Smart Pill Boxes & Bottles Market Size worth US$ 254.7 Mn at 9.9% CAGR by 2028 | Study by FMI
June 23, 2022
In order to improve this medication adherence, patients adopt smart medication adherence technologies like smart pill boxes and bottles. This has brought the global smart pill boxes and bottles market into the spotlight.
/EIN News/ -- NEWARK, Del, June 23, 2022 (GLOBE NEWSWIRE) -- Smart Pill Boxes & Bottles Market is expected to reach US$ 254.7 Mn in 2028, growing at a CAGR of 9.9% CAGR during the forecast period 2022-2028.
Sales of smart pill boxes and bottles are likely to reach around 800 thousand in 2019. According to a new analytical research study by Future Market Insights (FMI), smart pill boxes and bottles market will remain a high growth-low volume landscape over the course of next few years. Over 43% of total sales will be accounted by smart pill boxes. The report envisages a higher rate of adoption for smart pill bottles.
Almost 70% of adult patients are observed to discontinue or manipulate drug therapy, resulting in non-adherence to prescribed medication. The study opines that this directly adds to the economic burden on healthcare delivery system in form of emergency cases and hospitalization.
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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. Significance of medication adherence continues to rise with 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 by aging patients and dementia-afflicted population. Cancer management is likely to emerge lucrative in terms of applicability in coming years.
The vendor landscape of smart pill boxes and bottles market 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 dominance of Koninklijke Philips N.V., PharmRight Corporation & Livi, and AdhereTech prevails in 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.
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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