Significant Growth in Medical Alert Systems Market

Posted March 3, 2020 by ctom7000

What are the major drivers, restraints, opportunities, and challenges for the medical alert system market?
The medical alert systems market is estimated to be worth USD 6.5 billion in 2020 and is projected to reach USD 9.6 billion by 2025, at a CAGR of 7.9% from 2020 to 2025.

The medical alert systems industry is expected to witness strong growth in the next six years mainly due to the rising elderly population across the globe, increasing adoption of the mobile personal emergency response system, various healthcare reforms in different parts of the world, financial assistance to the elderly individuals, and an inclination towards independent living.

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Medical alert systems market for PERS devices is expected to hold the largest share during the forecast period

The high market share of PERS devices is mainly due to the rising aging population in different parts of the world, along with an inclination of the seniors to live an independent life while staying secure during an emergency. The other factors contributing towards the larger market share of PERS includes rising per capita expenditure towards the healthcare across the globe, availability of advanced medical facilities, growing awareness towards healthcare, adoption of mPERS. Digital transformation and the use of technologies such as IoT, and artificial intelligence (AI) in the PERS devices have resulted in a significant demand for the PERS in major parts of the world. The PERS devices include features like automatic fall detection, automatic call assistance and location tracing which helps the elderly individuals in case of an emergency when they are unable to press the help button. The rising demand for personal emergency response systems among older adults has resulted in the accelerated growth of the market.

Wired medical alert systems market are expected to hold the largest market share from 2020 to 2025

The wired or in-home medical alert devices are expected to hold a high market share as the older people who spent most of their time at home find it easy to use. Wired medical alert systems are the traditional and most reliable devices used by senior citizens during a medical emergency. Wired PERS can be used through either Plain Old Telephone Services (POTS), also known as a standard phone line, or advanced digital or Voice over Internet Protocol (VoIP), or Digital Subscriber Line (DSL) phone services. Standard landline personal emergency response system devices are very easy to use and suitable for senior citizens who stay alone at home. The senior citizens, who often lack technological awareness, find the wired PERS devices user-friendly. Thus, the wired medical alert system market is the largest revenue-generating segment.

Home-based users are expected to hold the largest market share from 2020 to 2025

The introduction of smart medical alert systems with additional monitoring features is one of the reasons for the high market share of the home-based application. The increasing adoption of emerging technology like AI and IoT in the medical alert systems has improved the efficiency of these systems and provides a number of opportunities to the medical alert system providers. The demand for home-based users is likely to stay high due to the independence it provides to the senior citizens who want to live alone but taken care of in case of an emergency. The home-based user is the large segment in the elderly care market in which companies are catering, and a rise in demand is expected over a period of time.

North America to account for the largest market share from 2020 to 2025

North America account for the largest market for the medical alert systems during the forecast period. The major factors driving the medical alert system market growth include the increasing geriatric population across the world, rising healthcare expenditure, adoption of mobile personal emergency response systems (mPERS), financial assistance provided by the government for the elderly care, the inclination of senior citizens towards the independent living and the rising influence of disruptive technologies such as IoT and artificial intelligence (AI) in the healthcare sector. The developed countries like US and Canada have a robust healthcare system, faster reimbursement policies, and favorable healthcare regulations that are conducive to the development of the home healthcare sector and is the major factor in driving the market in the North American region. Some of the major players in this region are Philips Life Line (US), Connect America, and ADT Corporation.

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Key Market Players

The major players in medical alert systems market are Koninklijke Philips (Netherlands), Connect America (US), Valued Relationships (VRI) (US), Guardian Alarm (US), Alertone Services (US), ADT Corporation (US), LifeFone (US), Bay Alarm (US), Medical Guardian (US), MobileHelp (US), Nortek Security and Control (Numera) (US), Galaxy Medical Alert Systems (Canada), Response Now (US), LifeStation (US), Rescue Alert (US), Better Alerts (US), GreatCall (US), Electronic Caregiver (US), Blue Linea (France), Vanguard Wireless (Australia), and Tango Technologies (US).

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Contact Email [email protected]
Issued By Tom
Country United States
Categories Medical , Technology
Tags Medical Alert Systems Market
Last Updated March 3, 2020