Global Smart Pill Boxes & Bottles Market: Overview
The smart pill boxes & bottles market is expected to register robust growth in the near future. The market home to a large number of new technological advancements, which are expected to cater to various demands of the healthcare sector. These include demands for efficiency, hygiene, robust packaging, and marketing solutions. This should not be surprising to many as technologies like 3D printing, new distribution channels like e-commerce, and automation in packaging are big trends on the horizon. Moreover, demand for personalised medicine, and growth of small retail clinics are also expected to bring big profit margins for players in the global smart pill boxes and bottles market.
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Global Smart Pill Boxes & Bottles Market: Notable Developments
Amazon Echo, Android Assistant, and Apple Siri are expected to make it easier for consumers to order online. This is in line with the growing e-commerce business model which is synchronizing consumer thoughts and feelings with automated actions. Unsurprisingly, Amazon’s new launch can overhear consumer conversation and order items for them. Additionally, big pharmacies like Walgreens have also announced delivery systems to cater to chronically ill patients.
It is estimated that each year over 1,25,000 patients die due to chronic illnesses. The rising automation due to technology, the growing penetration of e-commerce, and the natural alternative to this system – the smart pills and boxes are likely to witness major growth in the near future.
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Global Smart Pill Boxes & Bottles Market: Drivers and Restraints
It is estimated that 70% adults do not adhere to physician’s advice on prescribed dosage among others. Moreover, due to the rising costs of hospitals, and rise of chronic illnesses, many patients opt for home care. Due to rising costs of insurance and large number of uninsured patients, and rising liabilities associated with negligence, this is expected to emerge as a major trend driving growth. Moreover, the non-adherence and subsequent costs can reach as high as $100 bn in a year. The rising demand for personalised medicine, the proven efficacy of the medicine, and growing demand for home care are likely to drive growth for the smart pill boxes and bottles market.
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Rising geriatric population worldwide is a major concern to the healthcare sector. This is likely to result in more home-stays for health services. Additionally, this is expected to drive demand for smart pills dispenser. For example, it is estimated that the aging population is likely to grow by over 60% in India and 71% in China. This is a major turnaround for players in the smart pill boxes and bottles market.
Global Smart Pill Boxes & Bottles Market: Geographical Analysis
The global smart pill boxes and bottles market is likely to witness robust growth in North America. The decision by big pharmacies like Walgreens to compete with online deliveries, the invent of 3D printing, and growing demand for personal medicine in the region are likely to drive this growth. Moreover, the rising demand for pills with easy dispension systems, and easy to open systems for the elderly are rising in demand.
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Moreover, the growing favouritism for small clinics wherein cosmetics and especially smart cosmetics are especially popular. This is expected to drive major growth for the smart pill boxes and bottles market in the near future.
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