Market research future published a half-cooked research report on Global Multi-Med Adherence Packaging Market that contains the information from 2017 to 2023. Global multi-med adherence packaging market is expected to grow with the CAGR of approximately 5.8% from 2017 to 2023. Continuous growth in the pharmaceutical industry is fuelling the overall growth of the multi-med adherence packaging market.
Taste the market data and market information presented through more than 85 market data tables and figures spread in 140 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Multi-Med Adherence Packaging Market Information from 2017 to 2023“
The prominent players in the global multi-med adherence packaging market include Omnicell, Inc. (U.S.), Manrex Limited (Canada), Ropack Inc. (Canada), Rx Systems, Inc. (U.S.), Synergy Medical (Canada), Black & Shepard OHG (Germany), TCGRx (U.S.), Excellere Partners (U.S.), and CuePath Innovation Inc. (U.S.).
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Improving medication adherence is the primary factor diving the growth of the market. Earlier, pill sorting, had traditionally been consuming and confusing. It simplifies medication programs. Multi-med adherence packaging helps patients take the right pills and the right dose, at the right time. It gives a visual indication of the tablets taken previously and your next dose, because each pack is labelled with the date, day of the week and time of administration. Additionally, continuous growth in the pharmaceutical industry is also fuelling the growth of multi-med adherence packaging. However, high lack of information among patients and even among individuals about multi-med adherence packaging may hamper the growth of the market.
In multi-med adherence packaging, pharmacies or hospitals put multiple doses into prefilled medicine packs and each pack is labelled with the date, day of the week and time of administration. Multi-med adherence packaging helps the patient take the right pills and right dose, at the right time. This packaging simplifies the medication programs and improves medication adherence. This factor drives the growth of the market. Additionally, the continuous growth in the pharmaceutical industry also fuels the overall growth of the multi-med adherence packaging market. However, the fluctuating prices of raw materials may hamper the growth of the market.
Global multi-med adherence packaging market is projected to grow at a CAGR of 5.96% during the forecast period.
Market Research Analysis:
On the basis of material, the market is segmented as plastic, paper and aluminum foil. Plastic accounted for the largest market share of 57.70% in 2016, with a market value of USD 210.5 million and is projected to grow at the highest CAGR of 6.48% during the forecast period. Different types of plastics such as polyethylene (PE), Polypropylene (PP), and polyvinyl chloride (PVC), are used. Plastic offers good visibility to the product and provides secure & attractive packaging. Additionally, it is durable, clean, lightweight, transparent, and cost-effective. Aluminum Foil was the second-largest market in 2016, valued at USD 93.4 million in 2016; it is projected to grow at a CAGR of 5.42%.
On the basis of end user, the market is segmented as retail pharmacies, hospital, and long term care facility. Retail Pharmacies accounted for the largest market share of 42.60% in 2016, with a market value of USD 155.4 million. Growing need to prevent dispensing errors, and thereby improving the operational capacity, are the factors driving the adoption of adherence packaging in retail pharmacies. Long Term Care Facility was the second-largest market in 2016, valued at USD 120.7 million in 2016; it is projected to grow at the highest CAGR of 6.29%.
North America region dominates the global multi-med adherence packaging market
On the basis of regions, global multi-med adherence packaging market is segmented as North America, Europe, Asia-Pacific and Rest of the World (RoW). North America dominates the global multi-med adherence packaging market. High rate of non-adherence of medication, and increase in funding by government agencies, are driving the growth of the multi-med adherence packaging market in North America.
Europe is the fastest-growing market for multi-med adherence packaging market. Presence of leading multi-med adherence packaging companies, and increasing cases of cardiovascular diseases, are driving the growth of the market in the region. Asia-Pacific region is expected to contribute significantly, during the forecast period, due to rising awareness among the consumers, growing urbanization.
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