Smart Medication Adherence Sensors Market Size, Share and Value 2032

Smart Medication Adherence Sensors Industry Prospective:

The global smart medication adherence sensors market size was worth around USD 14.89 billion in 2023 and is predicted to grow to around USD 33.04 billion by 2032, with a compound annual growth rate (CAGR) of roughly 9.26% between 2024 and 2032.

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Smart Medication Adherence Sensors Market: Overview

Smart medication adherence sensors are a part of the next-generation technologies in the medical care industry. These devices are designed to improve medical adherence in patients of all genders and age groups.

The technologies that are part of smart medication adherence are responsible for monitoring and tracking medication intake as prescribed among patients suffering from single or multiple medical conditions.

The most common next-generation medication adherence sensors include wearable devices, insulin pens, inhaler add-ons, electronic medication packaging, and intelligent pen dispensers. The demand for smart medication adherence sensors has been growing over the years driven by several factors.

For instance, the rising number of patients, especially in the geriatric group, have been some of the largest consumers of intelligent sensors for medication adherence.

However, the high cost of the technology and discomfort with technology among a large portion of the potential consumer group will further restrict the smart medication adherence sensors industry expansion trends.

Key Insights:

• As per the analysis shared by our research analyst, the global smart medication adherence sensors market is estimated to grow annually at a CAGR of around 9.26% over the forecast period (2024-2032)
• In terms of revenue, the global smart medication adherence sensors market size was valued at around USD 14.89 billion in 2023 and is projected to reach USD 33.04 billion by 2032.
• The smart medication adherence sensors market is projected to grow at a significant rate due to the increasing number of geriatric population.
• Based on application, the hospital pharmacies segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on type, the hardware-centric smart medication adherence sensors segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Smart Medication Adherence Sensors Market: Growth Drivers

Increasing number of geriatric population to drive market demand rate

The global smart medication adherence sensors market is projected to grow due to the rising number of older populations across the globe.

According to market research, one of the key challenges faced by the elderly in terms of healthcare management is medication adherence. The geriatric population faces limitations due to physical or cognitive impairment.

According to scientific research, medication adherence is associated with diminished quality of life and poorer clinical outcomes. The World Health Organization (WHO) estimates that over 1 billion people in 2019 were over the age of 60 years.

By 2050, the statistics are expected to reach over 2.1 billion. In some countries, such as Japan, a higher number of older citizens compared to the younger population has become a cause of economic and social concern.

As awareness around the importance of medication adherence grows, the demand for smarter solutions that allow keeping track of medicines consumed in per prescribed manner will register a significant expansion rate.

Rising number of patients worldwide and the growing trend of remote patient care will fuel increased revenue in the industry

The global healthcare infrastructure is under tremendous pressure due to the rising number of patients worldwide. According to recent surveys, the number of people with non-serious medical conditions has increased since COVID-19 and scientists are suggesting the hygiene hypothesis as the reason for the rising patient rate.

Additionally, other conditions such as diabetes, cancer, cardiovascular diseases (CVDs), and autoimmune conditions continue to raise the fatality rate worldwide.

According to the National Cancer Institute, more than 20 million new cancer cases were recorded in 2022. The lack of cure and effective treatment for such conditions further increases the strain on the healthcare architecture.

The global smart medication adherence sensors market can benefit from the growing trend of remote patient care, which leverages these technologies to improve patient care.

Smart medication adherence sensors can be used by patients and medical professionals to deliver remote care and manage critical conditions before they worsen.

Smart Medication Adherence Sensors Market: Restraints

High cost of the tools and discomfort with technology among consumers may limit the industry’s expansion rate

The global industry for smart medication adherence sensors is projected to be restricted due to the high cost of the solutions. Smart medication adherence technologies are sophisticated tools that run on cutting-edge engineering innovations. They are powered by Bluetooth technology, near-field communication (NFC), mobile platforms, and others.

Additionally, more advanced sensors, such as ingestible variants and accelerometer sensors, further lead to increased costs. Consumers may show hesitancy toward adopting such advanced technology for adhering to medication and prefer traditional ways, thus limiting the industry’s expansion rate.

Smart Medication Adherence Sensors Market: Opportunities

Rising introduction of new solutions and extensive research to generate growth opportunities

The global smart medication adherence sensors market is projected to generate growth opportunities due to the rising number of new tools in the commercial market.

In June 2024, PatchRx, a leading healthcare technology company, announced the launch of PatchRx Connect. It is an easy-to-integrate tool linking the medication adherence data to the unified care management suite.

PatchRx Connect is expected to allow medical professionals to gain clear insights into the medication adherence behavior of the patient and take further actions.

The key components of the solution include a PatchRx Connect gateway, a universally fit smart pill bottle cap, patient text message alerts, and remote enrollment.

In September 2024, reports emerged suggesting that Mass General Brigham was working on exploring the ways in which ingestible sensors can be used to improve medication adherence in psychiatric care. As companies continue to invest in research-backed growth, the industry can seek more growth in the long term.

Furthermore, players must also focus on strategic expansion across developing and emerging markets, especially in regions with growth in the number of patients.

Smart Medication Adherence Sensors Market: Challenges

Regulatory challenges to continue impacting the industry’s growth rate

The global smart medication adherence sensors industry is projected to be challenged by regulatory hurdles. Regulatory approvals for using the products in the commercial market is a time-consuming and monetarily exhausting process.

Additionally, a large number of countries do not have a clear framework governing the implementation of digital medication adherence sensors further leading to limited expansion opportunities.

Smart Medication Adherence Sensors Market: Segmentation

The global smart medication adherence sensors market is segmented based on application, type, and region.

Based on the application, the global market segments are online pharmacies, retail pharmacies, and hospital pharmacies. In 2023, the highest growth was witnessed in the hospital pharmacies segment led by higher footfall of patients across healthcare facilities.

Moreover, these units deal with patients with varying types and intensities of diseases, thus creating more growth for the segment.

The growing number of retail pharmacies worldwide will fuel additional revenue in the industry. The US has more than 50,000 retail pharmacies.

Based on the type, the smart medication adherence sensors industry is divided into software-centric smart medication adherence sensors and hardware-centric smart medication adherence sensors.

In 2023, the highest demand was listed in the hardware-centric smart medication adherence sensors segment, led by the higher cost of the devices.

Moreover, the growing incorporation of smart wearables and ingestibles to ascertain medication adherence will further promote segmental demand. According to established research, over 50% of patients fail to comply with medication guidelines.

Smart Medication Adherence Sensors Market: Report Scope

Smart Medication Adherence Sensors Market: Regional Analysis

North America to register the highest growth rate during the projection period

The global smart medication adherence sensors market is expected to witness the highest growth in North America. The increasing consumer awareness around the importance of medication adherence is a major regional market growth driver.

According to market research, non-adherence to medication can cause an additional increase of more than USD 1800 in medical costs per year.

Moreover, the growing number of patients throughout the region, along with the rising geriatric population, is further fueling the demand for smart medication adherence sensors.

The US is one of the leading nations in terms of accepting intelligent ingestible systems that allow improvements in medication adherence.

In November 2017, the US Food & Drugs Administration (FDA) approved the Abilify Mycite which was equipped with an embedded sensor.

Europe is a growing region showing exceptional growth trends in the smart medication adherence sensors industry. The rising introduction of new launches in the regional industry along with higher demand for smart wearables promoting medication adherence are prompting higher growth in Europe.

The growing investments in the technological growth of the region’s healthcare systems are projected to shape the regional industry’s revenue in the long term.

Smart Medication Adherence Sensors Market: Competitive Analysis

The global smart medication adherence sensors market is led by players like:

• Phillips Medication Dispensing Service
• Proteus Digital Health
• Vitality GlowCap
• iRhythm Technologies
• MedMinder
• Medisafe
• AdhereTech
• Cognita Labs
• PillDrill
• Memo Box
• DoseSmart
• CareTRx
• Amiko
• uBox by Popit
• TimerCap

The global smart medication adherence sensors market is segmented as follows:

By Application

• Online Pharmacies
• Retail Pharmacies
• Hospital Pharmacies

By Type

• Software-Centric Smart Medication Adherence Sensors
• Hardware-Centric Smart Medication Adherence Sensors

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa