Smart pill boxes and bottles provide several benefits in terms of patient monitoring, increased understanding and awareness of endoscopy procedures, and control of the usage of drugs. It helps in sensing if the patient had taken out pills from the box or not and reminds the patient to take pills accordingly. It is an advantageous, secure, and automated solution that helps organize, remind, and dispense medications, so the patient can take medicine properly and on time.
The main objective behind the innovation of smart pill boxes and bottles is to monitor the consumption of medicine intake for intrinsic patients. These smart pill boxes and bottles are controlled by using the GSM system so that there is no need for the other person to go to the personal ward to give the medicine. These devices are cost-effective and reusable, making them an ideal choice to use for patients with permanent diseases, such as diabetes, blood pressure, breathing problems, heart problems, and cancer.
Apart from this, the rising demand for personalized medicine, the burgeoning number of small retail clinics, and rapid technological advancements drive market growth. However, the high cost of these devices restricts the growth of the market.
|Fastest Growing Market||Europe|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
The increasing geriatric population across the globe has surged the demand for smart pill boxes and bottles significantly as they are highly susceptible to a myriad of diseases and require medications on a regular basis. As per the statistics shared by the Department of Economics and Social Affairs, the United Nations (UN DESA), the total population of the world reached 7.7 billion in the year 2019, of which the geriatric population accounted for more than one-fifth of the population in 17 countries, covering a total of 61% of the world's population by the end of the century.
In addition to this, one in every six people in the world is going to be over the age of 65, beating 1 in 11 in 2019, by 2050, as per the report of the World Population Prospects 2019. This shows the rapid increase in the geriatric population along with the rise in various diseases. In the U.S., diarrhea, ischemic heart disease, road injuries, stroke, and chronic obstructive pulmonary disease (COPD) accounted for more than 1 million deaths in 2017, as per the Institute for Health Metrics and Evaluation, further prompting the need for smart pill boxes and bottles.
Globally, surging spending on healthcare influences the growth of this market. According to the World Health Organization (WHO) report, it has risen to US$ 7.8 trillion, or about 10% of GDP in 2017 and $1,080 per capita, from US$ 7.6 trillion in 2016 which shows the seriousness of individuals in regard to their health.
North America holds the largest share in the smart pill boxes and bottles market on account of the presence of advanced research and development facilities in the region. Apart from this, the growing prevalence of various chronic diseases because of changes in lifestyles and lack of physical activities drives the market growth. As per the data shared by the U.S. Department of HHS (Health and Human Services), Americans are affected the most by acute and chronic pain. It is the primary cause of patient visits to healthcare facilities, which has made it the foremost cause of disability. In addition to this, the rise in the number of cancer patients is expected to surge the need for smart pill boxes and bottles in this region.
As per the report shared by the International Agency for Research on Cancer (IARC), cancer cases are anticipated to reach 21.7 million new cancer cases and 13 million cancer deaths by 2030. And in the U.S., there were approximately 140,690 cancer cases diagnosed, and about 103,250 cancer deaths were reported among geriatrics in 2019.
As per the World Health Organization, around 80% of people above the age of 60 years have been prescribed some kind of medicine that is to be taken 2 to 4 times a day. So, with the rise in cardiovascular diseases and diabetes among the population, regular medicine administration becomes a necessity. Among these, another 40 to 60% forget to take their medicines at the right time, which shows the anticipated demand for smart pill boxes and bottles in this region.
In addition to this, according to the Centers for Disease Control and Prevention (CDC), in the U.S., no adherence, which is the failure of patients to properly take prescribed medications, leads to 30 to 50% of chronic disease treatment failures and results in 125,000 deaths per year. It is also considered a significant source of waste, costing the U.S. healthcare system between USD 100 billion to USD 300 billion annually. However, with the use of smart pill boxes and bottles, hospitalization costs are projected to be reduced, further increasing the demand for these devices.