by The adherence packaging products help patients to follow prescription dosing regimen by separating medications into daily or weekly packs and labelling them with times for consumption. These products offer convenience to geriatric patients and remind them to take medications on time.
The global Adherence Packaging Market is estimated to be valued at US$ 993.89 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in pharma and medical sectors has been a major driver for adoption of adherence packaging products. Pharmaceutical companies are increasingly outsourcing packaging operations to dedicated adherence packaging providers as it allows them to focus on drug development. Adherence packaging providers offer specialized services including unit dose packaging, multi dose packaging, multi compartment compliance packaging and specialized senior-friendly packaging formats. Their services ensure efficiency in pharmaceutical supply chain and support reaching medications to more patients. With growing elderly population worldwide needing organized medication schedules, adherence packaging market is expected to grow at a steady pace over the next decade.
SWOT Analysis
Strength: The adherence packaging market has witnessed high growth due to increasing aging population and rising prevalence of chronic diseases. This type of packaging helps patients follow prescribed medication schedules as per the directions of healthcare providers.
Weakness: Manufacturing custom adherence packaging solutions as per specific patient needs involve high costs which can restraint market growth.
Opportunity: Increasing adoption of adherence packaging by hospitals and pharmacies to improve medical adherence offers lucrative growth opportunities. The market is also benefitting from rise in online pharmacies.
Threats: Preference for conventional medication packaging and low awareness in developing nations pose threats to adherence packaging market.
Key Takeaways
The Global Adherence Packaging Market Size is expected to witness high growth over the forecast period of 2023-2030. The global Adherence Packaging Market is estimated to be valued at US$ 993.89 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
The North America region currently dominates the market and is expected to continue its dominance over the forecast period. Factors such as increasing aging population, rising prevalence of chronic disease, growing healthcare spending are driving the growth of adherence packaging market in the region.
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. These players are focusing on new product developments and launches to cater to specific patient medication schedules. For instance, Westrock Company offers various customized medication adherence packaging solutions for patients with conditions like diabetes, blood pressure, anxiety etc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
