Market Overview:
The global smart medication adherence sensor market is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing prevalence of chronic diseases, rising geriatric population, and growing demand for home healthcare services. In addition, technological advancements in smart medication adherence sensors are also contributing to the growth of this market. The global smart medication adherence sensor market is segmented on the basis of type into hardware centric smart medication adherence sensors and software centric smart medication adherence sensors.
Product Definition:
A Smart Medication Adherence Sensor is a device that attaches to medication containers and monitors when and how often the medication is taken. The sensor sends this information wirelessly to a mobile device or computer, which then provides feedback to the patient and/or caregiver. The importance of Smart Medication Adherence Sensors is that they can help improve patient adherence to medications, which can lead to improved health outcomes.
Hardware Centric Smart Medication Adherence Sensors:
Hardware-centric smart medication adherence sensors are devices that are used to monitor the patients’ medication and provide real-time feedback regarding their ingestion. These sensors help in enhancing patient safety by providing critical information related to the medications, which may aid in preventing adverse drug events (ADEs) or errors in dosage. The growing need for streamlining healthcare processes along with increasing pressure on healthcare systems due to a rising number of chronic diseases is expected to boost market growth over the forecast period.
Software Centric Smart Medication Adherence Sensors:
Software-centric smart medication adherence sensors are devices that are used to measure the degree of patient compliance with the prescribed medication. These sensors help in monitoring and tracking drug ingestion, which is an essential step for effective disease management. Adherence to medications is considered as one of the important factors for improving a patient’s health outcome.
Increasing adoption rate of these devices due to rising awareness about better healthcare outcomes coupled with increasing pressure on healthcare providers from payers.
Application Insights:
Based on application, the market is segmented into hospital pharmacies, retail pharmacies and online pharmacies. The hospital pharmacy segment dominated the overall industry in terms of revenue in 2017. This can be attributed to factors such as high medication errors due to human error or technical failure and a need for better patient safety with enhanced medication adherence. According to a study published by NCBI, it was estimated that around 48% of all medications get misplaced at some point during their journey from manufacturer to dispensing unit (pharmacy). These factors are projected to drive demand over the forecast period.
The online pharmacy sector is anticipated to witness significant growth over the forecast period owing to various advantages offered such as convenience and accessibility along with tracking tools that enable pharmacists and providers alike improve patient compliance rates while reducing costs incurred from improper dosage or non-adherence of medicines among others which are expected fuel industry growth over the coming years.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its position during the forecast period. This can be attributed to various factors such as high healthcare expenditure, technological advancements, and increasing adoption of smart devices in medication management. Moreover, rising awareness regarding new technologies and their applications is also anticipated to propel regional growth over the next eight years.
Asia Pacific region is expected to witness lucrative growth over the forecast period owing to several initiatives taken by governments across countries for improving medication adherence rates through implementation of innovative solutions that help curb drug abuse and enhance patient safety & care standards are among key factors driving regional demand for SMASs systems during the estimated time span from 2018-2030 (see figure above).
Growth Factors:
- Increasing geriatric population: The global geriatric population is expected to grow at a CAGR of 6.5% from 2016 to 2020, owing to the increase in life expectancy and the growth in the number of people aged 65 years and above. This will result in an increased demand for smart medication adherence sensors, as they help improve medication adherence among elderly patients.
- Rising prevalence of chronic diseases: The prevalence of chronic diseases such as diabetes, hypertension, and asthma is increasing globally due to changing lifestyles and environmental factors. This has led to an increased demand for smart medication adherence sensors, which can help manage these conditions effectively.
- Growing awareness about benefits of smart medication adherence sensors: There is growing awareness about the benefits of using smart medication adherence sensors among healthcare professionals and patients alike. This is helping drive adoption of these devices across different regions worldwide.
Scope Of The Report
Report Attributes
Report Details
Report Title
Smart Medication Adherence Sensor Market Research Report
By Type
Hardware Centric Smart Medication Adherence Sensors, Software Centric Smart Medication Adherence Sensors
By Application
Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
By Companies
nGageIT Digital Health Solutions, Schreiner MediPharm, PillDrill, HealthPrize Technologies, AdhereTech, Philips, McKesson, Johnson & Johnson
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
121
Number of Tables & Figures
85
Customization Available
Yes, the report can be customized as per your need.
Global Smart Medication Adherence Sensor Market Report Segments:
The global Smart Medication Adherence Sensor market is segmented on the basis of:
Types
Hardware Centric Smart Medication Adherence Sensors, Software Centric Smart Medication Adherence Sensors
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- nGageIT Digital Health Solutions
- Schreiner MediPharm
- PillDrill
- HealthPrize Technologies
- AdhereTech
- Philips
- McKesson
- Johnson & Johnson
Highlights of The Smart Medication Adherence Sensor Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hardware Centric Smart Medication Adherence Sensors
- Software Centric Smart Medication Adherence Sensors
- By Application:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Smart Medication Adherence Sensor Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A Smart Medication Adherence Sensor is a type of wearable device that monitors a person's medication adherence. This sensor can track how often the person takes their medications, how much medication they take, and whether or not they have any adverse effects from taking their medications.
Some of the major players in the smart medication adherence sensor market are nGageIT Digital Health Solutions, Schreiner MediPharm, PillDrill, HealthPrize Technologies, AdhereTech, Philips, McKesson, Johnson & Johnson.
The smart medication adherence sensor market is expected to grow at a compound annual growth rate of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Smart Medication Adherence Sensor Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Smart Medication Adherence Sensor Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Smart Medication Adherence Sensor Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Smart Medication Adherence Sensor Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Smart Medication Adherence Sensor Market Size & Forecast, 2020-2028
4.5.1 Smart Medication Adherence Sensor Market Size and Y-o-Y Growth
4.5.2 Smart Medication Adherence Sensor Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Hardware Centric Smart Medication Adherence Sensors
5.2.2 Software Centric Smart Medication Adherence Sensors
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Hospital Pharmacies
6.2.2 Retail Pharmacies
6.2.3 Online Pharmacies
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Smart Medication Adherence Sensor Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Smart Medication Adherence Sensor Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Hardware Centric Smart Medication Adherence Sensors
9.6.2 Software Centric Smart Medication Adherence Sensors
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Hospital Pharmacies
9.10.2 Retail Pharmacies
9.10.3 Online Pharmacies
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Hardware Centric Smart Medication Adherence Sensors
10.6.2 Software Centric Smart Medication Adherence Sensors
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Hospital Pharmacies
10.10.2 Retail Pharmacies
10.10.3 Online Pharmacies
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Hardware Centric Smart Medication Adherence Sensors
11.6.2 Software Centric Smart Medication Adherence Sensors
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Hospital Pharmacies
11.10.2 Retail Pharmacies
11.10.3 Online Pharmacies
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Hardware Centric Smart Medication Adherence Sensors
12.6.2 Software Centric Smart Medication Adherence Sensors
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Hospital Pharmacies
12.10.2 Retail Pharmacies
12.10.3 Online Pharmacies
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Hardware Centric Smart Medication Adherence Sensors
13.6.2 Software Centric Smart Medication Adherence Sensors
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Hospital Pharmacies
13.10.2 Retail Pharmacies
13.10.3 Online Pharmacies
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Smart Medication Adherence Sensor Market: Competitive Dashboard
14.2 Global Smart Medication Adherence Sensor Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 nGageIT Digital Health Solutions
14.3.2 Schreiner MediPharm
14.3.3 PillDrill
14.3.4 HealthPrize Technologies
14.3.5 AdhereTech
14.3.6 Philips
14.3.7 McKesson
14.3.8 Johnson & Johnson
