Fall Detection System Market to Exceed US$ 518.5 Mn in 2025
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The market for fall detection systems, though shrouded by high cost of equipment, false positives of equipment and lack of awareness, presents lucrative opportunities for manufacturers and service providers alike, as these offer ease of accessibility, affordability, and effective administration to potential customers. The report analyzes the global fall detection system market in terms of market value (US$ Mn) by product type, sensing modalities, technology, end user and region. It also provides information regarding market dynamics, competitive landscape, current trends, market estimations and forecast.
North America is expected to dominate the global fall detection market throughout the forecast period, driven by increasing number of falls among the geriatric population, rising prevalence of chronic diseases, proliferation of smartphones and adoption of fall detection systems as supportive tools for independent living. The market in U.S. for fall detection systems in North America holds the largest share. The fall detection system market in the U.S. is expected to increase from the current estimated value of US$ 136.9 Mn in 2017 to US$ 197.4 Mn by 2025, registering a CAGR of 4.7% over the forecast period. Rising number of falls among old people, increasing demand for fall detection systems due to their superior effectiveness and increased focus on maintaining superior quality of life are factors expected to boost overall demand in the fall detection system market in the near future.
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By product type, the fall detection system market is segmented into automatic fall detection systems and manual fall detection systems. The automatic fall detection systems segment is expected to dominate the global fall detection systems market by the end of 2025. The segment is projected to register an above average growth rate over the forecast period.
By sensing modalities, the fall detection system market is segmented into wearable and non-wearable segments. Among these, the wearable segment is expected to dominate the overall market by 2025, owing to ease of use and portability of these devices and rising number of falls among the aging population as well as increasing adoption of new technologies by the elderly to live independently and safely at home.
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By technology, the fall detection system market is segmented into GPS systems, mobile phones, and sensors. Among these, the sensors segment is expected to gain high demand in comparison to all other segments over the forecast period.
By end user, the fall detection system market is segmented into home care settings and senior assisted living facilities. Among these, the home care settings segment is expected to remain the most attractive and is estimated to account for 70.7% share of the global market by 2017 end, and further increase to 74.2% by 2025.
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Koninklijke Philips N.V., Tunstall, ADT LLC dba ADT Security Services, Medical Guardian LLC, LifeWatch USA, Bay Alarm Company, Mobile Help, and MariCare Oy are some of the key players in the global fall detection system market.
Long-term Outlook: The global fall detection system market is expected to increase at a CAGR of 4.5% in terms of revenues during the forecast period 2017-2025. North America and Europe will continue to be the leading markets during the forecast period 2017 to 2025.
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