Smart Pill Boxes & Bottles Market
Smart Pill Boxes & Bottles Market: By Product Type, By Indication, By Distribution Channels : Global Market Analysis, Trends, Opportunity and Forecast, 2020-2025Request Sample Request Discount
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Smart pill boxes and bottles are advanced programmable boxes and bottles designed for patients who frequently take medications and whose prescription of medicine is long enough to remember.
Poor medication adherence due to dementia and other possible problems give rise to illnesses, treatment failures and permanent diseases like diabetes, breathing problem, blood pressure, heart problems, cancer diseases etc.
By keeping a record of the amount of pills consumed by the patients, their timings, as well as services provided in a stipulated period of time, these smart boxes act as pill organizers. They sense if the pills were taken out from the box or not and remind the user to take pills accordingly by means of text, phone-call, light and sound. They are preferred over traditional pills technology as they aid in better patient compliance, patient monitoring, increased understanding and awareness in endoscopy procedures and control in the usage of drugs etc.
The global smart pill boxes and bottles market is anticipated to grow at a CAGR of around 4-8% over the period of next 5 years.
The growth of this market is attributed towards major pertaining factors including; the proliferating demand for personalized medicine and minimally invasive procedures worldwide, the growing need for medication adherence which is linked with reducing associated healthcare costs, the growing prevalence of chronic disorders, the ever-increasing geriatric population and the improving medication compliance with smart pill bottles/dispensers globally among other factors.
Additionally, the surging demand for hygiene and efficiency is leading to vast number of technological advancements and new innovations in the existing systems. Some of the recent advancements in the form of automated packaging, 3D printing, new distribution channels like e-commerce are setting new opportunities for the growth of this market. Also, many market players are seen to be emphasizing on developing technologically advanced smart pill boxes for application. For instance, AdhereTech, a startup is especially involved in developing smart wireless pill bottles for senior assisted living and long-term care centers.
Moreover, there is burgeoning demand and adoption of medication dispensers currently among senior care centers, hospitals, long-term care centers, and homecare settings due to the augmenting demand for high-quality healthcare delivery across major regions. The evolving competition among manufacturers to provide quality care to patients is leading to the development of devices with zero error risks during medication. This is leading to the enhanced usage of medication dispensers by hospital, long term care centers, senior care centers and homecare settings to provide quality care with minimum risk of error which in turn is fueling the growth of the smart pill box and bottles market considerably.
Furthermore, other factors such as the increasing prevalence of a diverse range of diseases among all age groups, the increase in demand and adoption of home care and the susceptibility of old aged people to osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia etc. further contribute in the fueling of growth of this market.
However, factors such as the high cost of smart pill boxes & bottles and the lacking awareness regarding their benefits contribute in the hindering of growth of this market.
SMART PILL BOXES & BOTTLES MARKET SEGMENTATION:
By Product Type:
- Smart Pill Box
- Smart Pill Bottles
- Diabetes Care
- Geriatric Care
- Parkinson’s Disease
- Cancer Management
By Distribution Channels:
- Seniors Care & Assisted Living
- Long Term Care Centers
- Home Care Settings
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The North American region is the most prominent regional market for smart pill boxes and bottles and is anticipated to continue to dominate in the forthcoming years as well. This can be attributed to various associated factors such as the presence of advanced research and development facilities across major economies in the region, the increasing prevalence of various chronic condition & cancer cases in the region, the early and high adoption rate of advanced technologies in the region and the surging demand for pills with easy dispension systems in the region etc. The major contributors to the region include the U.S and Canada.
The Asia Pacific region on the other hand is the fastest growing regional market for smart pill boxes and bottles. Dominated by countries such as the India and China, the region’s growth can be mainly attributed to factors such as the spurring demand for high-healthcare delivery in the region, the growing homecare settings in the region, the increasing healthcare expenditure and the growing population in major economies of the region etc.
FEW KEY PLAYERS IN SMART PILL BOXES & BOTTLES MARKET:
- Pillsy Inc.
- Koninklijke Philips N.V.
- AdhereTech Inc.
- Group Medical Supply LLC
- Medipense Inc..
- PillDrill Inc.
- Medminder Systems Inc.
- Medready Inc.
- DoseSmart Inc.
- Pillo Inc.
- PharmRight Corporation & Livi
- SMRxT INC
- E-pill Medication Reminders
- Other Players
- In September 2020, Seattle startup Optimize.health raised $15.6 million to help meet demand for its remote patient monitoring technology as investor interest in digital health solutions enhanced amid the pandemic. Optimize was previously known as Pillsy, which developed a smart pill bottle that sounds an alarm if people forget to take their pills. The company broadened its strategy a few years ago and is now capitalizing on two trends: a recent Medicare policy change allowing healthcare providers to bill for remote health monitoring, and increased attention on telemedicine due to the pandemic.
- In October 2020, YOURmeds, a smart medication management system, which increases patient adherence and compliance to over 80%, won one of SEAS2GROW’s innovation awards. YOURmeds helps patients take the right medication at the right time. The Smart YOURmeds Tag is a mobile device that clips to the pack and visually and audibly alerts the patients to take the required medication. In case of an error, the Tag informs the support network to check on the specific patient.
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