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Business Alliances to Open New Growth Opportunities for Players in North America Fall Detection System Market

11-07-2016 03:05 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: MRRSE.com

Rising prevalence of chronic disease and increasing number of stroke cases among geriatric population is leading to increasing number of falls. One of the main causes of falls among older population is rising incidence of Alzheimer. It has been estimated that 12.5% of people 65 years and older and 45% of people 85 years and older suffer from Alzheimer’s. Also, nearly twice as many women as men suffer from the disease. Fall detection systems such as automatic fall detection systems and manual fall detection systems are used to alert emergency services in the event of a fall. Such devices have the potential to mitigate some of the adverse consequences of a fall. These systems can be classified as wearable pendant that can be attached to a watch or a necklace. Certain fall detection sensors can be clipped onto the user’s pocket, while some fall detection systems providers also provide fall detection cellular phone, floor sensors, wall sensors and cameras.

The global fall detection systems market has been estimated to account for a market value of US$ 335.4 Mn in 2015, and is projected to witness stable growth across all global regions, due to rising incidence of chronic diseases, proliferation of smartphones and rising healthcare spending.

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Drivers and Trends

The primary growth driver for the fall detection systems is rising geriatric population opting for enhanced medical alert services. Global ageing population is increasing rapidly. Between 2000 and 2050, the geriatric population is expected to account for 11% – 22% of the overall population, growing from 605 million to 2 billion over the same period. Furthermore, increased penetration of smartphones among geriatric population and technological advancements creates a favorable environment for growth of the global fall detection system market over the forecast period.

Manufacturers of fall detection systems are more focused on integrating advanced technologies such as GPS and cellular communication in order to maintain competitive advantage in the market. Technological advancements have led to integration of innovative solutions in fall detection devices that automatically trigger an alarm even if the user is unable to press the button due to loss of consciousness or injury.

Rising overall healthcare expenditure is also expected to contribute to the overall growth of the fall detection system market in the near future. Falls have an adverse economic impact on the immediate family, community, and society. Healthcare costs associated with falls in older age are increasing significantly across the world.

Regional Analysis

The market in North America is expected to expand at the highest CAGR in terms of value over the forecast period. Increasing prevalence of chronic diseases and rising healthcare spending are factors that are expected to further drive demand for fall detection system and thus, lead to standardization of the market in the region. Also wide availability of free people locator applications is adversely affecting adoption of paid subscription services for fall detection systems. Cost issues and lack of reimbursement policies are expected to slightly hamper growth of the market in North America during the forecast period.

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Europe is the second-most lucrative destination for fall detection systems. High costs of device and lack of awareness regarding use and adoption of fall detection system is expected to affect overall market for fall detection systems in the region over the next few years. The Europe market is expected to expand at a stable CAGR over the forecast period. Major companies based in Europe are looking to expand their base outside Europe to better cater to growing global demand for fall detection systems.

The Asia Pacific market is expected to expand at the highest CAGR, followed by North America, Europe, and Latin America over the forecast period. The Middle East & Africa accounts for a nominal share of the overall fall detection system, but is expected to evolve over time with increasing technological advancements and rising awareness through promotional campaigns.

Key market participants covered in the report include Koninklijke Philips N.V, LifeWatch USA, Tunstall, ADT Security Services, Medical Guardian LLC, MobileHelp, Bay Alarm Company, and MariCare Oy.

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MRRSE stands for Market Research Reports Search Engine, the largest online catalog of latest market research reports based on industries, companies, and countries. MRRSE sources thousands of industry reports, market statistics, and company profiles from trusted entities and makes them available at a click. Besides well-known private publishers, the reports featured on MRRSE typically come from national statistics agencies, investment agencies, leading media houses, trade unions, governments, and embassies.

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