Medical Alert Systems Market by Connection (Wired, Wireless), End User (Home Based, Hospitals & Clinics, Senior Living Centers), System Type (Cellular PERS, Mobile PERS, Nurse Call Systems, Smart Wearable Belt), and Region - Global Forecast to 2025
Medical alert systems market anticipated growing at CAGR of 7.9% from 2020 to 2025
The medical alert systems market is estimated to be worth USD 6.5 billion in 2020 and is expected to reach USD 9.6 billion by 2025, at a CAGR of 7.9% from 2020 to 2025. The global medical alert systems market exhibits a lucrative growth potential for the next several years. The major factors driving the growth of the medical alert systems market are rising elderly population, inclination of senior adults towards independent living, increasing adoption of mobile personal emergency response systems, favourable healthcare reforms and financial assistance provided by the government.
The market for wireless devices estimated to grow at the highest CAGR during the forecast period
The adoption of wireless medical alert systems among senior citizens has been increasing and is expected to grow at the highest rate during the forecast period. The increase in adoption is due to the mobility it provides to the elders as it can be used from anywhere to get the emergency services. Moreover, the introduction of smart wearable devices is another major factor which is driving growth for the wireless medical alert systems market. The market is propelled by substantial investments in the R&D activities for the development of new advanced sensors for fall detection and the implementation of AI and IoT in the personal emergency response systems.
The market for home-based users estimated to grow at highest CAGR during the forecast period
The home-based users form a major chunk of the medical alert systems market and are expected to grow at the highest CAGR during the forecast period. The elderly individuals suffering from diabetes, Chronic obstructive pulmonary disease (COPD), heart diseases are prone to falls which could lead to major injuries if not treated at the right time. The medical alert systems provide the elderly adult's independence at home and can avail the emergency services whenever they need it. The other factor which could drive the growth of the medical alert systems market for home-based users is the affordability of these devices as compared to the in-person monitoring.
The market for smart belts is estimated to grow at the highest CAGR during the forecast period
The smart belt market is expected to grow at the highest CAGR during the forecast period. The major factor contributing towards the growth of this segment includes mobility aspect of the belt which provides the convenience to the elderly citizens. These belts reduce the impact of the falls which are common in elderly individuals which reduces the hospital admissions and severe injuries among the elders. The other factor driving this market is benefits to the senior citizen to maintain their active lifestyle and stay fit.
Medical alert systems market in the Asia Pacific to grow at the highest CAGR between 2020 and 2025
Major factors driving the medical alert systems market in the APAC are the rapidly growing elderly population, increased healthcare expenditure per capita and improving healthcare infrastructure in developing countries such as India and China. The healthcare reforms brought by the government to support healthcare services and increasing awareness towards healthcare are other factors contributing to the growth of the medical alert systems market in the Asia Pacific. The government in APAC countries such as Australia, China, and India have invested heavily in the healthcare infrastructure and the provision of basic health insurance for all of its citizens. Moreover, an increase in discretionary income and a population that is aging faster are the other crucial factors propelling the medical alert systems market in the Asia Pacific region.
The breakup of primaries conducted during the study is depicted below:
By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%
By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
By Region: Americas– 40%, Europe – 30%, APAC – 20%, and RoW – 10%
The major players in medical alert systems market are Koninklijke Philips (Netherlands), Connect America (US), Valued Relationships (VRI) (US), Guardian Alarm (US), Alertone Services (US), ADT Corporation (US), LifeFone (US), Bay Alarm (US), Medical Guardian (US), MobileHelp (US), Nortek Security and Control (Numera) (US), Galaxy Medical Alert Systems (Canada), Response Now (US), LifeStation (US), Rescue Alert (US), Better Alerts (US), GreatCall (US), Electronic Caregiver (US), Blue Linea (France), Vanguard Wireless (Australia), and Tango Technologies (US).
These players adopt various strategies, such as product developments, mergers, partnerships, collaborations, and expansions, to cater to customers’ demand.
This report covers the medical alert systems market based on system type, connection type, end-user, and region. The market based on component has been segmented into a personal emergency response system (PERS), nurse call systems (NCS) and smart belt. Based on the connection type. The market has been segmented into wired and wireless networks. Based on application, the market has been segmented into home-based users, hospitals and clinics, senior living facilities, assisted living facilities and others. Based on the region, the medical alert systems market has been segmented into North America, Europe, APAC, and RoW.
Key Benefits of Buying This Report
This report includes the market statistics pertaining to system type, connection type, end-user, and region.
An in-depth value chain analysis has been done to provide deep insight into the medical alert systems market.
Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
Illustrative segmentation, analyses, and forecasts for the market based on system type, connection type, end-user, and region have been conducted to provide an overall view of the medical alert systems market.
The report includes an in-depth analysis and ranking of key players.
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