ID: MRFR/HC/8522-CR | July 2020 | Region: Global | 209 pages
Market Research Future (MRFR) expects the Medical Alert Systems Market to record a growth rate of 6.46% between 2017 and 2027 (review period). The global market is also touted to reach USD 17,293.6 Million by 2027.
The COVID-19 outbreak has left a debilitating impact on the healthcare sector, given the temporary shutdown of manufacturing facilities and weakened demand. Even as the world is trying to curb the spread of SARS-CoV-2, top companies are striving to bolster their supply chains and accelerate their operations to control further losses. Also, the social distancing practice prevalent worldwide has encouraged patients to go for mobile medical alert systems, which bolsters the need for various types of medical alert systems. Healthcare professional are now offering consultation via video conferencing as well as phone calls, in view of the spread of the pandemic. This is more than likely to benefit the medical alert systems market in the years to follow.
Market Growth to be Bolstered by the Expanding Elderly Population
Medical alert systems industry is all set to experience robust growth over the following years, primarily on account of the burgeoning geriatric population, accelerated use of mobile personal emergency response systems and the emergence of numerous healthcare reforms across various countries. The financial assistance given by the government to elderly patients coupled with the rising prominence of independent living among them also benefit the global market.
Popularity of AI and IoT to Offer Lucrative Opportunities
The surging popularity of latest technologies such as IoT and AI in medical alert systems has created a host of attractive opportunities for the leading contenders in the market. These technologies are witnessing a constant rise in demand since they help foster the overall efficiency of the medical alert systems.
Technical Glitches in A Few Devices to Threaten Market Demand
A few technical issues in some of the major medical alert systems have posed challenges to the players, in view of the falling consumer demand. To cite a reference, Lifestation Inc. had to face a lawsuit by a customer who got unsolicited calls on his mobile via the company’s MSA device.
PERS System Type Garners the Top Spot
Various system types listed in the report include nurse call systems (NCS), personal emergency response systems (PERS), automated airborne flight alert systems, smart belt and ambulatory auto alert systems. The lead has been taken by the PERS segment, which owned the biggest share of 41.9% in 2019 and could soar at a rate of 6.70% over the next few years.
Hardware Offering-Based Segment Witnesses Better Growth
Offering-wise, the market has been considered for software, services and hardware. The hardware segment has been split into battery, transmitter, console unit and others. Hardware segment procures the lead since these are easy to use and can be used without any prior medical knowledge. Moreover, the availability of a number of guides that explain how to use these also boosts the demand for hardware offering type over the software segment.
Wired Connection to be the Top Segment in the Market
With respect to the connection type, the medical alert systems are available as wired as well as wireless connection. Wired or in-home medical alert system or devices are on track to procure the highest share in the global industry with elderly people being the top end-user, since they spend a substantial portion of their time at home and usually find these devices quite easy to use.
Unmonitored Medical Alert Systems to Note Strong Demand
The top technology-based market segments are unmonitored medical alert systems, two-way voice systems, IP-based systems, medical alert alarm (button) systems, and more. Unmonitored medical alert systems do not require payment of any monthly fees to the monitoring company, which is generally the case with Medical Alert Alarm (Button) System and two-way voice system. This can be a strong reason for unmonitored MAS’s escalating demand in the market.
Home-Based User Application to Take the Lead
Depending on application, the market caters to senior living facilities/senior care centers, assisted living facilities, home-based users and others (hospice, nursing homes). The growing use of smart medical alert systems that have extra monitoring features remains one of the key reasons for the huge share of home-based user application in the global market.
America to Remain the Global Leader
The Americas remains the clear winner in the global market for medical alert systems, having touched USD 3,973.78 million in 2019. The American market is also bound to gain impetus at a rate of 5.68% by 2027-end, thanks to the huge number of renowned pharmaceutical firms present in the region and the continuous technological advances taking place in the wearable healthcare segment. The significant surge in injury cases owing to fall from upper bunks and beds, combined with the high financial status of people in the region also adds to the market value.
Europe Grabs Second Largest Share in the Global Market
Europe has emerged as the second major gainer in the global market for medical alert systems, backed by the increasing prevalence of independent lifestyle among older patients and the high healthcare spending taking place in the region.
APAC Emerges as the Third Biggest Market
Asia Pacific stands as the third biggest market for medical alert systems on account of the expanding elderly population and the strong government backing for improvement of the overall healthcare industry. The frequent technical innovations along with the rising introduction of advanced PERS devices by major firms also boost the market size in Asia Pacific.
Vendors Concentrate on Product Innovations to Bolster Global Presence
Companies spend generously on research and development (R&D) activities in view of the strong focus on product innovation to bolster their worldwide presence. Some other competitive strategies employed by the vendors in the medical alert systems industry include acquisitions, joint ventures, collaborations and expansions, to name a few.
List of Key Companies Covered in this Report
The report overview estimates the global medical alert market size, throwing light on various challenges, barriers, drivers and the key opportunities. The market study also comprises some of the key developments post the COVID-19 pandemic and the effects of the novel coronavirus on the market size. The report also throws light on the medical alert systems market by connection wired wireless end user coupled with the medical alert systems cost and the best medical alert systems on the market. Besides, the eminent companies and the competitive strategies undertaken them to stay relevant in the industry are also profiled in the MRFR report.
Scope of the Report
The scope of the MRFR report gives the extensive medical alert systems reviews, listing the different medical alert systems covered by Medicare, various medical alert systems with fall detection as well as medical alert systems with GPS fall detection and the key GPS medical alert systems available in the market.
Global Medical Alert Systems Market, By System Type
Global Medical Alert Systems Market, By Offering
Global Medical Alert Systems Market, By Connection Type
Global Medical Alert Systems Market, By Technology
Global Medical Alert Systems Market, By Application
|Market Size||17,293.6 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors and Trends|
|Segments Covered||System Type, Offering, Connection Type, Technology, Application|
|Geographies Covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Vendors||Koninklijke Philips NV (Philips) (Netherlands), ADT (US), AlertONE Service Inc. (US), Bay Alarm Medical (US), GreatCall (US), Life Alert Emergency Response Inc. (US), LogicMark (US), Medical Guardian LLP (US), Nortek Security and Control (US), Rescue Alert (US), Tunstall Group (UK), VRI (US)|
|Key Market Opportunities||Surging popularity of latest technologies|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global medical alert market systems market is estimated to expand at a CAGR of 6.46% by 2027.
Global medical alert market systems market is projected to hold a value of USD 1 million by 2027.
The increasing geriatric population is estimated to be one of the most significant factor leading to the market expansion.
The Americas are estimated to dominate the global medical alert market systems market.
AlertONE Service Inc.(US), Tunstall Group (UK), Bay Alarm Medical (US), Life Alert Emergency Response, Inc. (US), and a few more are the most renowned players of the global medical alert market systems market.