Smart Medication Adherence Sensors Market Overview
Non-adherence of medication is widespread problem, where a patient fails to follow the medication schedule which results into the delayed or no cure of the disease which may lead to death in fatal cases. For the best possible outcome of the treatment, adherence to follow the medication schedule is required. Non-adherence significantly increases healthcare costs as a result of disease-related complications and hence to overcome this problem many companies are focusing on developing smart medication adherence sensors. Smart medication adherence sensors often comes with the system where patient specific medication schedule is followed through the technologically advanced means. Smart medication adherence sensors is useful in the patients such as who live in assisted living or old aged patients who often forgets about the medication schedule. Various companies are manufacturing the smart medication adherence sensors embedded drugs for the better monitoring of the dose. Smart medication adherence sensors not only track the dose but also helps to detect dose timing, physiologic response such as activity, heart rate, skin temperature and rest, etc.
Smart Medication Adherence Sensors Market: Drivers and Restraints
Around 50% of prescribed medications remain unadministered, which affects the healthcare cost as well as therapeutic effect of the drug indicating the significant market potential of smart medication adherence sensors. Smart medication adherence sensors technology helps in monitoring about patient taking either oral medications or medical injections at home or any facility. The data is automatically uploaded, which can be review healthcare provider and can be tracked in real-time, this multidimensional approach driving smart medication adherence sensors market growth. The aging population of the world is expected to grow at 250% till 2050 as compared to 2013 and old age brings a lot of health complication, hence to have a healthy aged population smart medication adherence sensors can play a significant role. The smart medication adherence sensors market is currently growing at the fastest rate possible due to rapidly evolving technologies in the field and increasing prevalence of chronic diseases where frequent patient monitoring becomes inevitable. Various manufacturing companies are focusing on the patient specific approach rather than traditional the physician specific approach and patient specificity plays important role in the smart medication adherence sensors market by offering most desired product. Whereas, comparatively high price of smart medication adherence sensors and low penetration of smart medication adherence sensors in developing countries can hamper the growth of smart medication adherence sensors market.
Smart Medication Adherence Sensors Market: Overview
Globally increasing prevalence of chronic illness and aging population mostly living away from healthcare facility expected to drive the growth of smart medication adherence sensors market. By the product type software centric smart medication adherence sensors expected to dominate the market. By distribution channel retail pharmacies expected to dominate smart medication adherence sensors market. The manufacturers in the smart medication adherence sensors market are focusing on developing technologically more advanced products for better patient compliance. Various manufacturers are also focusing on developing cost effective smart medication adherence sensors. The manufacturers in the smart medication adherence sensors market are mainly focusing on developed and rapidly developing economies for their product footprint expansion.
Smart Medication Adherence Sensors Market: Regional Outlook
North America is the most lucrative smart medication adherence sensors market due to higher product penetration and greater patient adoption. Europe is expected to be second most lucrative smart medication adherence sensors market due to rapidly aging population and comparatively higher healthcare expenditure. Latin America smart medication adherence sensors market is expected to witness steady growth due to improving treatment seeking rate as well as increasing adoption of high end monitoring methods. Asia-Pacific is regarded as emerging smart medication adherence sensors market due emerging economies such as India and China coupled with manufacturing of cost effective products. MEA remains least lucrative smart medication adherence sensors market due to lowest adoption.
Smart Medication Adherence Sensors Market: Key Players
Some of the global key participants operating in smart medication adherence sensors market are: nGageIT Digital Health Solutions, Schreiner MediPharm, PillDrill, Inc., HealthPrize Technologies, AdhereTech, Koninklijke Philips N.V., McKesson Corporation, Johnson & Johnson Services, Inc. and others
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Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia-Pacific excluding Japan (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa)
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Smart Medication Adherence Sensors Market: Segmentation
Global smart medication adherence sensors market can be segmented on the basis of product type, distribution channel and geography
Based on the product type smart medication adherence sensors market is segmented as:
- Hardware Centric Smart Medication Adherence Sensors
- Software Centric Smart Medication Adherence Sensors
Based on the distribution channel smart medication adherence sensors market is segmented as:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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