The Global Smart Pill Boxes & Bottles Industry is currently undergoing a transformative phase, as per a recent in-depth analysis conducted by Future Market Insights (FMI). The industry, valued at US$144.2 million in 2022, is on the brink of a remarkable journey, poised to reach US$160.2 million in 2023, signaling a promising trajectory for stakeholders.
FMI’s exhaustive study unveils a compelling narrative of sustained growth, projecting an impressive Compound Annual Growth Rate (CAGR) of 9.3% from 2023 to 2033. This upward trend is anticipated to lead the industry to an estimated valuation of US$ 388.2 million by the close of 2033. The comprehensive analysis emphasizes the robust growth potential of the Global Smart Pill Boxes And Bottles Industry, portraying a sector ready for unprecedented expansion.
One of the key drivers behind the growth of the smart pill boxes and bottle market is the persistent issue of non-adherence to prescribed medication among adult patients. Studies show that almost 70% of adult patients either discontinue or manipulate their drug therapy, leading to detrimental effects on their health and imposing a significant economic burden on healthcare delivery systems through increased emergency cases and hospitalization.
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Smart pill boxes and bottles are increasingly being perceived as a potential solution to such challenges posed by increased healthcare delivery costs. The significance of medication adherence continues to rise with an increasing prevalence of chronic conditions, propelling demand for the Global Smart Pill Boxes And Bottles Industry.
Dementia and geriatric care remain the key application areas of smart pill boxes and bottles, according to the report. More than 80% of sales is accounted for by aging patients and dementia-afflicted populations. Cancer management is likely to emerge lucrative in terms of applicability in the coming years.
With surging demand for high-quality healthcare delivery, senior care centers, hospitals, long-term care centers, and home care settings are accelerating the adoption of medication dispensers, thereby elevating the revenue growth of the smart pill boxes and bottle market. Some of the leading companies are actively involved in the development of advanced technology medication dispensing devices with zero error risks during medication.
Home care settings maintain the highest consumption share in the smart pill boxes and bottles market which roughly equates to 65% of total sales. Almost a fifth of smart pill boxes and bottles sold are installed at senior care and assisted living centers. FMI’s analysis indicates that long-term care centers are also creating promising
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market opportunities for Global Smart Pill Boxes And Bottles Industry manufacturers and distributors.
North America continues to reign supreme owing to early adoption of advanced technology-enabled Global Smart Pill Boxes And Bottles Industry, accounting for more than a third of the global market revenue. The European market for smart pill boxes and bottles also represents a substantial volume share, majorly driven by German patients. South and East Asian regions are briskly developing high-potential markets for manufacturers and distributors of smart pill boxes and bottles, says the report.
The vendor landscape of the smart pill boxes and bottles market remains fairly consolidated and competitive, as Tier 1 manufacturers continue to account for a majority of share in the market in terms of volume. While the dominance of Koninklijke Philips N.V., PharmRight Corporation & Livi, and AdhereTech prevails in the Global Smart Pill Boxes And Bottles Industry, the report finds that the competition among these players is characterized by product innovation, new launches, and technological advancements.
Global Smart Pill Boxes & Bottles Industry Key Segment
By product type
- Smart Pill Box
- Smart Pill Bottles
By indication
- dementia
- Parkinson’s disease
- cancer management
- diabetes care
- geriatric care
- disability
- others
By end user
- Seniors Care & Assisted Living
- Long Term Care Centers
- Home Care Settings
By regions
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa (MEA)
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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