Market Highlights
Global Medical Alert Systems Market Trends is expected to register a CAGR of 6.46% during the forecast period, with a market value of USD 17,293.6 Million till 2027.
Medical alert systems permit seniors to quickly get help in case of a fall or other medical emergencies. With the push of a button, seniors can signal a call center that is monitored throughout the day and night. Trained operators then notify first responders and help communicate the senior’s condition and medical history. Medical alert systems have gained popularity in recent years in developed countries. The increase in geriatric population and health literacy across the globe, increasing adoption of smart & mobile emergency response systems, and technological advancements in medical alert systems are driving the medical alert systems market globally.
However, the increasing incidence of false alarm and lower acceptability among seniors for use of technology is likely to curb the growth of the medical alert systems market. Nevertheless, entering developing markets will create lucrative opportunities for the growth of the market during the assessment period.
Segment Analysis
Global Medical Alert Systems Market is segmented into System Type, Offering, Connection Type, Application, and Technology. By system type, the market has been segmented into personal emergency response systems (PERS), nurse call systems (NCS), ambulatory auto alert systems, automated airborne flight alert systems, and smart belt. Personal Emergency Response Systems (PERS) is further divided into home-based/landline-based systems, mobile-PERS, and standalone PERS. Mobile-PERS is further segmented into cellular emergency response system, GPS-based emergency response systems, and wireless emergency response system. Standalone PERS is classified into transmitter, standalone voice communicator, wandering system, and R- Cube/V-Cube monitoring system.
Based on offering, the market is divided into hardware, software, and services. Hardware segment is further bifurcated into console unit, transmitter, battery, and others. The transmitter segment contains wristband transmitter and pendant transmitter.
By connection type, medical alert systems market is segmented into wired and wireless connection.
Based on technology, the market is divided into two-way voice systems, unmonitored medical alert systems, medical alert alarm (button) systems, IP-based systems, and others.
On the basis of application, the market has been segmented into home-based users, senior living facilities/senior care centers, assisted living facilities, and others (nursing homes, hospice) more.
Regional Analysis:
Global medical alert business opportunity, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas accounted for the largest share in the global medical alert systems market and was estimated to account for USD 3,973.78 million in 2019 growing at a CAGR of 5.68% by the end of the forecast period. The larger share is majorly attributed to the presence of technological advancements in the wearable healthcare sector, high incidence rates of injuries due to falls from beds, and high disposable income.
The European market is the second-largest market for medical alert systems. Factors such as rising inclination towards independent living among older adults and increased healthcare spending are driving the growth of the market in this region.
The Asia-Pacific region accounted for the third-largest market share due to the increasing aging population, government support to improve the healthcare sector, constant innovations in technology, and easy adaptability of PERS devices by major healthcare providers. For instance, according to the UN, it will take China just 20 years for the proportion of the elderly population to double from 10% to 20% (between 2017 and 2037). The next closest is Japan where it took 23 years.
The Middle East and Africa with less economic developments and extremely low income accounted for the least market share in 2019 but is expected to grow with the increasing geriatric population along with the increasing prevalence of chronic diseases and demand for better healthcare facilities.
Key Players
MRFR recognizes the following companies as the Key Players in the Global Medical Alert Systems Market— Koninklijke Philips NV (Philips) (Netherlands), ADT (US), AlertONE Service Inc.(US), Bay Alarm Medical (US), GreatCall (US), Life Alert Emergency Response, Inc. (US), LogicMark (US), Medical Guardian, LLP (US), Nortek Security and Control (US), Rescue Alert (US), Tunstall Group (UK), and VRI (US) among others.
Key Findings of the Study
- The Global Medical Alert Systems Market was valued at USD 10,609.3 Million in 2019, is estimated to grow at USD 17,293.6 Million by 2027 at a CAGR of 6.46% during the assessment period
- Americas accounted for the largest share of the global market due to the presence of major pharmaceutical manufacturers, technological advancements in the wearable healthcare sector, and high incidence rates of injuries.
- Based on system type, the personal emergency response systems (PERS) segment accounted for the largest market share in 2019
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