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.
Market Dynamics:
The pharma and healthcare sector has significantly advanced in the recent years and is expected to register steady revenue growth over the forecast period owing to rapid innovations in medical technology, increasing investments, rising healthcare expenditure and high adoption of advanced products and systems. Factors such as rising prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases, and neurological disorders across the globe, rising cases of coronavirus, improving healthcare infrastructure and research facilities, and increasing adoption of remote patient monitoring services and home care settings are expected to fuel global market revenue growth over the forecast period. In addition, increasing number of hospitals and ambulatory care centers worldwide, high demand for personalized medicine, increasing investments in drug discovery and growing investments by public and private sectors are expected to drive global market growth in the coming years.
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Leading companies operating in the market are:
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.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product service portfolio. The Medical Alert Systems market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in RD, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Medical Alert Systems Market Segmentation:
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)
- Hardware
- Console Unit
- Transmitter
- Wristband Transmitter
- Pendant Transmitter
- Battery
- Others
- Services
- Software
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Connection Type Outlook (Revenue, USD Billion; 2019-2030)
- Wired
- Wireless
End Use Outlook (Revenue, USD Billion; 2019-2030)
- Home-based Users
- Senior Living Facilities/Senior Care Centers
- Assisted Living Facilities
- Hospitals and Clinics
- Others
- Nursing Homes
- Retirement Homes
- Mental Healthcare Centers
Regional Outlook:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
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