The global medication adherence market size was valued at $1.6 billion in 2016, and is projected to grow at a CAGR of 12.3% during the forecast period.
The wireless technology, especially mobile phones, are increasingly being utilized across the globe. The rising usage of mobile phones has made life easier on a lot of fronts. Communication has become easier, and now with the smart phones, people can almost do everything they can do with their computers via smartphones. In 2020, about 3.5 billion people are using smartphones, which is about 45% of the world’s population owing a smartphone. In addition to this, the total number of people across the globe who own a smart and feature phone is 4.78 billion, which is approximately 61% of the world’s population .
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These days mobile phones, and other devices including personal digital assistances and patient monitoring devices, are also being utilized for medical and public health practices, which is also called mHealth. As per the United Nations Food and Drug Administration, about 500 million people around the world were utilizing personal healthcare applications in 2015, which was projected to grow to over 1 billion in 2018 . A major application of mHealth is medication adherence, which is the degree to which the person’s behavior corresponds to the agreed recommendations from healthcare providers. Poor adherence to the prescribed regimens can lead to serious healthcare consequences . Attributed to this, the medication adherence market is projected to witness significant growth in the coming years.
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Medication adherence needs to be followed for medication in different applications such as cardiovascular, rheumatology, central nervous system, gastrointestinal, diabetes, respiratory, and oncology. The largest demand for medication adherence was created for cardiovascular diseases in the past because of the rising prevalence of cardiovascular diseases across the globe. According to the 2015 global data from the World Health Organization, out of 17.7 million deaths due to cardiovascular diseases, about 6.7 million were due to stroke and about 7.4 million deaths were because of coronary heart diseases.
Hence, the demand for medical adherence is growing due to the rising penetration of mobile devices.
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