Smart Pill Boxes and Bottles Market is anticipated to reach US$ 388.2 Million by 2033
The global market for smart pill boxes and bottles was valued at $144.2 million in 2022 and is estimated to reach 160.2 million in 2023. The market for smart pill boxes and bottles is predicted to grow at a 9.3% CAGR between 2023 and 2033, reaching US$ 388.2 million by the end of 2033.
Medication adherence has long been a source of concern in the healthcare business. Adherence to adequate drug therapy is frequently associated with problems, death, and increased healthcare expenses. Patients can increase their medication adherence by using smart medication adherence devices such as smart pill boxes and bottles. This has heightened interest in the global smart pill boxes and bottle sector.
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A little pill box or pill container is a multi-compartment compliance tool for storing medicine doses. The use of smart pill boxes and bottles allows patients to ingest medications on time and without errors, making drug dispensing easier. As a result, smart pill boxes and bottles can help patients improve their drug compliance and adherence.
Smart pill boxes and bottles are increasingly being perceived as a potential solution to such challenges posed by increased healthcare delivery costs. Significance of medication adherence continues to rise with increasing prevalence of chronic conditions, propelling demand for smart pill boxes and bottles.
Given the growing senior therapy pool, which is more prone to dementia, the dementia sector is expected to hold a substantial market share. Before, the dementia market grew at an 11.2% CAGR from 2017 to 2022. From 2023 to 2033, the dementia category is predicted to grow at a CAGR of 9.3%.
The WHO estimates that over 50 million people globally have dementia, with approximately 60% living in low- and middle-income countries. Each year, approximately 10 million new cases are reported. At any given time, the estimated proportion of the general population aged 60 and up with dementia is between 5-8%.
North America continues to be the core of smart pill boxes and bottles market growth, accounting for a sizable market share in 2023. The availability of advanced R&D facilities, the increased prevalence of several chronic diseases, the presence of leading market players, and the growing need for tablets with simple dispensing systems and easy-to-open systems for the elderly population are driving growth in the North American market.
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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:
- Parkinson’s Disease
- Cancer Management
- Diabetes Care
- Geriatric Care
Smart Pill Boxes & Bottles Market by End User:
- Seniors Care & Assisted Living
- Long-term Care Centers
- Home Care Settings
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