Medical Alert Systems Market with COVID-19 Impact Analysis by Offering, System Type, Connection Type (Wired, Wireless), Technology, Distribution Channel(Pharmacies, Online Sales, Hypermarkets), Application and Geography - Global Forecast to 2026
The medical alert systems market is expected to grow from USD 6.8 billion in 2021 to USD 11.1 billion by 2026; it is expected to grow at a CAGR of 10.3% during the forecast period. The major driving factors for the growth of the medical alert systems market include increase in geriatric population, an increase in adoption of life saving and tracking systems and growing inclination of elderly population towards independent living.
Hardware in offering segment to witness higher CAGR growth from 2021 to 2026
In terms of CAGR, the hardware segment in offerings is expected to increase significantly the medical alert systems market during the forecast period from 2021 to 2026. The scope of the hardware segment of the medical alert systems market includes console units, transmitter, wristband transmitter, pendant transmitter, battery, and others. The majority of this hardware are used frequently in different applications like hospitals and clinics among others. Thus, the demand for hardware is expected to be high in the forecast period.
Hospital and clinics application to show significant growth in medical alert systems market, in the forecast period.
The demand for medical alert systems in hospitals and clinics is quite high. It helps monitor the patients with neurologic disorders, such as Alzheimer’s and dementia, by providing two-way communication between the caregivers and users and locating such users if they are confused or unable to figure out their destination. The purpose of medical alert systems in a safe environment, such as a hospital, is to substitute the watch of a doctor, nurse, or caregiver. The nursing or hospital staff cannot guarantee 24-hour supervision for aged patients. Medical alert systems are more helpful when people with dementia and Alzheimer’s are admitted to a hospital. Medical alert systems allow patients at hospitals to send a signal in case of any emergency or stroke. The fall detection feature in medical alert systems also aids users in reaching out to caregivers or nurses even if they are unable to press the emergency button. Thus, advanced features of the medical alert system such as GPS, motion sensors, fall detection help caregivers to know the location of the user. Adopting innovative technologies and solutions has enabled manufacturers to build medical alert systems with improved capabilities, thereby keeping up with changing trends and ensuring continued growth in the quality of care provided.
North America to account for largest market size during the forecast period
North America will be the largest market for medical alert systems. The major factors driving the medical alert systems market growth in North America are the rising adoption of mobile personal emergency response systems, the increasing geriatric population, a growing number of Alzheimer’s patients, coupled with a strong focus of seniors on independent living and financial assistance provided by the government.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the medical alert systems market. Following is the breakup of the profiles of primary participants for the report.
By Company Type: Tier 1 – 40 %, Tier 2 – 35%, and Tier 3 – 25%
By Designation: C-Level Executives – 57%, Managers – 29%, and Others – 14%
By Region: North America – 40%, Europe – 30%, APAC – 20%, and RoW – 10%
The report profiles key players in the medical alert systems market and analyzes their market shares. Players profiled in this report are Philips (Netherlands), Connected America (US), Valued Relationships (US), Medical Guardian (US), ADT (US), Guardian Alarm (US), Bay Alarm Medical (US), MobileHelp (US), Alert1 (US) and LifeFone (US)
This report segments the medical alert systems market by System Type, Offering, Technology, Connection Type, Distribution Channel, Application, and Region. It also describes major drivers, restraints, challenges, and opportunities about this market, as well as includes market share analysis, value chain analysis, porter’s five forces analysis, trade analysis, ecosystem, technological trends, pricing analysis, key patents, standards, and frameworks, and case studies/use cases.
Reasons to Buy This Report
The report will help leaders/new entrants in the medical alert systems market in the following ways:
1. The report segments the medical alert systems market comprehensively and provides the closest market size estimation for all subsegments across regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities about the medical alert systems market.
3. The report will help stakeholders understand their competitors better and gain insights to improve their position in the medical alert systems market. The competitive landscape section describes the competitor ecosystem.
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