Market Research Future (MRFR) asserts that the medical alert systems market can capture a growth rate of 6.46% from 2017 to 2027. It is also expected that the market size can reach USD 17,293.6 Million by 2027.
Medical alert systems are readily available and are cost-effective, while offering high medical security to the patient. These systems are used not only during emergencies but also facilitate regular diagnosis, medicine time reminding and routine checkups. Medical Alert Systems Market Share feature vital signs monitoring options that monitor the patient’s health. Considering these benefits, the demand for medical alert systems has been mounting at a fast pace and will mean significant market growth in the years ahead.
Increase in elderly population and developments in healthcare are a few other growth rendering factors in the global market. Falls happen to be some of the leading reasons for injuries among the elderly. The American Hospital Association reveals that over one-third of people above the age of 65 years are prone to falling every year. This is a grave issue that generally results in other serious concerns for the geriatric population. Hence, the need for medical alert systems is presumed to grow significantly in the years ahead, since these prevent falls and other related injuries among elderly patients.
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Key Players
Tunstall Group (UK), AlertONE Service Inc. (US), Rescue Alert (US), Bay Alarm Medical (US), GreatCall (US), Life Alert Emergency Response Inc. (US), ADT (US), Koninklijke Philips NV (Philips) (Netherlands), Medical Guardian LLP (US), Nortek Security and Control (US), LogicMark (US), VRI (US) are some of the well-known companies in the medical alert systems industry.
Market Segmentation
Medical alert systems industry can be divided into system type, offering, connection type and technology.
- By System types considered in the market study are smart belt and ambulatory auto alert systems, nurse call systems (NCS), automated airborne flight alert systems, personal emergency response systems (PERS), and more. Between these, the highest gainer has been the PERS segment, which seized the maximum share of 41.9% in the year 2019 and is anticipated to grab a CAGR of 6.70% in the next few years.
- By Offering-based segments are software, services, and hardware. Hardware types are console unit, transmitter, battery, and more. Hardware segment generates the highest demand since this offering is easy to use and does not require any medical knowledge prior to its use.
- By Connection Types studied in the MRFR report are wired and wireless connection. Wired or in-home medical alert system or devices own the biggest share in the industry as the demand among elderly patients has grown significantly in recent years.
- By Technologies available in the global industry are two-way voice systems, unmonitored medical alert systems, IP-based systems, medical alert alarm (button) systems, among others. There is no provision of monthly payments while using unmonitored medical alert systems and are therefore, noting high demand among monitoring companies.
Regional Study
The Americas and APAC or Asia Pacific along with MEA or Middle East and Africa and Europe are the primary regions where the medical alert systems market should experience growth in the next few years.
The America has secured the top position in the global market for medical alert systems, capturing a strong valuation of USD 3,973.78 million in the year 2019. The American market should continue to thrive at a rate of 5.68% during the given period, on account of the massive pool of big pharmaceutical firms based in the region. requent technical innovations in the wearable healthcare field along with the dramatic escalation in injury cases due to fall from bunks and beds can also ensure considerable market growth. Besides, the high economic status and favorable reimbursement policies also add to the market value.
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The APAC market has been soaring at a rapid and can witness relentless growth in the future as well. The medical alert systems industry in the region is backed by the exploding geriatric population in the region that is prone to a number of chronic illnesses. Strong government support for the healthcare industry has led to several technological innovations in recent years, which is bound to foster the demand for medical alert systems in subsequent years.
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