In 2022, the global smart pill boxes and bottles market size was valued at US$ 144.2 million, and it is projected to reach US$ 160.2 million in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 9.3% between 2023 and 2033, reaching US$ 388.2 million by the end of 2033. The healthcare industry has long been concerned about medication adherence, as non-adherence can lead to various problems, including death and increased healthcare costs. Smart pill boxes and bottles, which help patients take their medication on time and without errors, have garnered interest in the global market.
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Smart pill boxes and bottles are multi-compartment devices designed to store medication doses and aid patients in adhering to their medication schedules. By making drug dispensing easier, these devices can enhance patients’ medication compliance and adherence.
The increasing prevalence of chronic conditions and rising healthcare costs have led to a growing demand for smart pill boxes and bottles as a potential solution. The dementia sector is expected to hold a significant market share due to the growing senior therapy pool, which is more susceptible to dementia. From 2017 to 2022, the dementia market grew at an 11.2% CAGR, and it is projected to grow at a CAGR of 9.3% from 2023 to 2033.
The World Health Organization estimates that over 50 million people worldwide have dementia, with around 60% living in low- and middle-income countries. Each year, approximately 10 million new cases are reported, and the estimated proportion of the general population aged 60 and above with dementia is between 5-8%.
North America is the core of the smart pill boxes and bottles market, accounting for a significant market share in 2023. The region’s advanced R&D facilities, increased prevalence of chronic diseases, presence of leading market players, and the growing need for tablets with simple dispensing and easy-to-open systems for the elderly population are driving market growth.
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Competitive Landscape
Key Players in the Smart Pill Boxes and Bottles Market are: Adhere Tech, Medipense Inc., Koninklijke Philips N.V., Pillsy, Inc., MedMinder, PharmRight Corporation & Livi, MedReady Inc., e-pill, LLC, DoseSmart Inc, SMRxT INC, Pillo, INC, and Prill Drill, Inc. are a few of the top makers of smart pill boxes & bottles.
The global market for smart pills boxes and bottles is competitive in nature with only a few large manufacturers. In terms of volume, vendor environment for smart pill boxes and bottles is fairly consolidated and competitive, with tier-1 manufacturers continuing to account for a majority of the market share.
- Group Medical Supply LLC, e-pill Medication Reminders, Medipense Inc., Medminder, Inc., MedReady, PharmRight Corporation, PillDrill Inc., and Pillo, Inc. hold a significant market share.
- Koninklijke Philips N.V., PharmRight Corporation & Livi, and AdhereTech dominate the smart pill boxes and bottles market, with product innovation, new releases, and technological improvements driving rivalry among these competitors.
- In November 2020, serial entrepreneur Jonathan Milner, Catapult Ventures, and Shallcross Partners invested GBP 510,000 in Pill Connect, formerly known as Elucid mHealth, for the commercial launch of their electronic smart pill container in the United States and Europe.
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Key Segments Smart Pill Boxes & Bottles Industry Survey
Smart Pill Boxes & Bottles Market by Product:
- Smart Pill Boxes
- Smart Pill Bottles
Smart Pill Boxes & Bottles Market by Indication:
- Dementia
- Parkinson’s Disease
- Cancer Management
- Diabetes Care
- Geriatric Care
- Disability
- Others
Smart Pill Boxes & Bottles Market by End User:
- Seniors Care & Assisted Living
- Long-term Care Centers
- Home Care Settings
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