Increasing aging population, improving healthcare infrastructure, and increasing need for medical alert systems in home care settings are key factors boosting global market growth
The global medical alert systems market is expected to reach USD 15.82 Billion in 2030 and register a steady revenue CAGR of 9.8% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are rising per capita income, favorable reimbursement scenarios, increasing prevalence of chronic disorders, and preference to be able live independently among senior citizens.
Life expectancy of people is gradually increasing due to rapid advancements in the medical field, rising inclination towards healthy lifestyle, shifting preference for healthy food products, and economic development. There has been a rapid increase in the elderly population across the globe over the years and is expected to increase by approximately 16% by 2050. However, these individuals are more prone to chronic illnesses and have higher risk of falling. Medical alert devices are alarm systems that provide emergency monitoring for elderly patients or patient with health issues and are rapidly gaining popularity over the recent past. These devices are usually worn on wrists or as pendants and aid in signaling healthcare experts or caregivers in case of falls, accidents, or sudden medical emergencies. Factors such as increasing adoption of live-saving tracking devices, preference towards independent living among seniors, and increasing adoption of Person Emergency Response Systems (PERS) are boosting market revenue growth. In addition, favorable government initiatives, and increasing investments to develop more advanced alert devices and systems are expected to boost market growth going ahead.
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Some key highlights of the report:
- Based on type, the smart belt segment is expected to register significantly fast revenue growth over the forecast period owing to increasing number of injuries among seniors due to frequent physical imbalance and fall, and availability of advanced belts that help to reduce the impact of falls, thereby reducing hospital admissions and serious surgeries.
- Among the connection type, the wireless segment is expected to register highest revenue CAGR between 2019 and 2030 owing to increasing incidence of various chronic illnesses among elderly population, rising demand for mobile-based medical alert systems, increasing adoption of wireless products, and rising investments for developing advanced sensors for fall detection.
- Based on end use, the home-based users segment is expected to account for largest revenue share over the forecast period. This can be attributed to high patient pool, rising geriatric population, increasing demand for cost-effective, user-friendly alert systems.
- The medical alert systems market in North America is expected to account for largest revenue share during the forecast period. This can be attributed to factors such as increasing prevalence of chronic diseases, high Alzheimer’s and dementia patient pool, presence of well-established healthcare infrastructure, and increasing investments in research and development activities.
- Asia Pacific is expected to register fastest revenue CAGR over the forecast period owing to rising elderly population, high occurrence of chronic diseases, increasing disposable income, rapid advancements in alert systems, and increasing R&D investments. Moreover, rising need for continuous patient monitoring and increasing adoption of wearable medical devices are fueling market growth in Asia Pacific.
- Philips Lifeline, ADT Inc., Tunstall Healthcare Group Ltd, Greatcall, Alert-1, Connect America, Bay Alarm Medical, Life Alert Emergency Response, Inc., Rescue Alert, Mobile Help, Medical Guardian LLC, LifeStation, Galaxy Medical Alert Systems, LifeFone, Guardian Alarm, Better Alerts, Valued Relationships, Inc., Nortek Security & Control LLC, Legrand Assisted Living & Healthcare, Response Now, and Vanguard Wireless are key players profiled in the global medical alert systems market report.
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For the purpose of this report, Reports and Data has segmented the global medical alert systems market on the basis of type, offering, connection type, end use and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
- Personal Emergency Response System (PERS)
- Home-based/Landline-based System
- Mobile PERS
- Cellular Emergency Response System
- Wireless Emergency Response System
- GPS-based Emergency Response System
- Nurse Calling System (NCS)
- Button-based Systems
- Integrated Communication Systems
- Mobile Systems
- Intercom Systems
- Smart Belt
Offering Outlook (Revenue, USD Billion; 2019-2030)
- Console Unit
- Wristband Transmitter
- Pendant Transmitter
Connection Type Outlook (Revenue, USD Billion; 2019-2030)
End Use Outlook (Revenue, USD Billion; 2019-2030)
- Home-based Users
- Senior Living Facilities/Senior Care Centers
- Assisted Living Facilities
- Hospitals and Clinics
- Nursing Homes
- Retirement Homes
- Mental Healthcare Centers
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Regional Outlook (Revenue, USD Billion, 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2019–2020) and forecast (2021–2030) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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