Press release
Medical Alert Systems Market Expected to Exceed $20.95 Billion by 2030 with 10.9% CAGR From 2021-2030
Medical Alert Systems Market
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Medical alert systems are an essential component of current healthcare solutions that are designed to provide rapid emergency monitoring to safeguard the safety and well-being of users such as seniors and those with health difficulties. Further, emergency response systems are intended to create a level of safety at a touch of a button by offering fast medical support.
The growth of the global medical alert systems market is majorly driven by technological advancement in medical alert systems paired with rise in geriatric population and health latency across the globe. Further, increase in favorable healthcare reforms and financial assistance by government for senior citizens is anticipated to drive the growth of the market.
However, lower acceptability of advanced technology across senior citizens coupled with rise in incidents of false alarms are acting as a prime restraint of the global market. On the contrary, positive growth outlook for healthcare sector with rising expenditure on medical services and surge in revolution brought by emerging technologies such as IoT and AI is anticipated to provide lucrative opportunities for the market during the forecast period.
The global medical alert systems market is segmented on the basis of type, technology, application and region.
Based on type, the personal emergency response system (PERS) segment held the highest market share in 2020, accounting for nearly two-third of the global medical alert systems market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed surge in per capita income paired with technological advancement in healthcare sector.
Based on technology, the unmonitored medical alert systems segment accounted for the largest share in 2020, contributing to nearly two-fifths of the global medical alert systems market, and is projected to maintain its lead position during the forecast period. The primary factor escalating the demand for unmonitored medical alert system is the requirement of no monthly fees or additional expenses as this system does not involve any call center or trained staff, hence making it the largest segment of the market.
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global medical alert systems market, owing to surge in investment by prime players in data center. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 15.3% during the forecast period. This is attributed to rising awareness about high end cloud computing technology to enhance resource utilization and various benefit from the scalable healthcare architecture.
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The key players profiled in the report include Koninklijke Philips N.V., Connect America, Ascom Wireless Solutions, ADT Corporation, Medical Guardian, Hill-Rom Holdings Inc., Bay Alarm Medical, MobileHelp, and LifeFone. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the industry.
Region-wise, North America holds a significant share in the global market, owing to the presence of prime players in this region. The adoption of two-way voice system and medical alert alarm system at the hospitals sector is expected to propel the growth of the medical alert systems industry in this region. Moreover, surge in demand for personal health monitoring system for senior citizens in North America is anticipated to drive the medical alert systems market trends in this region.
Analyst Review
Medical alert systems technology is a set of enhanced technology intended to offer emerging monitoring, both in and out of home. Further, medical alert systems' primary goal is to ensure the safety of senior citizens and user with health issues in case of emergency. In addition, the rise in demand for the Internet of Things and artificial intelligence solutions across the healthcare sector is expected to offer profitable opportunities for the medical alert systems market. Moreover, the deployment of AI-powered personal emergency response systems, owing to rise in government initiative to promote digital healthcare solutions, is expected to drive the growth of the medical alert systems market in the coming years.
The global medical alert systems market is highly competitive, owing to the strong presence of existing vendors. Medical alert systems vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
Surge in demand for emergency response solution for senior citizens globally is driving the need to enhance medical alert systems solutions such as in-home system and mobile systems. Moreover, prime economics, such as the U.S., China, Germany, and Japan, plan to develop and deploy next-generation medical alert systems solutions across various sectors. For instance, on May 25, 2021, TELUS Health, one of the leading developers of healthcare solutions, announced the launch of the TELUS Health Companion of Apple Watch, which is anticipated to provide lucrative opportunities for the market growth.
Key Findings of the Study:
➢ In 2020, the personal emergence response system segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 12.6% during the forecast period.
➢ The home-based users and assisted living facilities segments together accounted for around 49.7% of the medical alert systems market share in 2020.
➢ The smart belt segment is projected to growth at a CAGR of 15.6% during the forecast period.
➢ North America contributed for the major share in the medical alert systems market, accounting for more than 35.4% share in 2020.
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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