Smart Medication Adherence Sensor Market | Contrive Datum Insights

Market Overview:

The Global Smart Medication Adherence Sensor Market Is Projected To Grow At USD 2.43 Billion By 2022 And USD 4.91 Billion By 2030 With CAGR Of 9.20% During The Forecast Period 2022 To 2030.

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The medication adherence system measures how well a patient does what a medical service specialist tells him or her to do. The system checks to see if the patient's medication schedule matches the time, amount, and frequency of a suggested medication schedule by the medical care provider. Medication adherence systems and programs help clinical staff with everything from admitting patients to giving them drugs.

All chronic illnesses need drug delivery, therapy, keeping an eye on the patient, and forcing them to stick to their medication plan. One of the main reasons for the growth of the medication adherence market is that more people are becoming aware of how to accept medications and therapies. Market-based systems for the medication adherence market include making pill containers with creative features, making clinical adherence apps with creative features, making wearable sensors, making biosensors that can be eaten, focusing on partnerships and joint projects, and focusing on making creative products.

Smart sensors that track a patient's medication schedule are often included with systems that track medication adherence. Smart medication sensors can help people who live in assisted living facilities or who are older and often forget when to take their medicine. Several companies are making medications with smart medication adherence sensors built in to help keep track of dosages better. Smart medication adherence sensors not only help keep track of doses, but they can also measure things like activity, heart rate, skin temperature, dose timing, and rest.

COVID-19 Impact:

Pharmaceutical and biotech companies and governments from all over the world are working to stop the COVID-19 outbreak. They are doing things like helping to make vaccines and planning for problems with the way medicines get to people. About 115 potential vaccines and 155 molecules are in the R&D pipeline right now. Also, the number of people who want to use common drugs like hydroxychloroquine to treat COVID-19 has risen dramatically. Many developed countries are running out of these drugs because they are in such high demand. This is a huge opportunity for the companies that make COVID-19 management drugs. So, the pharmaceutical and biotechnology industries are likely to grow a lot in the future because of the need for COVID-19 vaccines and drugs to treat it. This, in turn, is likely to have a big effect on the global market for medical adherence.

Market Dynamics:

Market Trends:

• Gamification in Medication Adherence for Children

Companies are using gamification more and more, especially for kids, to help them take their medicine better by getting them interested in fun games. Gamification has the potential to collect important information about patients that can help them stick to their medications and explain why medical adherence education is important. This can be done by giving loyalty points to users who complete required tasks. For example, in August 2017, Pfizer, a US-based pharmaceutical company, worked with Drexel University's Entrepreneurial Game Studio to make a game similar to Minecraft that would help young hemophiliacs and their caretakers learn more about their disease and how to deal with it.

Driving Factors:

• Increasing Prevalence of Chronic Diseases

During the forecast period, the growth of the medication adherence market is likely to be driven by the rise of chronic diseases like asthma, COPD, diabetes, and cancer. For example, 164 million Americans, or about 49% of the population, will have chronic diseases by 2025. Chronic diseases are becoming more common because of things like sedentary lifestyles, worsening air quality, and rising pollution levels, among other things. People are investing in medication adherence systems so they don't forget to take their medicines because chronic diseases are becoming more common. During the forecast period, this will be good for the market for taking medications as prescribed.

• Increased Demand for Personalized Healthcare

More and more, patients want healthcare solutions that are tailored to their specific needs. Wearable devices, mobile health apps, and remote patient monitoring systems are all examples of smart technologies that give healthcare providers the tools they need to give individualized care and improve patient outcomes.

• Healthcare Cost Increases

Costs for health care are going up, so governments and providers are looking for ways to cut costs and improve patient outcomes at the same time. Smart healthcare solutions like telemedicine and remote patient monitoring can reduce the need for in-person consultations or hospital stays, saving money for both patients and healthcare providers.

• Aging Population

As people age, their health care needs also change. Healthcare providers can better meet these needs by using smart solutions like remote patient monitoring, medication reminders, and fall detection systems.

Restraints/Challenges:

• Costly Medications

If patients have to pay more than a certain amount, this will hurt how well they take their medications. Formulary tiers, expensive medications, and the lack of drug insurance all make it harder for patients to get medications at lower prices. For example, high out-of-pocket costs make it hard for about 25% of Americans to pay for prescription drugs. Patients who don't have insurance are more likely to look for ways to save money than patients who do have insurance. During the forecast period, these things will slow the growth of the medication adherence market.

• High Implementation Costs

Smart healthcare technologies like AI, IoT, and big data analytics need big investments in hardware, software, and infrastructure to work. Their high prices may stop them from being widely used, especially in developing countries with few resources.

• Data Privacy and Security Concerns

Smart healthcare technologies collect, store, and share sensitive information about patients. This raises privacy and security concerns about the data. Healthcare providers must make sure that cyber threats and unauthorized access don't get into patient records. This can be a difficult task.

Opportunities:

• Wearable Devices

Wearable devices like smartwatches and fitness trackers can collect data about patients and monitor them in real time. This gives patients more control over their health care and allows doctors to give more personalized care. But some doctors and patients may be resistant to change or prefer the old ways of doing things, which could slow down the spread of new technologies.

• Remote Patient Monitoring

Smart healthcare solutions allow doctors and nurses to keep an eye on patients even when they're not in a traditional clinical setting. This could improve outcomes and cut costs.

• Predictive Analytics

Modern healthcare solutions use data analytics to predict and stop health problems before they happen. This lets healthcare providers offer proactive care instead of treating problems after they happen. This lets them get the best results for their patients.

• Expanding Demand for Personalized Healthcare

A key factor in the growth of the medication adherence market is the growing need for more advanced applications of medication adherence. This is because more and more people are using personalized healthcare technologies. Medication adherence systems add information to electronic health records, which helps build models of a patient's health profile and create treatment plans that are unique to each person. Also, not only does personalized healthcare improve the quality of care, but it also lowers the cost of treatment. Also, personalized healthcare systems are becoming more popular in homecare facilities, which improves overall disease management and lowers the number of people who don't follow their treatment plans.

Strategic Development:

• In September 2020 - uMotif Limited, a company that makes software for collecting patient data, said that it had raised $6.4 million in a series A investment round, which was led by AlbionVC, an investor it already had. The money will help the company improve its patient-centered, decentralized approach to clinical studies and allow it to grow into new study types and high-demand areas.
• In January 2019 - HealthBeacon Limited said that it had raised $12 million in the series A investment round, bringing the total investment to almost $15 million. Oyster Capital and Elkstone Partners led the round. The company said that it would use this money to launch its Smart Sharps system in the U.S. and expand its line of tools to help people take their high-value medications as prescribed.
• In November 2018 - AdhereTech Inc., which makes smart pill bottles, said that Argentum Group, a growth equity firm that focuses on companies in the software, technology, and healthcare sectors, had invested in the company. The company said that the new money would be used to make more partnerships with pharmacies and drug companies and to grow into more areas of healthcare.
• In 2020 - Catalia Health said that a new smart robot called Mabu would start delivering medications. The device is made to help patients keep track of their medications and interact with them in a personalized way.
• In 2019 - VitalSight is a new smart medication adherence sensor that Omron Healthcare said would be coming out. This device is made to help people with high blood pressure keep track of their medications and take them as prescribed.
• In 2018 - Proteus Digital Health said that the FDA had approved Proteus Discover, a smart sensor that helps people remember to take their medicines. This device is made to help people with a wide range of long-term conditions keep track of their medications and take them as prescribed.
• In 2017 - Phillips-Medisize bought Medicom Innovation Partner, a leading maker of smart sensors that track how well people take their medications. With this purchase, Phillips-Medisize gets more connected health solutions and a stronger position in the market for smart medication adherence sensors.

Key Vendors:

Top market players are

• nGageIT Digital Health Solutions

Diagnostics is what nGageIT Digital Health Inc. does for a living. The company focuses on making sure people take their medications as prescribed and verifying that they are getting the right treatment. It then moves on to patient wellness factors and biomarkers and more advanced diagnostic applications.

• Schreiner MediPharm

Schreiner MediPharm is a company that makes specialty labels and self-sticking solutions for marking. It helps the medical device and pharmaceutical industries.

• PillDrill Inc.

PillDrill, Inc. makes a system for keeping track of medications. The company has a system that lets users know when it's time to take their pills. People in the United States can use PillDrill.

• HealthPrize Technologies

The HealthPrize platform powers and improves patient engagement for all medications, diseases, groups of people, and dosages.

• AdhereTech

AdhereTech LLC is a digital health company that makes smart devices that connect patients to care in real time. The company's Aidia System is a technology-based adherence solution that includes devices and software to track and control how people take their doses. It can be used in traditional, hybrid, and decentralized trials.

• Koninklijke Philips N.V.

Philips, which is a part of Koninklijke Philips NV, is a technology company that develops and makes both medical systems and consumer electronics. Diagnostic imaging, enterprise diagnostic informatics, image-guided therapy, ultrasound, monitoring and analytics, sleep and respiratory care, population health management, connected care informatics, and therapeutic care are all areas where the company offers products and services.

• McKesson Corporation

McKesson Corp. (McKesson) sells medicines and offers services in health care and information technology. The company sells medicines, medical equipment, and products for health and skin care.

• Johnson & Johnson Services Inc.

Johnson & Johnson Services Inc. sells health products for people. The company sells products for women's health, baby care, skin care for the face, beauty, wound care, cough and cold, oral care, and over-the-counter medicines.

Segmentation Analysis:

The market is segmented on the basis of type, medication, end-user and region.

By Type Outlook:

When the medication adherence market was broken down by type, the software-centric market was the biggest part, making up 59.6% of the whole in 2020. At a CAGR of 14.4% from 2020 to 2025, the hardware-centric segment is expected to grow the fastest in the medication adherence market.

• Hardware Centric Smart Medication Adherence Sensors
• Software Centric Smart Medication Adherence Sensors

By Medication:

In 2020, 40.7% of the total market for medication adherence was made up of the "others" market, which was the biggest market segment by medication. The others segment is expected to grow at the fastest rate in the medication adherence market in the future, with a CAGR of 11.2% from 2020 to 2025.

• Cardiovascular
• Central Nervous System
• Diabetes
• Oncology
• Gastrointestinal
• Musculoskeletal
• Others

By End-User:

In 2022, 70.6% of the revenue came from the hospitals segment, which is one of the most important end-users of IT solutions. In the past few years, hospitals have started spending a lot of money on buying and updating their IT systems. They are focusing on making workflow more efficient, giving out medicines safely, and making complicated clinical processes easier to understand. By doing these things, hospitals have been able to get the biggest share of the market.

Pharmacy is a big end user of IT solutions, and the segment is expected to grow at a CAGR of 11.9% over the forecast period. Some of the main reasons for the growth of medication management solutions in pharmacies are the rise in the number of prescriptions and the lack of pharmacists.

The use of automated solutions in pharmacies is expected to make pharmacists' jobs easier and help them manage patients' prescriptions more efficiently. Also, the growing number of people with chronic and infectious diseases is likely to cause pharmacies to fill more prescriptions. These are likely to make more people want automated solutions for management. Hospitals are at the top of the market because they focus more and more on improving workflow efficiency and making complex clinical processes easier to understand. With more chronic and infectious diseases and more prescriptions being filled, pharmacies will become more well-known.

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Regional Insights:

Geographically, the global Smart Medication Adherence Sensor market has been looked at in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA).
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North America is the most profitable market for smart medication sensors because more people use them and more people buy them. Europe is expected to be the second most lucrative market for smart medication adherence sensors because its population is getting older quickly and it spends a lot on healthcare.

The smart medication adherence sensor market in Latin America is expected to grow steadily because more people are getting treatment and more people are using more advanced monitoring methods. Asia-Pacific is seen as a growing market for smart medication sensors because of countries like India and China, which have growing economies, and because products can be made there at a low cost. MEA is still the least profitable market for smart medication sensors because it has the lowest rate of adoption.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The focus of the study is a global analysis of the Smart Medication Adherence Sensor Market, and the market size estimation includes the revenue generated by these products offered by various market participants.
• Additionally, the study monitors significant market factors, underlying growth influencers, and major sector participants.
• Additionally, the study investigates how COVID-19 has affected the ecology in general.
• The study's scope encompasses market size and forecasts for segmentation by type, form, flavor, end-use, distribution channel, and region.