The rising geriatric population suffering from chronic diseases such as diabetes, hypertension, arthritis and cardiac issues has augmented the need for adherence packaging to manage multiple medications easily.
The global Adherence Packaging Market is estimated to be valued at US$ 1144.97 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased need for improved medication management has been a major driver for the growth of the adherence packaging market. According to studies, nearly 50% of patients do not take their medication as prescribed which leads to wastage of medications and worsening of health conditions. Adherence packaging helps in improving medication adherence by simplifying dosing schedules. With rising healthcare costs and growing understanding of the importance of adherence, demand for such packaging has grown significantly over the past few years. Manufacturers are also investing in blockchain technologies to incorporate digital channels for prescription and fulfillment in adherence packaging, which will further drive the market growth during the forecast period.
Segment Analysis
The Adherence Packaging Market Scope dominated by blister packaging and strip packaging sub-segments due to their ease-of-use for consumers and ability to pack single or multiple dose medications. Blister packaging provides effective protection against external factors like moisture and dust and allows clear visibility of the medication and dosage schedule.
Key Takeaways
The global adherence packaging market is expected to witness high growth. The global Adherence Packaging Market is estimated to be valued at US$ 1144.97 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
The North America region currently dominates the market owing to the rising prevalence of chronic diseases and growing elderly population requiring extensive medication support. The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Rapid economic expansion, increasing healthcare expenditure, growing consumer awareness about adherence packaging benefits, and rise in lifestyle diseases are driving market growth in Asia Pacific countries like China, India.
Key players related content comprises: Key players operating in the adherence packaging market are Westrock Company, Keystone Folding Box Co, Cardinal Health Inc, Omnicell Inc., Jones Healthcare Group, Rx Systems Inc. Westrock Company holds the largest share in the US market. Keystone Folding Box Co specializes in senior friendly blister packaging solutions.
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