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2024 Global Analysis of Burglar Alarm Systems: Market Trends, Innovations, and Future Growth
Burglar Alarm Systems Market Trends
According to The Business Research Company's, The burglar alarm systems market size has grown strongly in recent years. It will grow from $5.41 billion in 2023 to $5.9 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to rising crime rates, home and property protection, insurance premium reductions, urbanization and population growth, government initiatives for public safety.
The burglar alarm systems market size is expected to see strong growth in the next few years. It will grow to $8.11 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to integration with artificial intelligence, cloud-based security solutions, smart city initiatives, biometric authentication, energy-efficient and eco-friendly solutions. Major trends in the forecast period include mobile app innovations, technological integration, advancements in sensor technology, smart home integration, integration with video surveillance.
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Market Drivers and Trends:
The rising prevalence of chronic diseases is expected to propel the growth of the contrast-enhanced ultrasound market going forward. Chronic diseases refer to long-term medical conditions that persist over an extended period and require ongoing medical management and care. Contrast-enhanced ultrasound helps provide real-time, detailed images of various chronic diseases, such as liver cirrhosis or vascular diseases associated with hypertension, contributing to more effective long-term management. For instance, in January 2023, according to a report published by the National Library of Medicine, a US-based agency, the number of individuals aged 50 years and older having one or more chronic illnesses is projected to rise by 99.5%, reaching 142.66 million by 2050, up from 71.522 million in 2020 in the United States. Therefore, the rising prevalence of chronic diseases will drive the growth of the contrast-enhanced ultrasound market.
Major companies operating in the contrast-enhanced ultrasound market are developing advanced technologies, such as super-resolution contrast-enhanced ultrasound (CEUS) technology, to improve the spatial resolution of CEUS images. The integration of advanced technologies in contrast-enhanced ultrasound enhances diagnostic capabilities, enabling healthcare professionals to obtain more detailed and accurate information about the anatomy, function, and perfusion of tissues and organs. For instance, in September 2023, Philips, a Netherlands-based company that develops and manufactures medical systems and consumer electronics products, launched Philips Microvascular Imaging Super Resolution Contrast-Enhanced Ultrasound (CEUS), a super-resolution CEUS technology that uses advanced signal processing algorithms to improve the spatial resolution of CEUS images. It helps to provide high-resolution images of blood vessels and other structures to diagnose and treat a variety of diseases, including cancer, liver disease, and vascular diseases.
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Major Key Players of the Market:
General Electric Company, Bayer AG, Bristol-Myers Squibb Company, Siemens Healthcare GmbH, Koninklijke Philips N.V., Daiichi Sankyo Company Limited, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., J.B. Chemicals and Pharmaceuticals Ltd., Canon Medical Systems, Lantheus Medical Imaging Inc., Guerbet, Bracco Diagnostic Inc., Esaote S.p.A., Trivitron Healthcare Pvt. Ltd., BK Medical Holding Company Inc., Hitachi Healthcare, Chison Medical Technology Co. Ltd., SANOCHEMIA Pharmazeutika GmbH, SuperSonic Imagine SA, FUJIFILM Visualsonics Inc., Leriva Pharma SA, Samsung Healthcare, Jodas Expoim Pvt Ltd., nanoPET Pharma GmbH, Alpinion Medical Systems, Acusphere Inc., ContextVision AB, Teratech Corporation, Solstice Pharmaceuticals B.V.$8.11 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Smart Home Adoption Boosts The Burglar Alarm System Market
• Smart Arming Features Enhance User Security
• North America was the largest region in the burglar alarm system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the burglar alarm systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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