Smart Pill Boxes & Bottles Market is anticipated to reach US$ 388.2 Million by 2033 | FMI

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.

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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.

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.

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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.

Key Takeaways

The dementia sector of the indication category may expand at a CAGR of 9.3% over the forecast period.
The smart pill boxes portion 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 anticipated to grow rapidly throughout 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 anticipated to grow throughout the projected period at a strong CAGR of 11.3%, reaching US$ 25.8 million in 2033.
The Japan market is expected to grow at a CAGR of 8% during the forecasted period, reaching US$ 18.8 million in 2033.
The smart pill boxes and bottles market in the United Kingdom is anticipated to grow rapidly over the projection period, with a CAGR of 10.2%, to reach US$ 22 million in 2033.
In South Korea, the market for smart pill bottles and boxes is likely to register a CAGR of 9.9% over the forecasted period, reaching US$ 9.3 million in 2033.

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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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Key Segments

By Product Type:

Smart Pill Boxes
Smart Pill Bottles

By Indication:

Dementia
Parkinson's Disease
Cancer Management
Diabetes Care
Geriatric Care
Disability
Others

By End User:

Seniors Care & Assisted Living
Long-term Care Centers
Home Care Settings

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.