Smart Pills Boxes and Bottles Market Size

Smart Pills Boxes and Bottles Market Analysis

The smart pills boxes and bottles market is expected to register a CAGR of 6.1% over the forecast period.

The COVID-19 pandemic impacted the smart pills boxes and bottles market. Gaps in the global supply chain, like an impact on the sourcing, acquisition, and distribution of pharmaceutical products, APIs, medical supplies, and equipment were substantial. Traditional methods of interacting with clinicians and supporting patients were no longer viable during the initial phase of the pandemic, which resulted in pharmaceutical companies facing potentially catastrophic barriers, such as lower sales, during this time of crisis. In addition, during the initial phase of the pandemic, telemedicine gained prominence. For instance, according to the research article published by the Department of Radiology at the Memorial Sloan Kettering Cancer Center (MSKCC), in May 2020, its therapy operations, initial consultations, and all follow-up consultations were shifted to telemedicine. This was done to minimize the direct contact between patients and doctors, thus controlling the spread of the coronavirus. Thus, the market witnessed slow growth during the initial days of the pandemic. However, in the later times of the pandemic, with the ease of restrictions and upliftments of the lockdown the market started to gain traction and is expected to continue the upward trend over the forecast period.

The growing burden of chronic disorders and the aging population, as well as technological advancements, are the major factors driving market growth. The diverse range of diseases, primarily cardiovascular disease, infectious diseases, diabetes, and kidney-related complications, has a high prevalence globally. For instance, according to the estimates of the Global Cancer Observatory, in 2020, there were an estimated 458 thousand new cancer cases diagnosed and 180 thousand cancer deaths in the United Kingdom. Currently, smart pills are widely used for the treatment of cancer; therefore, increasing cases of cancer are anticipated to propel the demand for smart pills, which in turn may positively impact the market over the forecast period.

Furthermore, increasing cases of cardiovascular diseases across the globe are also propelling market growth over the forecast period. For instance, according to the British Heart Foundation's report titled "UK Factsheet," published in July 2021, there were 7.6 million people in the United Kingdom living with heart and circulatory diseases. Similarly, according to the article published by the CDC in September 2021, heart disease is one of the leading chronic diseases in the United States. The same source also reported that every year, about 805,000 Americans have a heart attack. Moreover, product launches are another factor driving market growth. For instance, in November 2020, Pill Connect, formerly known as Elucid mHealth, received GBP 510,000 (USD 619290.45) in funding from serial entrepreneur Jonathan Milner, Catapult Ventures, and Shallcross Partners for the commercial launch of its electronic smart pill bottle in the United States and Europe. Therefore, owing to such instances, considerable market growth is anticipated over the forecast period.

However, high-cost issues may hinder the market growth over the forecast period.