North America to Hold the Largest Share in the Smart Pill Boxes and Bottles Market Source: the United Nations, Department of Economic and Social Affairs, Population Division (2019). The below figure shows the geriatric population by region for the year 2019.įigure 1: Geriatric Population, By Region, 20 (%) 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. Globally, surging spending on healthcare influences the growth of this market.
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. This shows the rapid increase in the geriatric population along with the rise in various diseases. In addition to this, one in every six people in the world is going to be over the age of 65, beating the 1 in 11 in 2019, by 2050, as per the report of the World Population Prospects 2019. 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. 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. Geriatric Population: Largest User of Smart Pill Boxes and Bottles However, the high cost of these devices restricts the growth of the market. These devices are cost-effective and reusable, making them an ideal choice to use to patients with permanent diseases, such as diabetes, blood pressure, breathing problems, heart problems, and cancer.Īpart from this, the rising demand for personalized medicine, the burgeoning number of small retail clinics, and rapid technological advancements drive market growth. 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.
The main objective behind the innovation of smart pill boxes and bottles is to monitor the consumption of medicine intake for intrinsic patients. It is an advantageous, secure, and automated solution that helps organize, remind, and dispensing medications, so the patient can take medicine properly and on-time. It helps in sensing if the patient had taken out pills from the box or not and remind the patient to take pills accordingly. Smart pill boxes and bottles provide several benefits in terms of patient monitoring, increased understanding and awareness in endoscopy procedures, and control in the usage of drugs.
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