The Global Smart Pill Boxes and Bottles Industry, valued at $144.2 million in 2022, is on a trajectory of unprecedented growth, with expectations to reach $160.2 million in 2023. A recent research study conducted by Future Market Insights (FMI) reveals a robust forecast, estimating a remarkable 9.3% Compound Annual Growth Rate (CAGR) between 2023 and 2033. By the end of 2033, the industry is anticipated to soar to a staggering US$ 388.2 million.
The smart pill boxes and bottles market, characterized by its high growth and low volume landscape, is expected to witness a surge in sales. In 2019, sales of these innovative healthcare solutions reached around 800 thousand units. FMI’s comprehensive analysis suggests that smart pill boxes will account for over 43% of the total sales, with an envisaged higher adoption rate of smart pill bottles.
A noteworthy insight from the study highlights the critical role these smart devices play in addressing medication adherence challenges. Nearly 70% of adult patients exhibit a tendency to discontinue or manipulate drug therapy, contributing to non-adherence to prescribed medication. This behavior directly adds to the economic burden on healthcare delivery systems, leading to an increase in emergency cases.
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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 are accounted for by aging patients and the 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 Global Smart Pill Boxes and Bottles Industry. 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 Global Smart Pill Boxes and Bottles Industry 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.
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The vendor landscape of the Global Smart Pill Boxes and Bottles Industry 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 and 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 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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