The USA has emerged as one of the most lucrative markets for intelligent pill bottles and boxes, and this pattern is anticipated to hold during the projection period. The rise in the prevalence of chronic diseases including diabetes, cancer, and dementia, the strong presence of top smart pill boxes ...
The USA has emerged as one of the most lucrative markets for intelligent pill bottles and boxes, and this pattern is anticipated to hold during the projection period. The rise in the prevalence of chronic diseases including diabetes, cancer, and dementia, the strong presence of top smart pill boxes and bottle makers, and the quick growth of the automatic pill dispenser industry are all contributing factors to the market’s expansion in the USA.
NEWARK, Del: The global smart pill boxes and bottles market was estimated at US$ 144.2 million in 2022 and is estimated to reach US$ 160.2 million in 2023. With the increased use of smart pill boxes and bottles to improve medication adherence in patients, the market is expected to record a CAGR of 9.3% from 2023 to 2033, attaining US$ 388.2 million by the end of 2033.
Increasing Risk of Chronic Diseases Drives the Smart Pill Boxes & Bottles Market Growth
The smart pill boxes and bottle market is expanding as a result of a considerable rise in the elderly population, chronic diseases, and the incidence of problems linked to lifestyle. The market continues to grow as a result of increased research and development efforts to create smart pills. Bioelectronics, microprocessors, micro-cameras, miniaturization, and other technological breakthroughs in smart pills are expected to provide profitable prospects in the future.
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Growth Roadblocks in the Smart Pill Boxes & Bottles Market
Despite the fact that the usage of smart pill boxes and bottles has significantly boosted medication adherence in patients, a number of difficulties are impeding the market growth. The expensive cost of smart pill boxes and bottles, as well as a lack of awareness of smart pill dispensers in emerging markets, are among these factors.
Stringent government restrictions governing the expanding usage of these devices, as well as the high cost of ingestible sensors, are further expected to limit the market expansion.
Asia Pacific to Experience the Profitable Growth Potential in the Market
Asia Pacific is seeing robust growth due to factors like the ageing population’s increased susceptibility to chronic diseases, growing public awareness, supportive governmental policies, rising healthcare costs, and the modernization of the medical infrastructure, particularly in developing countries like India, China, and Japan. The market growth is impacted by the prevalence of psoriasis and the rise in awareness about it.
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Key Takeaways
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Competitive Landscape
There are a few key companies in the competitive market for smart pill boxes and bottles. A sizeable portion of the market is controlled by businesses, including e-pill Medication Reminders, Group Medical Supply LLC, Medipense Inc., Medminder Inc., MedReady, PharmRight Corporation, PillDrill Inc., and Pillo Inc.
Recent Development
Strategic Agreement
In June 2021, AdhereTech and AARDEX Group reached a strategic agreement. Through this agreement, the innovative Medication Event Monitoring System (MEMS) from AARDEX is going to be linked to AdhereTech’s Smart Adherence System, which includes the AdhereTech Smart Pill Bottle.
Strategic Partnership
In February 2021, Pill Connect Ltd. entered into a strategic partnership with AARDEX Group, the world leader in medication adherence solutions. Through the arrangement, Pill Connect’s add-on solutions for medication delivery devices and AARDEX’s proprietary Medication Event Monitoring System (MEMS) are going to be connected.
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A smart pill box is a medication management device that helps patients adhere to their prescribed medication schedules by providing reminders and tracking usage.
CAGR stands for Compound Annual Growth Rate, which is the rate at which an investment grows annually over a specified time period, assuming profits are reinvested.
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