The use of medication adherence packaging assists patients in following the regimen specified by medical practitioners. Hence, the changing preferences of the masses, coupled with their growing inclination towards informative packaging, has given a thrust to market growth. The voluminous investments that have flown in to the packaging sector have generated confidence among manufacturers in the medication adherence packaging market.
- The presence of a seamless domain for overseeing the practices followed by pharmaceutical manufacturers has brought market vendors on their feet. These vendors are projected to make heavy investments towards adhering the highest standards within medical manufacturing.
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- There is heavy demand for custom packaging within the pharmaceutical industry, and this factor has played a key role in driving market demand. The need for medication adherence packaging is especially high amongst the elderly who need cognitive assistance in remembering prescribed doses.
- On the basis of geography, the global medication adherence packaging market is segmented into North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific. The medication adherence packaging market in North America is expected to grow in size and revenues in the coming years. This majorly owes to the accountability shown by decision-makers within the medical and healthcare industry.
The strategic growth of the vendors in the global medication adherence packaging market depends on their ability to streamline operations. These vendors can earn voluminous revenues once they induct standardized practices for packaging.
Global Medication Adherence Packaging – Market Introduction:
Medical non adherence is a common issue reported in every region, as per a report by IMS health, U.S. alone incurred avoidable costs of more than US$ 200 billion due to medication non adherence by patients. Due to the wide spread effect of medical non adherence, healthcare systems and government agencies all across the globe are working on packaging types that help in curbing the issue. The advent of the single dose formats is one of the initial step taken by the government to improve the patient compliance towards medications. Medical adherence packaging involves labelling and packaging of the pharmaceutical products in such a manner that ensures that the patient is taking the medicine as directed. The global medication adherence packaging market is expected to expand at a healthy CAGR due to advancement in the pharmaceutical market.
Global Medication Adherence Packaging – Market Dynamics:
Initiatives by the governmental agencies across all regions for packaging types that improve the medicine intake regime of patients is one of the prime factor driving the growth of the global medication adherence packaging market. There has been increasing demand for packaging types that allows the patients keep a tab on their medicine intake, further fuelling the growth of the medication adherence packaging market. Financial implications of the medication adherence packaging as compared to the conventional packaging types is a restraining factor as not only the patients, even the manufacturers are reluctant to switch to the medication adherence packaging. Moreover, macroeconomic conditions in certain regions do not allow a steady growth for the medication adherence packaging market. Introduction of smart features in the medication adherence packaging types is a key trend prevailing in the global medication adherence packaging market. Manufacturers have introduced calendar blisters and smart caps to improve the medical non adherence issues in patients. Use of bio based raw materials for the production of medication adherence packaging is expected to create ample opportunities for the global medication adherence packaging market. Customization for brand differentiation is also expected to create growth opportunities for the global medication adherence packaging market.
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Global Medication Adherence Packaging – Market Segmentation:
The global medication adherence packaging market is segmented on the basis of packaging type, material type, end use, and geography.
On the basis of packaging type, the global medication adherence packaging market is segmented into
- Prefilled Syringes & Injectable
On the basis of material type, the global medication adherence packaging market is segmented into
- Paper & Paperboard
On the basis of end user, the global medication adherence packaging market is segmented into
- Retail Outlets
Global Medication Adherence Packaging Market – Regional Outlook:
On the basis of geography, the global medication adherence packaging market is segmented into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific. North America is currently leading the global medication adherence packaging market due to the high expenditure on healthcare by the government in the region. In Europe, especially in Western Europe are marked by the highly advanced pharmaceutical market, thus the medication adherence packaging market is anticipated to experience steady growth over the forecast period. Asia Pacific medication adherence packaging market is expected to grow steadily due to increasing preference by consumers. The Middle East & Africa and Latin America region are expected to witness sluggish growth over the forecast period due to slowly developing economies and pharmaceutical market.
Global Medication Adherence Packaging Market – Key players:
Some of the key players operating in the global medication adherence packaging market are McKesson Corporation, WestRock Company, Manrex Limited, Genoa Healthcare, LLC, Omnicell UK, MTS Medication Technologies, and Catalyst Healthcare Ltd.
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