in-home medication adherence & telehealth platform in Europe. The collaboration aimed at a successful partnership for providing medication adherence solutions to high-acuity patients in the USA and Europe. Beginning with Netherlands in the fourth quarter of 2019, Spencer Smart Hub is launching in selected markets such as Austria, Belgium, Germany, Luxembourg and Switzerland in Europe.
The Business Research Company's report titled Medication Adherence Market Global Report 2020-30: COVID-19 Growth And Change covers major medication adherence companies, medication adherence market share by company, medication adherence manufacturers, medication adherence infrastructure market size, and medication adherence market forecasts. The report also covers the global medication adherence market and its segments. The medication adherence market is segmented by type into hardware centric, software centric, and by medication into cardiovascular, central nervous system, diabetes, oncology, respiratory, gastrointestinal, rheumatology, others.
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The medication adherence market report states that the growth in the historic period resulted from rapid growth in elderly population, strong economic growth in emerging markets, rise in healthcare expenditure, and rise in usage of pharmaceuticals. Going forward, increasing prevalence of chronic diseases, increasing adoption of smartphones, increasing demand for personalized healthcare technologies, and advances in medicine will drive the growth of the medical adherence market.
Amidst the unprecedented outbreak of the coronavirus, governments across the world are advising people to stay indoors and practice social distancing to reduce the spread of the disease. This has decreased short-term potential growth opportunities for the medication adherence industry. Healthcare systems in low-and middle-income countries are especially challenged because the pandemic will further crumble the already weak health systems in these countries. These health systems are working with several constraints such as limited financial resources, inadequate health personnel, and unavailability of medications, which is negatively impacting the country's medication adherence market.
To overcome these problems, retail and community pharmacists are working to manage chronic conditions and promote medication adherence during such difficult times by increasing its accessibility. Since the beginning of the COVID-19 pandemic, there has been ample communication encouraging consumers to fill prescriptions early or in larger quantities in order to limit trips to pharmacies. Despite this, the role of community pharmacists during the coronavirus pandemic is gaining importance in the medication adherence market. Community pharmacists are helping patients with chronic diseases by supporting rational medicines use, promoting medication adherence, medication reviews and follow-ups, maintaining chronic diseases' medication availability, triaging at the community level for suspected COVID-19 cases, and spreading information and communication about the coronavirus disease. Some pharmacists are also adopting technological methods to remind patients to take their medicines, such as phone calls, SMS text messaging, and some even use social media platforms. In some instances, courier services are being used for doorstep deliveries of essential medicines and prescription refills, but in such instances, strict consideration for all anti-COVID safety protocols are being adhered to.
Thus, taking the drivers and restraints into account as well, the global medication adherence market size is expected to decline from $2,529.6 million in 2019 to $2,482.3 million in 2020 at a rate of -1.9% due to the lockdown and social distancing norms owing to the COVID-19 outbreak. The market is then expected to recover and grow at a CAGR of 12.5% from 2021 ad reach $3,579.7 million in 2023. It is expected to reach $4,381.0 million in 2025, and $7,277.4 million in 2030.
Medication Adherence Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors' revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors' approaches.
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