Key Players In The Medication Adherence Market Are Investing In Collaborations, Partnerships, And M&As

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Aug 01, 2020 (AB Digital via COMTEX) — 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 its partnership and announced the launch of an 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 the 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.

Major 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, SMRxT Inc., AARDEX Group, Information Mediary, MedMinder Systems, Tinylogics, Vaica, and DrFirst.com Inc. Companies in the market are also investing in mergers and acquisitions to strengthen their business portfolios. For example, in September 2019, TrailCard Incorporated, a customized patient access solutions provider, announced the acquisition of Mango Health, a San Francisco-based mobile-based medication adherence and management solutions provider for the life sciences industry, for an undisclosed amount. Through this acquisition, TrailCard Incorporated is expected to offer best-in-class adherence and engagement solutions to the patients. Mango Health was founded in 2011 and is a provider of digital medication and adherence platform.

The global medication adherence market size is expected to decline from $2.53 billion in 2019 to $2.48 billion in 2020 at a compound annual growth rate (CAGR) of -1.87%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The medication adherence market is then expected to recover and reach $3.58 billion in 2023 at a CAGR of 12.98%.

The increasing requirement for medication adherence solutions to overcome poor adherence to prescribed medication in the healthcare industry is projected to boost the demand for medication adherence solutions. According to a study published by The Journal of Allergy and Clinical Immunology: In Practice, there has been an increase in controller inhaler use between January and March 2020 by 14.5%, where Propeller Health, a digital platform that tracks inhaler consumption, was used to send alerts to the patients when it is missed. Non-adherence to medication increases cost, urging the patients to use medication adherence to treat the problem effectively, thereby generating higher demand for medication adherence solutions.

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The MarketWatch News Department was not involved in the creation of this content.