The increasing geriatric population is one of the key factors fuelling the demand for medication adherence solutions and systems around the world. This is because of the fact that the people aged 60 years and above are more vulnerable to various types of diseases. “As per a publication produced by the United Nations Department of Economic and Social Affairs (UNDESA) on World Population Prospects, the total population of people in the age bracket 80 years or above is predicted to rise by three times, that is from 137 million to 425 million from 2017 to 2050”.
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Thus, with the growing utilization of advanced healthcare devices, the global medication adherence market will register rapid expansion in the forthcoming years. These systems are widely used in medication procedures pertaining to central nervous system (CNS), cardiovascular, gastrointestinal, diabetes, respiratory, oncology, and rheumatology diseases. Out of these, the utilization of the medication adherence solutions and systems was found to be significantly high for cardiovascular ailments. Furthermore, the usage of these systems will increase at the fastest rate in cardiovascular treatment procedures over the next few years, mainly because of the rising incidence of cardiovascular diseases across the world.
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“Globally, the medication adherence market exhibited rapid growth in North America in the past”, according to the market research firm P&S Intelligence. This is ascribed to the presence of a large geriatric population and an enhanced research and developed (R&D) infrastructure, high healthcare spending, and high incidence of chronic diseases throughout the region. “As per the Centers for Disease Control and Prevention (CDC), the total national healthcare spending was $3.2 trillion in the U.S. in 2015”.
Hence, it can be safely said that the sales of medication adherence systems will surge all over the world in the forthcoming years, primarily due to the growing prevalence of chronic diseases, increasing geriatric population, and soaring healthcare spending across the world.
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Medication Management Market
The global medication management market generated $1,076.5 million revenue in 2014, progressing at a CAGR of 26.1% during the forecast period.North America held the largest share in the global market in 2014. However, APAC is expected to be the fastest growing region for medication management systems. The APAC market is expected to advance at a CAGR of 31.4% during the forecast period.
North America and Europe are expected to account for over 65.0% share in the global telemedicine market in 2023, where North America would be the leading region. Some of the factors driving the market growth in the regions include presence of advanced healthcare infrastructure, increasing healthcare expenditure, and rising prevalence of chronic diseases.
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