USA has emerged as one of the most attractive markets for intelligent pill bottles and boxes, and this pattern is anticipated to persist during the projection period. Increase in the prevalence of chronic diseases including diabetes, cancer, and dementia, strong presence of top smart pill box and bottle manufacturers, and accelerated growth of the automatic pill dispenser industry, are all contributing to the expansion of the market in the United States.
Newark, Del: The global smart pill box and bottle market was estimated at US$ 144.2 million in 2022 and is expected to reach US$ 160.2 million in 2023. With the increasing 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, to attain US$ 388.2 million by the end of 2033.
Rising risk of chronic diseases fuels growth in smart pill boxes and bottles market
Considerable increase in the elderly population, incidence of chronic diseases and lifestyle related problems is resulting in expansion of the smart pill box and bottle market. The market continues to grow as a result of increasing research and development efforts to make smart tablets. Bioelectronics, microprocessors, micro-cameras, miniaturization, and other technological breakthroughs in smart tablets are expected to provide profitable prospects in the future.
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Growth Roadblocks in the Smart Pill Box and Bottle Market
Despite the fact that the use of smart pill boxes and bottles has significantly increased medication adherence among patients, several difficulties are hindering the growth of the market. The expensive cost of smart pill boxes and bottles, as well as the lack of awareness of smart pill dispensers in emerging markets, are among these factors.
The high cost of swallowable sensors along with stringent government restrictions governing the growing use of these devices is expected to limit the market expansion.
To experience profitable growth potential in the Asia Pacific market
Strong growth in Asia Pacific due to factors such as aging population, increasing susceptibility to chronic diseases, increasing public awareness, supportive government policies, rising healthcare costs and modernization of medical infrastructure, especially in developing countries such as India, China and Japan is being watched. , Increasing prevalence of psoriasis and increasing awareness about it is expected to influence the market growth.
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key takeaways
- The dementia segment of the indicated category is expected to grow at a CAGR of 9.3% during the forecast period.
- The smart pill box segment of the product type category is expected to exhibit a CAGR of 9.1% from 2023 to 2033.
- The smart pill boxes and bottles market in the United States is projected to grow rapidly during the projection period with a CAGR of 7.4% to reach US$ 111.7 million in 2033.
- The smart pill boxes and bottles market in China is projected to grow at a robust CAGR of 11.3% during the forecast period, to reach US$ 25.8 million in 2033.
- The Japan market is expected to grow at a CAGR of 8% during the forecast period, to reach US$ 18.8 million in 2033.
- The smart pill boxes and bottles market in the United Kingdom is projected to grow rapidly with a CAGR of 10.2% over the projection period to reach US$ 22 million in 2033.
- In South Korea, the smart pill bottles and boxes market is expected to register a CAGR of 9.9% over the forecast period, to reach US$ 9.3 million in 2033.
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competitive landscape
There are a few major companies in the competitive market for smart pill boxes and bottles. A major share of the market is controlled by the businesses, which include E-Pill Medication Reminder, Group Medical Supply LLC, Medipens Inc., MedMinder Inc., MedReady, Farmright Corporation, PillDril Inc., and Pillow Inc.
latest development
strategic alliance
Strategic agreement between AdhereTech and AARDEX Group in June 2021. Through this agreement, AARDEX’s innovative Medication Event Monitoring System (MEMS) is being integrated with AdhereTech’s Smart Adherence System, which includes the AdhereTech Smart Pill Bottle.
strategic partnership
In February 2021, Pill Connect Limited entered into a strategic partnership with AARDEX Group, a world leader in medication adherence solutions. Through the arrangement, Pill Connect’s add-on solution for drug delivery devices and AARDEX’s proprietary Medication Event Monitoring System (MEMS) are being connected.
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