The North America Medication Adherence Packaging market is to reach US$ 518.78 Mn in 2027 from US$ 304.78 Mn in 2018. The market is estimated to grow with a CAGR of 6.3% from 2019-2027.
The market of medication adherence packaging is estimated to grow due to key driving factors such as rising demand for medication adherence packaging, growing prevalence of chronic diseases and increasing government initiatives. Whereas, the market is likely to experience restraining factors such as high cost of installation and maintenance of medication adherence packaging systems which is likely to slower down the growth of market.
In North America, there has been rising burden of medication non-adherence (MNA) on healthcare system. According to the World Health Organization (WHO), medication non-adherence is the major clinical problem in chronic disease management. Rates of non-adherence with any medication vary at an average of 50%. Nearly US$ 213 Bn considered wasteful and avoidable. About US$ 105.4 billion per year, results from medication non-adherence to treat chronic diseases. Diabetes is the second-largest contributor, accounting for US$ 24.6 billion. Conditions such as cardiovascular disease and other diabetes-related complications are not considered in this. Non-adherence of a patient to the prescribed medications is placing a huge burden on the patient and the country’s healthcare system.
In 2012, in the US, it was estimated medication non-adherence causes 125,000 deaths and 10% of hospitalizations which costs approximately US$ 528 Billion.
Around half of the patients with type 2 diabetes in their first year of therapy fail to take at least 80% of prescribed medication. Around US$ 65,464 all-cause cost can be saved on each 1% rise in medication adherence among 1000 patients with diabetes.
The chronic nature and lifelong dependency on medication of diabetes pose an important challenge for patients and the provider. Recent advancements in medication adherence technology are also helping to ease the burden associated with non-adherence.
Exhibit: US Medication Adherence Packaging Market Revenue and Forecasts to 2027 (US$ Mn)
NORTH AMERICA MEDICATION ADHERENCE PACKAGING – MARKET SEGMENTATION
North America Medication Adherence Packaging Market – By System
North America Medication Adherence Packaging Market – By Type
North America Medication Adherence Packaging Market – By Materials
North America Medication Adherence Packaging Market – By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 304.78 Million |
| Market Size by 2027 | US$ 518.78 Million |
| CAGR (2019 - 2027) | 6.3% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By System
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Medication Adherence Packaging Market is valued at US$ 304.78 Million in 2018, it is projected to reach US$ 518.78 Million by 2027.
As per our report North America Medication Adherence Packaging Market, the market size is valued at US$ 304.78 Million in 2018, projecting it to reach US$ 518.78 Million by 2027. This translates to a CAGR of approximately 6.3% during the forecast period.
The North America Medication Adherence Packaging Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Medication Adherence Packaging Market report:
The North America Medication Adherence Packaging Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Medication Adherence Packaging Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Medication Adherence Packaging Market value chain can benefit from the information contained in a comprehensive market report.
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