Medical Alert Systems Market Overview
The Medical Alert Systems market is poised for significant growth in the coming years, driven by demographic, technological, and societal factors, as well as supportive government policies.
Rising penetration of IoT and AI in healthcare, will present lucrative opportunities to the medical alert systems manufacturers. These technologies bolster the effectiveness and accuracy and are therefore, increasingly being integrated into the new medical alert systems launched in the global market, which should raise their demand.
Market Research Future (MRFR) expects the Medical Alert Systems Market to record a growth rate of 6.10% between 2022 and 2030 (review period). The global market is also touted to reach USD 10.14 Billion by 2030.
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. A few medical alert systems 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 Medical Alert Systems 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.
Medical Alert Systems Market Segmentation
The system type-based segments of the medical alert system market study are automated airborne flight alert systems, nurse call systems (NCS), smart belt and ambulatory auto alert systems, and personal emergency response systems (PERS). The segment of PERS is expected to surge at 6.70% CAGR over assessment tenure to acquire around 41.9% share of the overall market.
The offering-based segments of the medical alert system market study are services, hardware, and software. The segment of hardware is studied for battery, console unit, and transmitter among others. The hardware segment is expected to thrive over the review period owing to the presence of expertise that hold immense medical knowledge. In addition, the east availability of guides those can explain the functionality of hardware of a specific type of software can benefit the medical alert system market in the near future.
The connection type-based segments of the medical alert systems market are wired and wireless connection. The growing utility of wired solutions in-home medical alert system or any tracking devices can support the expansion of the wire segment. The wireless segment can garner considerable revenue for the medical alert system market as the demand for wearables is increasing over the review tenure.
The technology-based segments of the medical alert system market study are IP-based systems, unmonitored medical alert systems, medical alert alarm (button) systems, and two-way voice systems among others. The growing requirement for unmonitored medical alert systems, along with increase in the adoption of two-way voice system, can favor the market.
The application-based segments of the medical alert system market are senior living facilities or senior care centers, home-based, and assisted living facilities among others. The other segments consist of hospice and nursing homes. The surge in adoption of smart medical alert systems that provide better monitoring features and their growing popularity among home-based users can favor the market rise over the analysis period.
Medical Alert Systems Market players are ADT (US), Koninklijke Philips NV (Philips) (Netherlands), Bay Alarm Medical (US), AlertONE Service Inc. (US), LogicMark (US), GreatCall (US), Medical Guardian LLP (US), Life Alert Emergency Response Inc. (US), Tunstall Group (UK), Nortek Security and Control (US), Rescue Alert (US), and VRI (US)
Medical Alert Systems Market Regional Analysis
The medical alert system market in the Americas can earn revenue of about USD 3,973.78 Mn on the conclusion of the analysis tenure. By 2027, the medical alert system market in the America is likely surge at 5.68% CAGR by 2027, suggest MRFR findings.
In Europe, the medical alert system market is expected to thrive owing to the large turnover churned by residing reputed companies dealing in medical alert system. The prevalence of independent lifestyle and rise in count of older patients, along with increase in high healthcare spending can support the expansion of the medical alert market in EU.
In the Asia Pacific region, the market of medical alert systems can gain decent momentum owing to the growing demand for elderly population in the region and the presence of strong government backing the overall healthcare industry. The introduction of advanced PERS devices in the region by nuerous companies can support the growth of Asia Pacific medical alert system market in the region.
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