According to a recently published report by Research Nester on “North America Medication Compliance Device Market: Demand & Ingredients Analysis Outlook 2027” delivers detailed overview of the North America medication compliance device market in terms of market segmentation by product type, by application and by geography.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
North America medication compliance device market is anticipated to record a CAGR of around 10.1% over the forecast period i.e. 2019-2027. The market is segmented by product type into hardware centric and software centric devices. The market is further segmented by application into diabetes, cardiovascular disease, central nervous system, oncology, rheumatology, gastrointestinal, respiratory and others.
Increase in the use of smartphone apps, rise in awareness to non-adherence by way of patient saving programs and growth in the popularity of such systems and software are the trends that are driving the growth of the market. According to the U.S. Centers for Disease Control and Prevention (CDC), the failure to act in accordance with prescribed treatment regimens has been identified as the cause of 125,000 premature deaths, approximately USD 100-300 billion worth of avoidable annual healthcare expenditure and up to 69% of all re-hospitalizations. Studies have shown that 1% improvement in compliance towards medications can help the U.S. healthcare industry to save up to USD 2 billion. Therefore, several strategies are being developed by healthcare providers and pharmaceutical developers to improve the medication compliance.
The U.S. market is anticipated to have leading share in the North America medication compliance device market owing to the large number of deaths related to non-compliance towards medication and rise in the cardiovascular diseases in the country. Moreover, the presence of well-established healthcare infrastructure and increasing investments in R&D activities are contributing to the fastest growth of the market in the country. Various laws pertaining to increasing the importance of compliance have been made to improve the health conditions the region.
Expansion of Personalized HealthCare Technology and Rise in Geriatric Population
The growing demand for innovative products, increase in the number of chronic diseases, rise in the geriatric population and expansion in the demand for personalized healthcare technology are the factors responsible for driving the growth of the market. Advanced medication compliance systems with pioneering and progressive applications have wide acceptance among the consumers.
However, security and privacy concerns in the electronic healthcare record (EHR), e-prescribing based compliance systems are expected to operate as a key restraint to the growth of North America medication compliance device market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the North America medication compliance device market which includes company profiling of Cardinal Health Inc., Omnicell Inc., McKesson Corporation, and Philips Medical Adherence Solution. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America medication compliance device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.