The Smart Pills Boxes and Bottles market studied is anticipated to grow with a CAGR of nearly 6.1%, during the forecast period. Certain factors that are driving the market growth include rising demand for personalized medicine and minimally invasive procedures, growing burden of chronic disorders and geriatric population, and technological advancements.
The diverse range of diseases, primarily cardiovascular disease, infectious diseases, diabetes, and kidney-related complications, has a high prevalence, globally. Thus, the increasing prevalence of a diverse range of diseases among all age groups and its burden, globally, drives the demand for smart medical technologies and its market.
Globally, cancer is one of the leading causes of death. The disease witnessed significant growth in the last few decades, and it is expected to grow good over the forecast period.
The World Health Organization (WHO) estimates the rate of cancer number to increase to 70% over the next two decades. According to the WHO, cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer. Approximately 70% of deaths from cancer occur in low- and middle-income countries. Additionally, the increased burden of several lifestyle disorders is also expected to drive the market.
Key Market Trends
Long term care Centers is Expected to Hold Significant Share in the Global Smart Pills Boxes and Bottles Market
Long term care facilities are the healthcare centers that provide a variety of services including both medical and personal care, to people who are unable to live independently and for geriatric patients. People frequently need long-term care when they have a severe, continuing health ailment or disability. The necessity for long-term care can rise suddenly, such as after a heart attack or stroke.
Growing prevalence of chronic diseases coupled with the increasing geriatric population globally are the major factors driving the respective segment in the market studied as they require multiple treatment regimens which will be easier to consume with the smart pill boxes and bottles As per the World Population Ageing Report, in the United States, the number of people above 65 years of age is projected to reach 70.84 million by 2030 from 53.34 million in 2019, and the 65-and-older age group’s share in the total population may rise from 16.2% in 2019 to 20.3%, by 2030, showing a positive impact on the market.
Older population is often susceptible to osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia.As per the data of Alzheimer’s Association, in 2020, about 5.8 million people aged 65 years and above are suffering from Alzheimer’s dementia in the United States and this number is expected to reach around 13.8 million in the year 2050.
Additionally, market players focusing on developing technologically advanced smart pill boxes is also driving the market globally. AdhereTech, a startup specially involved in developing smart wireless pill bottles for senior assisted living and long-term care centers.
North America is Expected to Dominate the Global Smart Pills Boxes and Bottles Market
North American dominates the market primarily due to the advanced research and development facilities mainly across the United States and Canada. In addition, the rising prevalence of various chronic conditions is also fueling the market growth across the region.
The United States has witnessed a considerable rise in the number of cancer patients. According to the American Cancer Society, in 2019, there will be approximately 140,690 cancer cases diagnosed and about 103,250 cancer deaths among the oldest old in the US. Cancer in the oldest old accounts for 8% of all cases diagnosed in the US but 17% of all cancer deaths. Prostate and breast cancers are the most prevalent forms of cancer in the region.
However, the Asia-Pacific market is anticipated to witness the highest growth during the forecast period, due to increasing healthcare expenditure.
The global Smart Pills Boxes and Bottles market is competitive and consists of a few major players. Companies like e-pill Medication Reminders, Group Medical Supply LLC, Medipense Inc., Medminder, Inc., MedReady, PharmRight Corporation, PillDrill Inc., Pillo, Inc., among others, hold the substantial market share in the market.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Chronic Disorders and Geriatric Population
4.2.2 Technological Advancements
4.3 Market Restraints
4.3.1 High Cost Issues
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Smart Pill Boxes
5.1.2 Smart Pill Bottles
5.2 By Indication
5.2.2 Cancer Management
5.2.3 Diabetes Care
5.3 By End-User
5.3.1 Home Care Settings
5.3.2 Long Term Care Centers
5.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 e-pill Medication Reminders
6.1.2 Group Medical Supply LLC
6.1.3 Medipense Inc.
6.1.4 Medminder, Inc.
6.1.6 PharmRight Corporation
6.1.7 PillDrill Inc.
6.1.8 Pillo, Inc.
6.1.9 Koninklijke Philips N.V.
6.1.10 Pill Connect
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.