The global market for smart pill boxes and bottles soared to a value of $144.2 million in 2022 and is poised to reach $160.2 million in 2023. What’s even more exciting is the projected growth between 2023 and 2033, with a robust 9.3% Compound Annual Growth Rate (CAGR) that’s anticipated to propel the market to a staggering $388.2 million by 2033.
Unlocking the Potential: Smart Pill Boxes and Bottles Take Center Stage
Back in 2019, sales of smart pill boxes and bottles were in the vicinity of 800,000 units. Today, Future Market Insights (FMI) paints an intriguing picture – a high-growth, low-volume landscape that is reshaping the healthcare industry. More than 43% of this transformation will be attributed to smart pill boxes, and a higher rate of adoption is expected for smart pill bottles.
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The Medication Adherence Challenge
A recent analytical research study by FMI has revealed a stark reality: nearly 70% of adult patients exhibit discontinuation or manipulation of drug therapy, leading to non-adherence to prescribed medication. This, in turn, imposes a substantial economic burden on the healthcare delivery system, resulting in increased emergency cases and healthcare costs.
The future of healthcare is now, and it’s smart. The smart pill boxes and bottles market is on the brink of revolutionizing medication adherence and transforming healthcare delivery.
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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 the increasing prevalence of chronic conditions, propelling demand for smart pill boxes and bottles.
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 population. 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.
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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 market opportunities for smart pill boxes and bottle manufacturers and distributors.
North America continues to reign supreme owing to the early adoption of advanced technology-enabled smart pill boxes and bottles, 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 the share in the market in terms of volume. While the dominance of Koninklijke Philips N.V., PharmRight Corporation & Livi, and AdhereTech prevails in the smart pill boxes and bottles market, the report finds that the competition among these players is characterized by product innovation, new launches, and technological advancements.
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
- LoLong-Termare Centers
- Home Care Settings
By regions
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa (MEA)
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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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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