Global Smart Medication Packaging Market: Overview
Integration of advanced technology has enhanced the growth of smart medication packaging in the pharmaceutical industry at significant level. Smart medication packaging helps in personalization on pharmacy practices that are likely to result in far fetching implication for pharmacists. Moreover, the problems associated with lack of tangible efficacy of medications can be overcome by using smart medication packaging.
Additional information such as expiry date warning, storage conditions monitoring, and temper alerts that enhance growth of smart medication packaging in both developed and developing economies. Furthermore, smart medication packaging records time of medication taken and remind when the next dosage is to be taken. Other ongoing trends such as wide adoption of advanced technology and easing way for pharmacy professionals has further enhance growth in the global smart medication packaging market. Along with these drivers, regional growth and growing competition among players are also affects the growth the growth in the smart medication packaging market.
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Global Smart Medication Packaging Market: Notable Developments
Leading players in the global smart medication packaging market are engaged in adopting advanced technologies to enhance the services for the large customer base. Increasing efforts in research and development activities is also diversifying growth and increasing competition among the players operating in the global smart medication packaging market.
One of the smartest development seen in the smart medication packaging market is with development of E Ink’s PhutureMed. This helps the patients to take medication timely and creates alerts in case of delays in administering the medicines. This development will help in tracking when patient opened pack and took a pill. Medicine pack also contains RFID signature that helps in identifying medication. Developments like these are projected to create new avenues for the smart medication packaging market.
Some of the other prominent players in the global smart medication packaging market are 3M, TempTime Corporation, American Thermal Instruments, PakSense, Avery Dennison, R.R. Donnelly Sons & Company, International Paper, BASF SE, Stora Enso, Thin Film Electronics ASA, Smartrac N.V., and Huhtamaki Group.
Global Smart Medication Packaging Market: Trends and Opportunities
High investments in research and development activities that led in high adoption of advanced technologies have boosted growth in the global smart medication packaging market. Moreover, advancements along with innovations are adopted in pharmaceutical industry are encouraging players to key market participants to use smart medication packaging. These factors will enhance growth in the global smart medication packaging market.
On the other hand, high price associated with smart medication packaging along with issues related with the point of patient care might hamper the growth in this market.
Nevertheless, growing application of smart medication packaging for better safety and authenticity of medications, high information generation on dosages, medication compositions, and expiry might accelerate growth in the smart medication packaging market.
Regions detailed information is provided for the growth of smart medication packaging includes North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Of these, North America is a key market expanding the growth in the global smart medication packaging market. High demand of smart application technology in wide range of application such as RFID tracking, logging, security, temperature monitoring and controlling, and others are the key factors that fueled North America smart medication packaging market.
On the other hand, Asia Pacific is expected to offer high growth for smart medication packaging in coming due to high investments taking place in the healthcare sector. Growing demand of the smart medication packaging in product tracking, globalization, and innovation and advancement in packaging industry are few other factors driving demand in Asia Pacific smart medication packaging market. Over the projected period, Asia Pacific is likely to hold dominant share in the global smart medication packaging market.