The most recent study conducted by Report Ocean, titled “Global Smart Pill Boxes & Bottles Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Smart Pill Boxes & Bottles. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Smart Pill Boxes & Bottles Market is valued approximately USD $ billion in 2020 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2021-2027. Smart pill boxes and bottles are based on next gen technology for e.g., Internet of Things. Smart pill & boxes tracks medication timeline of the patient and notify to the patient regarding medication as per the timeline. Smart pill boxes are helpful to patients suffering from chronic diseases and old age patients who find it difficult to remember things. Growing burden of Chronic Diseases and rising geriatric population are key drivers for the growth of Smart Pill Boxes & Bottles market.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
For instance, according to The Administration for Community Living (A part of the United States Department of Health and Human Services)’s 2020 Profile of Older Americans report- in USA the population age 65 and older increased from 39.6 million in 2009 to 54.1 million in 2019 (a 36% increase) and is estimated to reach 94.7 million in 2060. By 2040, there will be about 80.8 million older persons in USA. Also, with the growing technological advancements in medical devices and rising disposable income, the adoption & demand for Smart Pill Boxes & Bottles is likely to increase the market growth during the forecast period. However, high cost of Smart Pill Boxes & Bottles impedes the growth of the market over the forecast period of 2021-2027.
The key regions considered for the global Smart Pill Boxes & Bottles market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to increasing geriatric population and presence of leading market players in the region. Whereas, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2021-2027. Factors such as growing healthcare industry and rising disposable income would create lucrative growth prospects for the Smart Pill Boxes & Bottles market across Asia-Pacific region.
Major market player included in this report are:
e-pill Medication Reminders
Group Medical Supply LLC
Medipense Inc.
Medminder, Inc.
MedReady
PharmRight Corporation
PillDrill Inc.
Pillo, Inc.
Koninklijke Philips N.V.
Pill Connect
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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 Use Industries:
Seniors Care & Assisted Living
Long Term Care Centers
Home Care Settings
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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