by Market Overview:
Adherence packaging products assist patients in adhering to prescribed medication schedules by packaging doses of medication according to the time of administration. This improves medication adherence for patients with chronic diseases and complex drug regimens.
The global Adherence Packaging Market is estimated to be valued at US$ 993.89 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of adherence packaging market is declining medication adherence rates leading to adverse health outcomes and increased healthcare costs. As per the WHO, in developed countries, medication non-adherence rates are approximately 50% and medication non-adherence contributes to 10-20% of all hospitalizations. Adherence packaging helps organize doses by day and time, thereby aiding medication adherence which improves health outcomes and reduces avoidable healthcare expenditure.
SWOT Analysis
Strength: Adherence packaging allows organization of dosages and improves medication adherence. It provides complete dosage information and instructions on the packaging itself.
Weakness: Adherence packaging requires high initial investment in packaging machinery and equipment. Frequent changes in packaging design lead to additional costs.
Opportunity: Growing geriatric population who need medication support and rising cases of chronic diseases offer significant growth opportunities. Increasing health awareness and focus on medication adherence presents an opportunity.
Threats: Alternatives methods for reminding medication schedules like pill organizers, pill boxes threaten the market. Strict regulations associated with pharmaceutical packaging can impact operations.
Key Takeaways
The global Adherence Packaging Market Share is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing prevalence of chronic diseases. The growing geriatric population suffering from multiple disorders also drives the demand for adherence packaging to improve medication intake.
Regional analysis: North America dominated the global adherence packaging market and accounted for over 35% share in 2023 owing to the presence of major pharmaceutical players and adoption of advanced packaging technologies. Asia Pacific is anticipated to be the fastest growing region due to rising healthcare expenditure and increasing focus on medication management in developing nations like India and China.
Key players operating in the adherence packaging market are Westrock Company, Keystone Folding Box Co, Cardinal Health Inc, Omnicell Inc., Jones Healthcare Group, Drug Package LLC, Manrex Limited, Medicine-on-time LLC, and Rx Systems Inc. Increased penetration in emerging markets through strategic collaborations provides lucrative growth opportunities for key players. The market leaders are investing heavily in automated adherence packaging solutions with advanced features.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
