Smart Pills Boxes and Bottles Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Smart Pills Boxes and Bottles Market Analysis
The smart pills boxes and bottles market is expected to register a CAGR of 6.1% over the forecast period.
The COVID-19 pandemic impacted the smart pills boxes and bottles market. Gaps in the global supply chain, like an impact on the sourcing, acquisition, and distribution of pharmaceutical products, APIs, medical supplies, and equipment were substantial. Traditional methods of interacting with clinicians and supporting patients were no longer viable during the initial phase of the pandemic, which resulted in pharmaceutical companies facing potentially catastrophic barriers, such as lower sales, during this time of crisis. In addition, during the initial phase of the pandemic, telemedicine gained prominence. For instance, according to the research article published by the Department of Radiology at the Memorial Sloan Kettering Cancer Center (MSKCC), in May 2020, its therapy operations, initial consultations, and all follow-up consultations were shifted to telemedicine. This was done to minimize the direct contact between patients and doctors, thus controlling the spread of the coronavirus. Thus, the market witnessed slow growth during the initial days of the pandemic. However, in the later times of the pandemic, with the ease of restrictions and upliftments of the lockdown the market started to gain traction and is expected to continue the upward trend over the forecast period.
The growing burden of chronic disorders and the aging population, as well as technological advancements, are the major factors driving market growth. The diverse range of diseases, primarily cardiovascular disease, infectious diseases, diabetes, and kidney-related complications, has a high prevalence globally. For instance, according to the estimates of the Global Cancer Observatory, in 2020, there were an estimated 458 thousand new cancer cases diagnosed and 180 thousand cancer deaths in the United Kingdom. Currently, smart pills are widely used for the treatment of cancer; therefore, increasing cases of cancer are anticipated to propel the demand for smart pills, which in turn may positively impact the market over the forecast period.
Furthermore, increasing cases of cardiovascular diseases across the globe are also propelling market growth over the forecast period. For instance, according to the British Heart Foundation's report titled "UK Factsheet," published in July 2021, there were 7.6 million people in the United Kingdom living with heart and circulatory diseases. Similarly, according to the article published by the CDC in September 2021, heart disease is one of the leading chronic diseases in the United States. The same source also reported that every year, about 805,000 Americans have a heart attack. Moreover, product launches are another factor driving market growth. For instance, in November 2020, Pill Connect, formerly known as Elucid mHealth, received GBP 510,000 (USD 619290.45) in funding from serial entrepreneur Jonathan Milner, Catapult Ventures, and Shallcross Partners for the commercial launch of its electronic smart pill bottle in the United States and Europe. Therefore, owing to such instances, considerable market growth is anticipated over the forecast period.
However, high-cost issues may hinder the market growth over the forecast period.
Smart Pills Boxes and Bottles Market Trends
Long-term Care Centers Segment is Expected to Witness Considerable Growth Over the Forecast Period
Long-term care facilities are healthcare centers that provide a variety of services, including both medical and personal care, to people who are unable to live independently and for geriatric patients. People frequently need long-term care when they have a severe, continuing health ailment or disability. The necessity for long-term care can arise suddenly, such as after a heart attack or stroke.
The growing prevalence of chronic diseases, coupled with the increasing geriatric population globally, is the major factor driving the segment's growth over the forecast period. For instance, as per the World Population Ageing Report, in the United States, the number of people above 65 years of age is projected to reach 70.84 million by 2030 from 53.34 million in 2021, and the 65-and-older age group's share in the total population may rise from 16.2% in 2021 to 20.3% by 2030, showing a positive impact on the market. The older population is often susceptible to osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia. For instance, according to the data published by the Alzheimer's Association in 2021, around 5.8 million people aged 65 years and older suffered from Alzheimer's disease in the United States in 2021, and this number is expected to reach around 13.8 million in 2050. Smart pills eliminate the need for invasive procedures, and wireless communication allows for real-time information transfer, while advances in batteries and onboard memories make them useful for long-term sensing from the body. Thus, smart pills for long-term care play an integral part in remote patient monitoring. Since long-term care centers are widely used for treating such conditions, increasing cases of Alzheimer's dementia are anticipated to propel segment growth over the forecast period. Furthermore, market players focusing on developing technologically advanced smart pill boxes are also driving the market globally. For instance, AdhereTech is a startup specially involved in developing smart wireless pill bottles for senior assisted living and long-term care centers.
Therefore, owing to the abovementioned factors, considerable segment growth is anticipated over the forecast period.
Understand The Key Trends Shaping This Market
North America is Expected to Witness Significant Growth Over the Forecast Period
North America is expected to dominate the overall smart pills boxes and bottles market over the forecast period. The growth is due to factors such as the rising prevalence of various chronic conditions, the rising geriatric population, and technological advancements. The United States has witnessed a considerable rise in the number of cancer patients. For instance, according to the estimates of the American Cancer Society, in 2021, there were an estimated 1.89 million new cancer cases diagnosed and 608 thousnd cancer deaths in the United States. Since smart pills are widely used for the treatment of cancer, increasing cases of cancer in the region are anticipated to propel market growth in the North American region.
Key product launches, a high concentration of market players or manufacturers' presence, acquisitions and partnerships among major players, and increasing cases of chronic diseases in the United States are some of the factors driving the growth of the smart pill boxes and bottle market in the country. For instance, as per the 2021 data from the CDC, every year, 805 thousand people in the United States have a heart attack; 605 thousand of these result in a first-time heart attack, while 200,thousand are caused by previous heart attacks. Similarly, as stated by the American Heart Association 2021 journal, it is estimated that by the year 2035, more than 130.0 million adults in the United States will have some type of heart disease. With this increasing burden of heart disease in the country, demand for smart pills is on the rise, which in turn is propelling market growth in the country.
Therefore, owing to the increasing prevalence of chronic diseases in the region, the demand for smart pills and smart pills boxes and bottles is anticipated to increase, which in turn may spur market growth in the North America Region.
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Smart Pills Boxes and Bottles Industry Overview
The smart pills, boxes, and bottles market is consolidated and consists of a few major players occupying the major share of the market in terms of volume. Companies like e-pill Medication Reminders, Group Medical Supply LLC, Medipense Inc., Medminder Inc., MedReady, PharmRight Corporation, PillDrill Inc., and Pillo Inc. dominate the smart pill container and bottle market, the report reveals that new products, new products, and technological advancements characterize the competition between these players.
Smart Pills Boxes and Bottles Market Leaders
Medminder, Inc.
PharmRight Corporation
Medipense Inc.
e-pill Medication Reminders
MedReady
*Disclaimer: Major Players sorted in no particular order
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Smart Pills Boxes and Bottles Market News
- In January 2023, Oxfordshire County Council's Innovation Hub team launched a smart box that reminds people to take their medication on time and a mobile device with a fall sensor in United Kindom.
- In January 2022, the Vancouver company created its first smart pillbox, Loba, which combines aesthetics and functionality. Loba features a slick design with detachable compartments that store a week's worth of pills, split into AM and PM sections.
Smart Pills Boxes and Bottles Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Chronic Disorders and Geriatric Population
4.2.2 Technological Advancements
4.3 Market Restraints
4.3.1 High Cost Issues
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product Type
5.1.1 Smart Pill Boxes
5.1.2 Smart Pill Bottles
5.2 By Indication
5.2.1 Dementia
5.2.2 Cancer Management
5.2.3 Diabetes Care
5.2.4 Other Indications
5.3 By End User
5.3.1 Home Care Settings
5.3.2 Long Term Care Centers
5.3.3 Hospitals
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 e-pill Medication Reminders
6.1.2 Group Medical Supply LLC
6.1.3 Medipense Inc.
6.1.4 Medminder Inc.
6.1.5 MedReady
6.1.6 PharmRight Corporation
6.1.7 PillDrill Inc.
6.1.8 Pillo Inc.
6.1.9 Koninklijke Philips NV
6.1.10 Pill Connect
6.1.11 AdhereTech
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Smart Pills Boxes and Bottles Industry Segmentation
As per the scope of the report, the smart pill boxes and bottles are focused on patients who frequently take medications or on attendants who deal with the more seasoned patients. These smart pill boxes and bottles are programmable and enable medical caretakers or clients to determine the pill amount and timing to take pills, as well as the service times for every day. The Smart Pills Boxes and Bottles Market is Segmented by Product Type (Smart Pill Boxes and Smart Pill Bottles), Indication (Dementia, Cancer Management, Diabetes Care, and Other Indications), End User (Home Care Settings, Long Term Care Centers, and Hospitals), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD) for the above segments.
| By Product Type | |
| Smart Pill Boxes | |
| Smart Pill Bottles |
| By Indication | |
| Dementia | |
| Cancer Management | |
| Diabetes Care | |
| Other Indications |
| By End User | |
| Home Care Settings | |
| Long Term Care Centers | |
| Hospitals |
| Geography | ||||||||
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| Rest of the World |
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Smart Pills Boxes and Bottles Market Research FAQs
What is the current Smart Pills Boxes and Bottles Market size?
The Smart Pills Boxes and Bottles Market is projected to register a CAGR of 6.10% during the forecast period (2024-2029)
Who are the key players in Smart Pills Boxes and Bottles Market?
Medminder, Inc. , PharmRight Corporation , Medipense Inc. , e-pill Medication Reminders and MedReady are the major companies operating in the Smart Pills Boxes and Bottles Market.
Which is the fastest growing region in Smart Pills Boxes and Bottles Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Smart Pills Boxes and Bottles Market?
In 2024, the North America accounts for the largest market share in Smart Pills Boxes and Bottles Market.
What years does this Smart Pills Boxes and Bottles Market cover?
The report covers the Smart Pills Boxes and Bottles Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Smart Pills Boxes and Bottles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Smart Pills Boxes and Bottles Industry Report
Statistics for the 2023 Smart Pills Boxes and Bottles market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Smart Pills Boxes and Bottles analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Smart Pills Boxes and Bottles Market Report Snapshots
