Tier 1 Manufacturers Account for Majority of the Volume Share of the Smart Pill Boxes & Bottles Market
The Smart Pill Boxes & Bottles market is dominated by the top 3 manufacturers, which include Koninklijke Philips N.V., AdhereTech, PharmRight Corporation & Livi. These manufacturers are competing on the basis of the new product launched, improving software technology and develop new innovation in the existing systems
Rising competition among manufacturer to provide quality care to patients is projected to drive revenue growth of smart pill boxes and bottles market over the forecast period. This leads to increase use of medication dispensers by hospital, long term care centers, senior care centers and homecare settings to provide quality care with minimum risk of error.
These companies are also focusing on development of more advance medication dispensing devices which can eliminate the risk of failure during medication completely owing to increasing chronic disease and geriatric population
Improving Medication Compliance with Smart Pill Bottles/Dispensers Driving Smart Pill Boxes & Bottles Market
New technologies will provide the healthcare industry new ways to improve medication adherence with smart medication adherence sensors. With these new technologies, healthcare providers and pharmacists can follow up on patient medication even while being physically away. It is estimated that 70% of adults don’t adhere to the prescribed regimen, take less than the prescribed dose or discontinue drug therapy without prior discussion with physician.
The economic burden of non-adherence medication is estimated to be $100-$300 billion annually, which includes the cost of hospitalization and emergency department, which can be prevented with proper adherence. New devices and technologies, such as smart pills boxes and bottles, reduce the number of cases of hospitalization due to chronic diseases by increasing adherence. This particular is anticipated to push the market of smart pill boxes and bottles in near future.
With increasing incidences related to chronic diseases, medication adherence has become more important than ever as it reduces associated healthcare costs. This particular factor will drive the growth of the market during the forecast period
Smart Pill Bottles/Dispensers Reduce Re-hospitalization Costs
According to the CDC, Nonadherence (failure of patients to properly take prescribed medications) causes 30 to 50 % of chronic disease treatment failures, and results in 125,000 deaths per year in the U.S.
Nonadherence is also a major source of waste, costing the U.S. health care system between $100 billion and $300 billion annually. However with the use of smart pill bottles and boxes, the hospitalization cost can be reduced, hence increased demand flourish the market in the near future. All of these factors will add to the growth of the market during the forecast period.
Expanding Geriatric Population to Increase the Demand for Smart Pill Boxes & Bottles
Increasing greying population is prone to different types of chronic diseases and also needs medication on a daily basis. This particular factor has also been contributing to growing demand for smart pills dispensers. Increasing demand for smart pills dispensers in homecare and senior care & assisted living settings will be a major factor that will create enormous opportunities for the manufacturers operating in the market.
According to United Nations, middle-income countries are expecting rapid growth in their greying population between 2015 and 2030. In India, for example, the aging population is projected to grow by 64 percent between 2015 and 2030. In China, the aging population is projected to grow by 71 percent during the same period
Competitive Landscape
This section of the report features the profiles of the key players of the Smart Pill Boxes & Bottles market based on their market shares, differential strategies, product offerings, marketing approach and company dashboard. Examples of some of the key players featured in this report include AdhereTech, Koninklijke Philips N.V., MedMinder, PharmRight Corporation & Livi, Medipense Inc., e-pill, LLC, MedReady Inc., Pillsy, Inc., DoseSmart Inc, SMRxT INC, Pillo, Inc. and PillDrill, Inc.
Companies in medication dispenser market are actively engaging in development of new technology, use of internet of things and application in developing new automatic dispenser in order to strengthen their product portfolio and increase market share.
Definition
Smart pill boxes and bottles are used by the users who regularly takes medicines and the prescription of their medicine is long enough to remember for the patients and for their care giver. Old age people suffer from problems to forget to take pills on proper time which causes health issues for patients with permanent disease like diabetes, breathing problem, blood pressure, heart problems, cancer diseases etc.
The smart pill boxes and bottles sense if the patient had taken out pills from the box or not and remind the user to take pills accordingly. Smart pill boxes are usually used by the patients suffering from dementia-inability to remember things. Poor medication adherence is one of the major cause of illness and treatment failure and use of smart pill box and bottles are used to overcome causes of adherence.
About the Report
The company conducted a research study on the Smart Pill Boxes & Bottles market for the forecast period 2018 to 2028. The report offers a comprehensive evaluation of the business opportunities prevailing in the Smart Pill Boxes & Bottles market with insights on the prices, current trends and Technology Roadmap in the Smart Pill Boxes & Bottles market.
Additional Questions Answered
Some of the additional questions addressed in this report on the Smart Pill Boxes & Bottles market:
- What is the overall revenue generation potential of the Smart Pill Boxes & Bottles market across the regions of Europe and South Asia?
- Who are the key regional and global competitors? What are their portfolios in the Smart Pill Boxes & Bottles market?
- What are the major challenges influencing the growth of the Smart Pill Boxes & Bottles market?
Research Methodology
The Smart Pill Boxes & Bottles market has been estimated based on a supply-demand approach. The market was first calculated based on the epidemiology of Dementia, Cancer etc. in different regions/countries in the Smart Pill Boxes & Bottles. Some of the other qualitative factors analysed include the awareness level and the demand of dispenser for different indications.
This information is further validated with rigorous primary research (which includes interviews, surveys, in-person interactions and the viewpoints of seasoned analysts) and secondary research (which includes verified paid sources, authentic trade journals and resourceful databases). The research study on the Smart Pill Boxes & Bottles market also includes the top trends and the macro- as well as micro-economic factors shaping the Smart Pill Boxes & Bottles market.
With this approach, the report on the Smart Pill Boxes & Bottles market estimates the industry attractiveness of every major segment in the Smart Pill Boxes & Bottles over the forecast period.
Key Segment
By product type
- Smart Pill Box
- 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
By regions
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa (MEA)
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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