Market Trends of Smart Pills Boxes and Bottles Industry
Long-term Care Centers Segment is Expected to Witness Considerable Growth Over the Forecast Period
Long-term care facilities are 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 arise suddenly, such as after a heart attack or stroke.
The growing prevalence of chronic diseases, coupled with the increasing geriatric population globally, is the major factor driving the segment's growth over the forecast period. For instance, 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 2021, and the 65-and-older age group's share in the total population may rise from 16.2% in 2021 to 20.3% by 2030, showing a positive impact on the market. The older population is often susceptible to osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia. For instance, according to the data published by the Alzheimer's Association in 2021, around 5.8 million people aged 65 years and older suffered from Alzheimer's disease in the United States in 2021, and this number is expected to reach around 13.8 million in 2050. Smart pills eliminate the need for invasive procedures, and wireless communication allows for real-time information transfer, while advances in batteries and onboard memories make them useful for long-term sensing from the body. Thus, smart pills for long-term care play an integral part in remote patient monitoring. Since long-term care centers are widely used for treating such conditions, increasing cases of Alzheimer's dementia are anticipated to propel segment growth over the forecast period. Furthermore, market players focusing on developing technologically advanced smart pill boxes are also driving the market globally. For instance, AdhereTech is a startup specially involved in developing smart wireless pill bottles for senior assisted living and long-term care centers.
Therefore, owing to the abovementioned factors, considerable segment growth is anticipated over the forecast period.
North America is Expected to Witness Significant Growth Over the Forecast Period
North America is expected to dominate the overall smart pills boxes and bottles market over the forecast period. The growth is due to factors such as the rising prevalence of various chronic conditions, the rising geriatric population, and technological advancements. The United States has witnessed a considerable rise in the number of cancer patients. For instance, according to the estimates of the American Cancer Society, in 2021, there were an estimated 1.89 million new cancer cases diagnosed and 608 thousnd cancer deaths in the United States. Since smart pills are widely used for the treatment of cancer, increasing cases of cancer in the region are anticipated to propel market growth in the North American region.
Key product launches, a high concentration of market players or manufacturers' presence, acquisitions and partnerships among major players, and increasing cases of chronic diseases in the United States are some of the factors driving the growth of the smart pill boxes and bottle market in the country. For instance, as per the 2021 data from the CDC, every year, 805 thousand people in the United States have a heart attack; 605 thousand of these result in a first-time heart attack, while 200,thousand are caused by previous heart attacks. Similarly, as stated by the American Heart Association 2021 journal, it is estimated that by the year 2035, more than 130.0 million adults in the United States will have some type of heart disease. With this increasing burden of heart disease in the country, demand for smart pills is on the rise, which in turn is propelling market growth in the country.
Therefore, owing to the increasing prevalence of chronic diseases in the region, the demand for smart pills and smart pills boxes and bottles is anticipated to increase, which in turn may spur market growth in the North America Region.
