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Feb 11, 2023

News provided by Share this article Share this article The global medication reminder devices market is anticipated to observe impressive growth during the forecast period, 2023-2027 The major factors include increase in number of several diseases, rising awareness about medical adherence, and technological advancements, are bolstering the growth of the market, globally. The other factors supporting the market's growth are increase in population, rapid urbanization, large patient pool, and changing lifestyle. Medication reminder devices is a device which uses an alarm cue to urge users to take medication. It ensures medical adherence in all age of individuals, specially benefits old age population and mild dementia patients. Also, growing investments in technological research and product innovation, increase in elderly generation base, and support from governments related to smart device development are augmenting the growth of the market. Rising number of various diseases supports market growth Over the past few years, rise in various diseases such as cancer, chronic immune deficiencies, congestive heart failure, diabetes, and others are facilitating the growth of the market. Owing to the stressed and busy lifestyle, people often forget their medication, which in turn surge the demand for medication reminder devices. These medication reminder devices help to improve adherence as people of all ages tend to forget. In addition to these, ae a person ages, the que of medications by doctors grows and so does the number of medicines per day. Thus, in turn, propels the market growth, globally. According to World Health Organization (WHO), about 40% of the total country's populace experiences chronic diseases, approximately 133 million. Technological Advantages Rapid technological advancements such as IoT based and AI based medication reminder devices, which are bolstering the growth of the market. The improvements and new innovations are made in order to make people's lives easier. Increasing demand for personalized healthcare technologies are driving the market growth, globally. Rising Awareness about Medication Adherence The rising interest among people about medication adherence, is the propelling factor for the growth of the market, globally. Medication adherence programs intend to improve patient compliance. For instance- ESPACOMP has announced that it will consolidate its 26th annual conference from 17th to 19th November 2022 in Germany. The topic of this year's conference will be: "Medication Adherence and Patient Safety." Governments and non-government organizations fund this type of conferences and events across the year to educate patients and caregivers regarding medication adherence. Thus, in turn, increasing the market growth, globally. The rising geriatric population base is also further augmenting the growth of medication reminder devices market. Competitive Landscape InforMedix Holdings, Inc.