Global Fall Detection Systems Market 2023: Increase in geriatric population to drive market expansion | PMR Study

Fall Detection System Market is destined to grow on an impertinent note, i.e. reaching US$ 600.0 Mn at a CAGR of 4% between 2019-2029. Personalization has taken over almost every sphere of the industry verticals, and healthcare is no exception. People have started looking at their healthcare picture such that they could actively take part in improving their physical and mental health on the daily basis. This personalization will be the face of the healthcare vertical in the forecast period.

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Companies 
Koninklijke Philips N.V.
Tunstall
ADT Inc.
Medical Guardian LLC.
BioTelemetry, Inc.
Bay Alarm Company
MobileHelp
MariCare Oy

Growing focus on making highly sensitive and cost-effective fall detection systems contribute to the build-up of the industry for fall detection systems by the end of 2029, according to the study. Increasing number of falls in geriatric population combined with increasing prevalence of chronic diseases and endorsement of fall detection systems as supportive tool for independent living - all contribute to the upsurge in the sales of fall detection systems in 2019 and beyond.

Fall Injuries Increasing the Demand for Fall Detection Systems

Treatment of fall injuries imposes an enormous financial strain on the community, especially for seniors as the hospitalization time and cost of treatment increases with age. This is linked to rising ageing population coupled with increasing number of falls among the elderly group. Fall detection systems deliver immediate access to elderly population and provides a potential solution for unreported falls among seniors, thus improving outcomes and reducing the overall healthcare cost. According to the Center for Diseases Control and Prevention, each year, 3 million seniors undergo treatment in emergency departments for fall injuries.

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According to the PMR report, growing adoption in homecare settings accounted for relatively high sales in 2018, and this end-use sector will continue to harness the maximum share during the forecast period of 2019-2029. This is attributed to the growing desire for seniors to spent time at home and to live their life independently and at their convenience.

Demand for automatic fall detection systems is estimated to shoot up by the end of 2029, as end users seek user-friendly fall detection systems that have capability to alert senior care or healthcare facility automatically during emergency saving time for the patient to get proper therapy. Based on sensing method, sales of wearable fall detection systems have been, and will continue to witness greater adoption among end users, reveals the PMR research study. Demand for wearable fall detection systems is primarily driven by their ease-of-use nature and mobility, as they come in the form of watches, necklaces, and clip-to-garments, thus enabling users to carry them wherever they wish to go. Thus, the PMR study report estimates that wearable fall detection systems will hold ~ 70% of the total market share during the forecast period.

Asia Pacific Market Set to Grow 2X

According to the PMR study, growth opportunities for the fall detection systems market players are picking pace in the Asia Pacific region. After North America and Europe, Asia Pacific is expected to harness the maximum share in the market for fall detection systems, owing to subtle expansion of the regional healthcare industry and development of senior care facilities in this region. High population factor and increasing investment in healthcare by the government, especially in Asian countries also create an opportunity for fall detection systems manufacturing companies to invest in these regions.

Competitive Landscape

The Fall Detection Systems market is highly competitive and consists of significant major players that dominate the market. Several market players are implementing new and differentiating strategies to meet product demand and dominate the regional market. The market players are focusing on mergers and promoting research & development activities to develop new and technologically advanced products.

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PMR's business analytics also shows breakthrough perspectives into the competitive landscape of the fall detection systems market along with highlights of manufacturers' key business policies and approaches. Key market players in the fall detection systems will continue to draw upon the global drive by focusing their research and development resources on developing machine learning based fall detection systems and also companies will be expanding their business through partnerships with other technology giants. For instance, MobileHelp®, an emerging company in the fall detection systems market,has taken a step further and created a new smart-watch based fall detection systems solution in collaboration with Samsung and Trelawear and announced the launch of new line of emergency response wearables to expand its product offerings of fall detection systems.

Fall Detection Systems Market Categorization

Fall Detection Systems Market by By Product Type

Automatic Fall Detection Systems
Manual Fall Detection Systems

Fall Detection Systems Market By Technology

GPS-based
Mobile Phone-based
Sensor-based

Fall Detection Systems Market By Sensing Method

Wearable
Watches
Necklaces
Clip-to-Garments
Non-Wearable
Floor Sensors
Wall Sensors

Fall Detection Systems Market By End User

Home Care Settings
Assisted Living Facilities

Fall Detection Systems Market by Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa (MEA)

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