Medical Alert Systems Market Research, 2030
The Global Medical Alert Systems Market was valued at $6.47 billion in 2020, and is projected to reach $20.95 billion by 2030, registering a CAGR of 10.9% from 2021 to 2030.
Medical alert systems are enhanced medical devices designed to offer a fast and more reliable way for elders and users with health issues to communicate with medical services in the case of an emergency. Further, medical alert devices are equipped with a help button that can dial an emergency response center and connect users to live agents. Moreover, the traditional medical alert system consists of a base unit and a portable help button that a user can wear around the house; however, modern medical alert systems include GPS-based mobile solutions and cellular alternatives for users to utilize while on the go, as well as options that automatically send an alarm when a fall is detected.
Further, the medical alert system often, known as a personal emergency response system, is a combination of state-of-the-art communications and computer technology. In addition, medical alert systems such as in-home or mobile alert systems are intended to offer indoor and outdoor real-time user health monitoring solutions. Moreover, the rise in the inclination of elder citizens toward independent living is driving the need for a sustainable personal emergency response system, which is significantly offering growth opportunities for the medical alert systems market.
The medical alert systems market share is expected to witness notable growth during the forecast period, owing to rise in geriatric population and health latency across the globe. Furthermore, technological advancement in medical alert systems has driven the growth of the market. Moreover, rise in favorable healthcare reform and financial assistance by government for senior citizens is expected to propel the medical alert systems market growth during the forecast period.
However, rising incidence of false alarm paired with lower acceptability of technology across seniors are some of the prime factors restraining the market growth. On the contrary, rise in revolution brought by emerging technologies such as IoT and AI and positive growth outlook for healthcare sector with rise in expenditure on medical services is expected to provide lucrative opportunities for the growth of the medical alert systems market during the forecast period.
By Type
PERS segment will dominate the market throughout the forecast period
Segment Overview
The global medical alert systems market is segmented on the basis of type, technology, application and region.
On the basis of type, the market is classified into personal emergency response system, nurse calling system, and smart belt. The personal emergency response system segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period. By technology, it is divided two-way voice systems, unmonitored medical alert systems, medical alert alarm (button) system, and IP-based systems.
By Technology
Unmonitored Medical Alert Systems segment will maintain the lead during 2021 - 2030
The unmonitored medical alert systems segment was the highest revenue contributor in 2020, and is anticipated to garner significant market share during the forecast period. By application, the market is categorized into home-based users, senior living facilities/senior care centers, assisted living facilities, hospitals and clinics, and others. The home-based users segment acquired the largest share in 2020, and is expected to grow at a high CAGR from 2021 to 2030.
By Application
Home-Based Users segment will generate the highest revenue during 2021 - 2030
Region-wise, the medical alert systems market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of the Europe), Asia-Pacific (China, India, Japan, South Korea, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global market. Major organizations and government institutions in the country are intensely putting resources into the technology.
By Region
North America region will lead the market throughout the forecast period
Top Impacting Factors
Significant factors that impact the growth of the global medical alert systems industry include technological advancement in medical alert systems and surge in favorable healthcare reform and financial assistance by government for senior citizens. However, lower acceptability of technology across seniors and increasing incidence of false alarm acts as a prime barrier for early adoption, which hampers the growth of the market. On the contrary, positive growth outlook for healthcare sector with rising expenditure on medical services coupled with rise in emerging technologies such as IoT and AI is expected to offer potential growth opportunity for the medical alert systems market during the forecast period.
Competitive Analysis
Competitive analysis and profiles of the major medical alert systems market players, such as Koninklijke Philips N.V., Connect America, Ascom Wireless Solutions, ADT Corporation, Medical Guardian, Hill-Rom Holdings Inc., Bay Alarm Medical, MobileHelp, and LifeFone are provided in this report. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.
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.
Medical Alert Systems Market Report Highlights
| Aspects | Details |
 By Type |
|
 By Technology |
|
 By Application |
|
 By Region |
|
 Key Market Players | MobileHelp, Connect America, Hill-Rom Holdings Inc., Koninklijke Philips N.V., LifeFone, Bay Alarm Medical, Ascom Wireless Solutions, ADT Corporation, Medical Guardian, Jeron Electronics Systems Inc. |
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.
Among the analyzed regions, North America exhibits the highest adoption rate of medical alert systems and has been experiencing massive expansion of the market. On the other hand, Asia-Pacific is expected to grow at a faster pace, predicting lucrative growth due to emerging countries, such as China, Japan, and India, investing in these technologies. Regions, such as the Middle East and Africa, are also expected to offer new opportunities in the medical alert systems market in future.
Various key players and government agencies are investing in medical alert systems globally to make them compatible with various industrial platforms. For instance, in 2019, Arvi, a leading healthcare startup, announced the launch of its new smart medical alert system for senior citizens in India. In addition, in April, 2021, The Federation of Korean Industries, announced their plan to consider reviewing related regulations to open up the gates for local practice of telemedicine-medical diagnosis. All these developments across medical alert systems showcase lucrative opportunities for the market growth.
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.
The Medical Alert Systems Market is estimated to grow at a CAGR of 10.9% from 2021 to 2030.
The Medical Alert Systems Market is projected to reach $20.95 billion by 2030.
To get the latest version of sample report
Technological advancement in medical alert systems and surge in favorable healthcare reform etc. boost the market growth.
The key players profiled in the report include Koninklijke Philips N.V., Connect America, Ascom Wireless Solutions, and many more.
On the basis of top growing big corporations, we select top 10 players.
The Medical Alert Systems Market is segmented on the basis of type, technology, application and region.
The key growth strategies of Medical Alert Systems market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Asia-Pacific region would grow at a highest CAGR of 15.3% during the forecast period.
Personal Emergency Response System (PERS) segment will dominate the market during 2021 - 2030.
Loading Table Of Content...
