The first understanding which strikes our mind with the word adherence monitoring cap is that packaging targeted only to specific age of people who are in urgent need and capable to handle such system for their own benefits . Adherence monitoring cap has been engineered for convenience of senior aged people who has specific needs such as easy reminder of medication dosage, visually detectable, clearly communicates the benefits of taking the product and the repercussions on skipping or neglecting the prescribed dosages. Adherence monitoring caps are integrated with microcircuits which does records the date and time whenever a patient opens a vial. The adherence monitoring cap which wirelessly transfer dosing data when used in conjunction with a cap reader. Adherence monitoring caps also features an LCD that displays the number of doses taken in the past 24 hours and the number of elapsed doses. Adherence monitoring cap also acts serves the purpose of child resistant packaging and minimizes the fatality of child poisoning. With expansion in population of those aged 50 plus and beyond and subsequent demands of intelligent packaging for consumers, the market of adherence monitoring cap market is bound to grow at a healthy CAGR over the forecast period.
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Market: Drivers & Restraints
Rise in senior age population, governing agencies pushing stricter norms on packaging and growing public interest for smart packaging are few of the drivers which will drive adherence monitoring cap market. The average age of the entire population of the globe is almost crossing 35 years. In coming next 5 -10 years this population will be beyond 45. With increase in age the ability to remember and the urge of doing something in routine diminishes. Further the change in habit of consumer in present times, educated and affluent class reach for goods and products which are inundated with smart technology that can contribute vastly towards consumers comfort and thus diminishes effort.
High price of adherence monitoring market, sophistication of adherence monitoring cap will lead to restriction its usage in more robust way, lack of awareness about product can be possible few of the restraints of the adherence minoring market.
Adherence Monitoring Cap Market: Segmentation
The global Adherence Monitoring Cap market is segmented on the basis of product, sales channel and region.
On the basis of type of applications, the global Adherence Monitoring Cap market is segmented into:
- Capsule Dispenser
- Liquid Dispenser
On the basis of end users, the global Adherence Monitoring Cap market is segmented into:
- Pharmaceuticals
- Food Industry
- Health Supplements
On the basis of sales channel, the global Adherence Monitoring Cap market is segmented into:
- B2B
- B2C
Adherence Monitoring Cap Market: Regional Outlook
Based on the geographies, global Adherence Monitoring Cap market is segmented into five key regions — North America, Latin America, Europe, AP EJ, Japan, and Middle East & Africa. Among the aforementioned regions, North America market is expected to be the dominant region for adherence monitoring cap market in terms of value share, which can be attributed to the rise in population of senior age population in North America and the expansion of packaging industries which manufactures adherence monitoring cap followed by Western Europe. In APEJ region the senior packaging market is in introduction phase, the market is growing and will eventually gain a strong foothold over the forecast period in countries such as South Korea, China owing to the availability of R&D activities to develop such adherence monitoring cap for general public usage at a reasonable price. Japan being one of the formidable player in developing various electronic commodities will also gain a strong foothold in adherence monitoring cap. Moreover Japan has the world’s oldest population who will be in need of such adherence monitoring cap package system for their medication usage. In MEA and Latin America at present the market is yet to acknowledge the idea of adherence monitoring cap product and those market demand of adherence monitoring cap mostly relies on imported products but with rise in awareness and growing demand the market will witness growth by the end of our forecast period.
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Adherence Monitoring Cap market: Key Players
Some of the major players identified in the global Adherence Monitoring Cap market are
- WestRock Company
- etectRx
- Vitality, Inc.
- Vitality, Inc.