Medication Adherence Packaging Market is Expected to Register 6.5% CAGR by 2027
August 5, 2022
Reports And Data
Growing need to minimize medication wastage and high rate of medication nonadherence, are key factors driving market revenue growth
NEW YORK CITY, NEW YORK, USA, August 5, 2022 /EINPresswire.com/ -- The global Medication Adherence Packaging Market size is expected to reach USD 1.25 Billion in 2027 and register a revenue CAGR of 6.5% over the forecast period, according to the latest report by Reports and Data. Medicines are critical tools for effectively preventing and treating chronic disease; however, despite their high value and established effectiveness, proper medication administration continues to be a challenge for both patients and physicians.
Additionally, patients do not adhere to prescribed medications, resulting in suboptimal clinical outcomes, increased medical expenses, and negative consequences on workplace efficiency and general public health. Appropriate medication scheduling reduces the danger of patients being over- or under-medicated. Patients' prescriptions will be packaged for homebound consumers and delivered directly to their door.
Medication adherence packaging in pharmacies may also include a card for the patient to present to their medical practitioners, which includes a complete list of medications, their strengths, and the required dosing instructions, in order to provide all prescribing physicians with a comprehensive summary of the patient's clinical regimen. Both of these benefits of adherence are expected to drive demand increase throughout the projection period.
Retail pharmacies are currently focused on the potential impact on their day-to-day operations, expense, software interface design, staff education, and compliance with state and federal regulations.
Pharmacies will also increase their productivity by utilising adherence packaging systems for oral-solid drugs, as research can be prepared for days with higher monthly refill levels, and consistency will be significantly improved, as the entire adherence packaging process utilises barcoding, standardised trays, and even barcoding for medical-to-bed services in hospital outpatient pharmacies or clinics.
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Some Key Highlights from the Report
• In 2019, the market for adherence systems was dominated by multi-dose packaging systems. This segment's substantial market share and rapid expansion can be ascribed mostly to the benefits of multi-dose packaging, which include supporting patients with complicated prescription regimens, enhancing patient safety, and eliminating pharmaceutical waste.
• The medication adherence packaging market is segmented by material into three segments: plastic film, paper & paperboard, and aluminium. During the projected period, the plastic film segment is expected to grow at the fastest rate. The rise is due to the material's transparency, malleability, lightweight nature, and cost-effectiveness.
• Retail pharmacies, long-term care homes, and hospitals are the primary end consumers of adherence packaging. During the projection period, long-term care would be the fastest expanding end user sector in the medication adherence packaging market.
• In 2019, retail pharmacies led the market for adherence packaging. The increasing need to eliminate dispensing errors and hence increase operating capacity is driving the adoption of adherence packaging in retail pharmacies.
• North America led the market in 2019. Chronic disease prevalence is increasing, the ageing population is growing rapidly, healthcare expenditure is increasing, the pharmaceuticals market is growing, medication non-adherence is high, and government financing is increasing, all of which are supporting the industry's expansion in the region.
• The key players in the medication adherence packaging market include Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cardinal Health, Inc. (U.S.), McKesson Corporation (U.S.), Parata Systems LLC (U.S), TCGRx (U.S.), RxSafe, LLC (U.S.), Pearson Medical Technologies, LLC (U.S.), Talyst, LLC. (U.S.), Parata Systems LLC (U.S.), ARxIUM, Inc. (Canada), and KUKA AG (Germany).
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The research report categorizes the global adherence packaging market into the following segments and sub-segments:
Type Outlook (Revenue, USD Billion; 2018-2028)
• Unit-dose Packaging Systems
o Blister Card
• Multi-dose Packaging Systems
o Blister Card
Material Outlook (Revenue, USD Billion; 2018-2028)
• Rigid PVC
• Paper & paperboard
End User Outlook (Revenue, USD Billion; 2018-2028)
• Retail Pharmacies
• Long-term Care Facilities
• Mail-order Pharmacies
Region Outlook (Revenue, USD Billion; 2018-2028)
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
• Latin America
o Middle East and Africa
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