Fall Detection System Market Surpasses US$ 0.38 Billion in 2022, Poised to Grow at a CAGR of 3.38%

13.09.2023 : Fall Detection System Market Report Scope and Research Methodology

The Fall Detection System Market has demonstrated significant growth, achieving a valuation of US$ 0.38 billion in 2022, with an expected expansion at a Compound Annual Growth Rate (CAGR) of 3.38% to reach nearly US$ 0.49 billion by 2029. The report encompasses a comprehensive assessment of market dynamics, including key drivers, challenges, and regional trends.

The report integrates a thorough analysis of the revenue impact of the COVID-19 pandemic on market leaders, followers, and disruptors. The repercussions of varying lockdown measures across regions are duly considered. This assessment aids decision-makers in devising short-term and long-term strategies tailored to specific regions.

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What are Fall Detection System Market Dynamics?

Rise in Demand for Smartphones and Wearable Technologies: The growing popularity of smartphones and wearable devices, coupled with the demand for multimodal technology, contributes significantly to market growth. Fall detection systems offer enhanced assistance in case of falls, leading to reduced medical expenses.

Challenges in Practicality and Acceptability: Challenges such as limited practicality and acceptability among the elderly population, the use of data from replicated conditions for algorithm design, and privacy concerns pose obstacles to market expansion. Sensitivity and specificity of fall detection systems also present challenges.

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What is Fall Detection System Market Segmentation?

Component Segment: Accelerometers & gyroscopes are anticipated to hold the largest market share during the forecast period. These components are commonly used in fall detection systems, particularly by end-users such as senior citizens in homes, hospitals, nursing facilities, and senior assisted living facilities. Tri-axial accelerometers and bi-axial or tri-axial gyroscopes are commonly employed in these systems to detect falls and send alert signals, along with GPS location data.

Wearable System Segment: Wearable systems are expected to dominate the market due to their cost-efficiency and ease of installation. They find applications in both home and outdoor settings. The availability of devices pre-installed with machine learning algorithms is a significant driver for this segment's growth.

End-User Segment: Senior citizens' home end-user segment held the largest market share in 2022, with the hospitals, nursing, and senior assisted living facilities segment projected to exhibit the highest growth rate during the forecast period.

Machine Learning Method: The machine learning method for fall detection is poised to grow at the highest rate during the forecast period. This artificial intelligence approach enhances the robustness, sensitivity, and specificity of fall detection systems. While it is relatively more expensive than the simple threshold method, its improved accuracy and decreasing costs, along with the increasing number of artificial intelligence companies, are expected to drive its growth.

by Component

Accelerometers & Gyroscopes
Multimodal Sensors
Other Unimodal/Bimodal Sensors

by Algorithm

Simple Threshold
Machine Learning Methods

by System

Wearable Systems
In-Home Landline Systems
In-Home Cellular Systems

by End-User

Senior Citizens - Home
Senior Citizens - Outside
Lone Workers
Hospitals, Nursing Homes, And Senior Assisted Living Facilities
Others

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Who are Fall Detection System Market Key Players?

1. Koninklijke Philips N.V.
2. Connect America
3. ADT Corporation
4. Tunstall Healthcare Group Ltd.
5. Medical Guardian LLC
6. Bay Alarm Medical
7. Singapore Technologies Electronics Limited
8. Mobilehelp
9. Mytrex, Inc.
10.Semtech Corporation
11.Alertone Services, LLC
12.Lifefone
13.GreatCall
14.SafeGuardian LLC
15.LifeStation, Inc.
16.Walgreen Company
17.Legrand Electric Ltd
18.Rescue Alert
19.Galaxy Medical Alert Systems
20.DBA Rescue Alert

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Table of content for the Fall Detection System Market includes:

Part 01: Executive Summary

Part 02: Scope of the Fall Detection System Market Report

Part 03: Global Fall Detection System Market Landscape

Part 04: Global Fall Detection System Market Sizing

Part 05: Global Fall Detection System Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

Regional Insights:

North America Dominance: North America is expected to hold the largest share of the fall detection system market, primarily driven by the United States. The region's growing geriatric population and rising acceptance of fall detectors contribute to market growth. Additionally, the adoption of the machine learning method and healthcare-related cost reimbursements further fuel the market in the US and Canada.

Asia Pacific Growth: Asia Pacific is projected to witness the fastest market growth, driven by technological advancements and increased penetration of personal emergency response systems. The growing geriatric population is another significant factor contributing to market expansion in the region.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2023-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic
perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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