Press release
Medical Alert Systems Market size is Projected to Hit $20.95 Billion by 2030 | Growing at a CAGR of 10.9%
Medical Alert Systems Market
The global medical alert systems market was valued at $6.47 billion in 2020, and is projected to reach $20.95 billion by 2030, registering a CAGR of 10.9% from 2021 to 2030.
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Medical alert systems are enhanced medical devices designed to offer a fast and more reliable way for elders and users with health issues to communicate with medical services in the case of an emergency. Further, medical alert devices are equipped with a help button that can dial an emergency response center and connect users to live agents.
Moreover, the traditional medical alert system consists of a base unit and a portable help button that a user can wear around the house; however, modern medical alert systems include GPS-based mobile solutions and cellular alternatives for users to utilize while on the go, as well as options that automatically send an alarm when a fall is detected.
A medical alert devices is a combination of state-of-the-art communication technology that offers easy-to-use communication tools, which will enable seniors a fast emergency response solution. In addition, the rise in concerns related to senior citizen safety across residential and healthcare sectors is expected to offer significant growth opportunities for the medical alert system.
Report Overview:
https://www.alliedmarketresearch.com/medical-alert-systems-market-A14983
The outbreak of the COVID-19 has significantly impacted the growth of the medical alert systems market. Rise in demand for personal health monitoring systems across home-based users and nurse call systems across healthcare sector has significantly propelled the demand for medical alert systems-based digital applications during the pandemic.
Competitive Analysis:
The medical alert systems industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the global medical alert systems market include,
⦁ ADT Corporation
⦁ Medical Guardian
⦁ Bay Alarm Medical
⦁ LifeFone
⦁ Jeron Electronics Systems Inc.
⦁ Hill-Rom Holdings Inc.
⦁ Ascom Wireless Solutions
⦁ MobileHelp
⦁ Koninklijke Philips N.V.
⦁ Connect America
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Top Impacting Factors:
Significant factors that impact the growth of the global medical alert systems industry include technological advancement in medical alert systems and surge in favorable healthcare reform and financial assistance by government for senior citizens. However, lower acceptability of technology across seniors and increasing incidence of false alarm acts as a prime barrier for early adoption, which hampers the growth of the market.
On the contrary, positive growth outlook for healthcare sector with rising expenditure on medical services coupled with rise in emerging technologies such as IoT and AI is expected to offer potential growth opportunity for the medical alert systems market during the forecast period.
Key Benefits for Stakeholders:
⦁ This study comprises analytical depiction of the medical alert systems market size along with the current trends and future estimations to depict the imminent investment pockets.
⦁ The overall medical alert systems market analysis is determined to understand the profitable trends to gain a stronger foothold.
⦁ The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
⦁ The current medical alert systems market forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
⦁ Porter's five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
⦁ The report includes the market share of key vendors and medical alert systems market trends.
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