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Medical Alert Systems Market 2024-2033 - Size, Growth, Key Trends & Forecast Analysis
Medical Alert Systems Market
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According to The Business Research Company's, The medical alert systems market size has grown rapidly in recent years. It will grow from $10.42 billion in 2023 to $11.55 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to chronic health conditions, aging population, healthcare infrastructure, government initiatives, telehealth services.
The medical alert systems market size is expected to see rapid growth in the next few years. It will grow to $17.26 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to independent living, medical cost savings, rural healthcare access, personalized emergency plans, elderly social isolation. Major trends in the forecast period include internet of things (iot) and wearable integration, blockchain for health data security, voice-activated systems, artificial intelligence (ai) for predictive care, fall detection technology.
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Market Drivers and Trends:
The increasing focus of the government on improving healthcare infrastructure is expected to propel the growth of the medical alert systems market going forward. Medical emergency response systems can be useful if someone needs to enter a nursing home or assisted living facility. Management must comprehend how healthcare facilities might use medical alerts because accidents and crises can happen even in institutions with round-the-clock care. For instance, in June 2023, according to the Centers for Medicare & Medicaid Services, a US-based federal agency, healthcare expenditures in the United States increased by 2.7%, reaching a total of $4.3 trillion, equivalent to $12,914 per capita. These healthcare expenses represented 18.3% of the nation's gross domestic product. Therefore, the increasing government focus on improving healthcare infrastructure is expected to boost the growth of the medical alert systems market during the forecast period.
Technological advancements have emerged as a key trend gaining popularity in the medical alert systems market. Major companies operating in the medical alert systems market are adopting new technological solutions, such as the Micro, a mobile medical alert device, to sustain their position. For instance, in January 2022, Essence Group, a US-based IoT-based remote care solutions company, launched the world's first 5G-enabled mobile Personal Emergency Response System (mPERS) device called Umbrella. Umbrella is a small device that integrates with Essence's multi-service cloud, providing enhanced personal safety and care for multiple remote and outdoor settings.
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Major Key Players of the Market:
Koninklijke Philips N.V., Connect America Holdings LLC, ADT Inc., Bay Alarm Medical Company, VRI Inc., Ascom Wireless Solutions Holding AG, ADT Corporation, Medical Guardian LLC, Hill-Rom Holdings Inc., MobileHelp LLC, LifeFone Medical Alert Services, Tunstall Group Holdings Ltd., Alertone Services LLC, GreatCall Inc., Rescue Alert, LogicMark LLC, Nortek Security and Control LLC, Galaxy Medical Alert Systems Ltd., Guardian Alarm Company, Legrand Assisted Living & Healthcare Inc., LifeStation Inc., Guardian Medical Monitoring LLC, Life Alert Emergency Response Inc., Medical Care Alert LLC, MedicAlert Foundation, ResponseLINK LLC, Vital Link Inc., LifeCall Inc., LifeWatch USA LLC, LifeWise Health Plan of Oregon Inc., MedScope America Corp., Mytrex Inc., Senior Safety Medical Alert Systems LLC, Smart Caregiver Corporation
Medical Alert Systems Market 2024 Key Insights:
• The medical alert systems market size is expected to see rapid growth in the next few years. It will grow to $17.26 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Government Emphasis On Healthcare Infrastructure Enhancement To Drive Growth In The Medical Alert Systems Market
• Technological Advancements Transforming The Medical Alert Systems Market
• Asia-Pacific was the largest region in the medical alert systems market in 2023, and it is also expected to be the fastest-growing region in the forecast period
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