Global Smart Medication Packaging Market Overview
Smart medication packaging helps in dealing with the problems of medication compliance and adherence. A world wide data standard has been introduced for easy and efficient monitoring of medication adherence. The introduction of smart medication packaging has influenced the pharmaceutical industry positively by allowing personalization on pharmacy practices that would result in far fetching implication for pharmacists. Smart packaging can be used for packaging at the source by pharmacists that can give the pharmacy professionals the way to lead. Smart medication packaging helps in overcoming problems of lack of tangible efficacy of medications and off-putting side effects that is estimated to make them an attractive choice for pharmaceutical manufacturers during the forecast period. Smart medication packages record when a medicine is taken and gives a reminder on when the next dose is due. Smart medication packaging offer features for instance, storage conditions monitoring, expiry date warning and tamper alerts that is predicted to drive the smart medication packaging across the developed and the developing regions around the world.
Market Size & Forecast
Smart medication packaging market is anticipated to record a noteworthy CAGR over the forecast period. Many pharmaceutical companies are concentrating towards new product advances in smart medication packaging. The many advantageous properties of smart medication packaging are being exploited for enhanced patient care and product quality control tracking. New customized medications are being discovered with medication standard adherence which is expected to drive the smart medication packaging market rapidly.
As per OECD statistics, the Pharmaceutical consumption, antibiotics, defined daily dose activities has considerably increased in the past decade with 15% activities across Canada, 23.4% across Luxembourg, 22.5% across Portugal in the year 2017 which are estimated to induce steady growth of smart medication packaging industry across the globe.
The global smart medication packaging market is observing vibrant growth on the back of increasing issues of pharmaceutical counterfeits in the market. Advancements in packaging industry in the past few years and growing technological explorations is projected to drive smart medication packaging market besides the wide range of functions of smart medication packaging in dosage control, medication composition specification and others during the forecast period.
On the basis of regional platform, global Smart Medication Packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is panned to observe substantial growth in smart medication packaging market on the back of rising smart medication packaging usage for unique brand projection. North America is expected to be followed by Asia Pacific in terms of utility on the back of increasing issues of pharmaceutical product counterfeiting across the region.
Europe is estimated to drive demand and optimistically impact the smart medication packaging market growth over the forecast period on account of increasing smart medication packaging application for product package temperature control and efficient tracking purposes.CLICK TO DOWNLOAD FREE SAMPLE
Our-in depth analysis of the global Smart Medication Packaging market includes the following segments:
Global Smart Medication Packaging Market is further classified on the basis of region as follows:
High R&D and
The rising demand for counterfeited product tracking technologies is expected to result in rapid growth of smart medication packaging market over the forecast period. Increasing use of smart packaging is aiding in combating the problem of medicine counterfeiting. The growing R&D activities associated to smart medication packaging is further expected to increase the market reach. Application of smart medication packaging for improved safety and authenticity of medications, with information on medication compositions, dosages and expiry is estimated to drive the smart medication packaging market across the globe. Additionally, smart medication packaging is equipped with radio frequency identification tags that help in product logging and tracking purposes. Advancements along with innovations being incorporated in pharmaceutical industry are allowing brand uniqueness for the present market players by the use of smart medication packaging which is anticipated to contribute significantly in the growth of the smart medication packaging market. Moreover, expanding range of pharmaceutical products is expected to create more opportunities for the smart medication packaging market.
The use of smart medication packaging is expected to impact the type of printing on the packages resulting in better product design and look. Rapid economic development with increasing consumer awareness regarding medication safety and restraining use of counterfeited products is expected to boost the smart medication packaging market in the developed and the developing regions during the forecast period. Smart medication packaging helps in product tracking in every level of the supply chain with shipping containers temperature monitoring that allows better product storage condition and transit.
However, cost constraints associated to smart packaging of medications per unit is very high which is expected to serve as a major limiting factor in the growth of the smart medication packaging market. Furthermore, issues related to smart pack technology use at the point of patient care, and which pharmacists will be closely involved with is predicted to raise further concerns resulting in slowing down the adoption rate of the smart medication packaging market over the forecast period.
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