Global Multi-Med Adherence Packaging Market Growth, Analysis, Trends, Future Scope, Size by Material (Plastic, Paper and Aluminum Foil), By Product (Blister Card and Pouches), by End User (Retail Pharmacies, Hospital, and Long Term Care Facilities) and By Region - Global Forecast To 2023
Multi-Med Adherence Packaging Market Analysis
The global multi-med adherence packaging market is predicted to grow at a 5.96% CAGR over the forecast period (2017-2023), reveals the new Market Research Future (MRFR) report. Multi-med adherence packaging assists patients to take the right medication, at the right time, and at the right dose. Each pack is labelled with date, time of administration, and day of the week. This form of packaging is labeled with pass time, strength, and instructions by ensuring the distribution to the patient.
Various factors are driving the growth of the multi-med adherence packaging market. These factors, in accordance with the Market Research Future (MRFR) report, include constant growth in the pharmaceutical industry, need to minimize medication wastage, growing rate of medication nonadherence, and initiatives undertaken by government agencies for packaging types which improve the regime of medicine intake of patients.
On the contrary, lack of awareness, lack of marketing, and fluctuation in the prices of raw materials are factors that may hamper the multi-med adherence packaging market growth during the forecast period.
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Leading players profiled in the multi-med adherence packaging market report include
- Parata Systems, LLC (US)
- TCGRx (US)
- Drug Package LLC (US)
- Global Factories Group (The Netherlands)
- Jones Packaging Inc. (US)
- Cardinal Health, Inc. (the US)
- Rx Systems, Inc. (US)
- Manrex Limited (Canada)
- Omnicell, Inc. (US).
June 2019: Pharmaceutical giant Pfizer has joined hands with Popit, the Finnish health tech startup to offer support to those taking rheumatoid arthritis medicines. Popit’s adherence solution will be provided to Pfizer patients, that will monitor pill-taking through a smart device and also alert users through an app should they miss their medication.
The Market Research Future report offers a wide segmental analysis of the multi-med adherence packaging market based on end users, product, and materials.
Based on material, the multi-med adherence packaging market is segmented into aluminum foil, paper, and plastic. Of these, the plastic segment will have the largest share in the market over the forecast period. Various forms of plastics such as polyvinyl chloride (PVC), polypropylene (PP), and polyethylene (PE) are used. They are durable, lightweight, clean, cost-effective, and transparent. The aluminum foil segment will have the second largest share in the market.
Based on product, the multi-med adherence packaging market is segmented into pouch and blister cards. Of these, blister cards will dominate the market over the forecast period. Blister cards helps to safeguard small medical devices and medicines from odor, moisture, and oxygen and also improve their shelf life. These cards can help with temperature fluctuations, which can take place during shipping.
Based on end user, the multi-med adherence packaging market is segmented into long-term care facility, hospital, and retail pharmacies. Of these, retail pharmacies will lead the market over the forecast period. This is owing to growing need to prevent dispensing errors, and improve the operational capacity. Long-term care facilities include assisted living facilities, skilled nursing facilities, and nursing homes. The long-term care facilities segment will grow at the highest CAGR.
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Based on the region, the multi-med adherence packaging market covers growth opportunities and the latest trends across Asia Pacific, North America, Europe, and Rest of the World. Of these, North America will dominate the market over the forecast period. This is owing to increasing funds by government agencies, the growing rate of medication non-adherence, and growing pharmaceuticals market. The US is the key contributor here.
The multi-med adherence packaging market in Europe will have the second largest share in the market over the forecast period. This is owing to significant funding made by the government for research and development, the presence of renowned adherence packaging companies, growth in aging population, and growing prevalence of cardiovascular diseases.
The multi-med adherence packaging market in the APAC region will have favorable growth over the forecast period. This is owing to growing urbanization, growing awareness among consumers, and also increasing affluence in the region. Japan, India, as well as China are the key contributors here.
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