ID: MRFR/HC/8522-CR | 209 Pages | Published By Kinjoll Dey on January 2020
Medical Alert Systems Market Size was valued at USD 6.80 billion in 2022. The Medical Alert Systems market industry is projected to grow from USD 7.21 Billion in 2023 to USD 10.29 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 - 2030). Rising prevalence of chronic diseases, and increasing demand for point-of-care testing are the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Medical Alert Systems Market Trends
With the aging population on the rise, the demand for medical alert systems is expected to increase, as these systems allow older adults to remain independent and age in place. The incidence of chronic diseases such as diabetes, heart disease, and hypertension is increasing, leading to a greater need for medical alert systems to manage these conditions and alert healthcare providers in case of emergencies.
Medical alert systems are becoming more advanced, with features such as fall detection, GPS tracking, and integration with smartphones and other devices. This is making these systems more user-friendly and increasing their adoption among older adults. As more people become aware of the benefits of medical alert systems, there is a growing acceptance and adoption of these devices, which is expected to drive the growth of the market. Government policies and initiatives to support aging in place and improve access to healthcare services are also expected to contribute to the growth of the medical alert systems market. The Medical Alert Systems market is poised for significant growth in the coming years, driven by demographic, technological, and societal factors, as well as supportive government policies.
Medical Alert Systems Market Segment Insights
Medical Alert Systems System Type Insights
The Medical Alert Systems market segmentation, based on system type, includes Personal Emergency Response Systems (PERS), Nurse Call Systems (NCS), Ambulatory Auto Alert Systems, Automated Airborne Flight Alert System, and Smart Belt. The Personal Emergency Response Systems (PERS) segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. PERS devices are becoming more advanced, with features such as fall detection, GPS tracking, and integration with smartphones and other devices. This is making these systems more user-friendly and increasing their adoption among older adults.
June 2020 The acquisition of Tunstall Americas by Connect America. This acquisition allowed Connect America to expand its PERS offerings and strengthen its position in the market. With the addition of Tunstall Americas' products and services, Connect America is able to offer a wider range of PERS devices, including mobile and home-based systems, as well as remote patient monitoring solutions. This acquisition is expected to help Connect America better serve its customers and accelerate its growth in the PERS market.
Medical Alert Systems Offering Insights
The Medical Alert Systems market data has been bifurcated by offering into Hardware, Software, and Services. The hardware segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Advances in hardware technology have led to the development of more advanced medical alert systems that are more reliable, accurate, and user-friendly. These advancements include improvements in sensor technology, battery life, and wireless connectivity.
Figure 2 Medical Alert Systems Market, by Offering, 2022 & 2030 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
The trend towards aging in place has led to an increasing demand for home-based medical alert systems. These systems typically consist of a base unit and one or more wearable or stationary devices, all of which rely heavily on hardware technology.
Medical Alert Systems Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Medical Alert Systems market accounted for USD 3.11 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The North American market for Medical Alert Systems is the largest, owing to the high adoption rate of advanced technology and the increasing aging population. The United States and Canada are the key markets in the region, with a significant number of market players operating in these countries. Further, the US Medical Alert Systems market held the largest market share, and the Canada Medical Alert Systems market was the fastest growing market in the North American region.
Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3 Medical Alert Systems MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Medical Alert Systems market accounts for the second-largest market share. The European market for Medical Alert Systems is expected to witness significant growth due to the presence of a large aging population, increasing government initiatives to support aging in place, and increasing technological advancements in the field. The United Kingdom, Germany, France, and Italy are among the key markets in the region.
The Asia-Pacific Medical Alert Systems market is expected to grow at the fastest CAGR from 2022 to 2030. The Asia-Pacific market for Medical Alert Systems is expected to witness the highest growth rate due to the increasing aging population, rising prevalence of chronic diseases, and increasing awareness and adoption of medical alert systems. China, Japan, and India are the key markets in the region. Moreover, China Medical Alert Systems market held the largest market share, and the India Medical Alert Systems market was the fastest growing market in the Asia-Pacific region.
Medical Alert Systems Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Medical Alert Systems market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Medical Alert Systems industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Medical Alert Systems industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Medical Alert Systems industry has provided innovative products with some of the most significant benefits. The Medical Alert Systems market major player such as 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), and others are working to expand the market demand by investing in research and development activities.
Koninklijke Philips NV (Philips) is a Dutch multinational conglomerate that operates in the healthcare, lighting, and consumer lifestyle industries. The company is headquartered in Amsterdam and has operations in over 100 countries worldwide. In the healthcare industry, Philips focuses on developing and manufacturing a wide range of medical devices, equipment, and services. The company offers medical alert systems under its Lifeline brand, which includes a range of wearable and home-based medical alert devices. In April 2021, Philips launched a new medical alert system called Lifeline Solo. The device is a mobile personal emergency response system that provides users with access to emergency assistance at the press of a button, wherever they go. The device uses cellular technology to connect users with a 24/7 monitoring center, where trained operators can dispatch emergency services or contact designated family members or caregivers.
ADT is a leading provider of security and automation solutions in the United States and Canada. The company offers a range of products and services, including home security systems, smart home automation, and medical alert systems. In the medical alert systems market, ADT offers a product called ADT Health, which is a suite of medical alert devices and services designed to help seniors and other individuals with medical conditions to live independently and safely at home. In June 2020, ADT announced the launch of a new medical alert device called the ADT On-The-Go Medical Alert System. The device is a mobile personal emergency response system that provides users with access to emergency assistance wherever they go, using cellular technology.
Key Companies in the Medical Alert Systems market includes
Medical Alert Systems Industry Developments
October 2020 - MobileHelp acquires Halo Monitoring, expanding its medical alert device offerings.
December 2020 - Philips acquires BioTelemetry, a leading provider of remote cardiac monitoring services.
January 2021 - Medical Alert acquires Rescue Alert, expanding its customer base and product offerings.
March 2021 - Life Alert introduces new medical alert device called Life Alert HELP Button.
April 2021 - Philips launches new mobile medical alert device called Lifeline Solo.
Medical Alert Systems Market Segmentation
Medical Alert Systems System Type Outlook
Medical Alert Systems Offering Outlook
Medical Alert Systems Connection Type Outlook
Medical Alert Systems Technology Outlook
Medical Alert Systems Application Outlook
Medical Alert Systems Regional Outlook
Report Attribute/Metric | Details |
Market Size 2022 | USD 6.80 billion |
Market Size 2023 | USD 7.21 billion |
Market Size 2030 | USD 10.29 billion |
Compound Annual Growth Rate (CAGR) | 6.10% (2023-2030) |
Base Year | 2022 |
Market Forecast Period | 2023-2030 |
Historical Data | 2019 - 2021 |
Market Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
Segments Covered | System Type, offering, connection type, technology, application, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
Key Companies Profiled | 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), and others |
Key Market Opportunities | Rising prevalence of chronic diseases |
Key Market Dynamics | Increasing demand for point-of-care testing |
The Medical Alert Systems market size was valued at USD 6.80 Billion in 2022.
The market is projected to grow at a CAGR of 6.10% during the forecast period, 2022-2030.
North America had the largest share in the market
The key players in the market are 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), and others.
The Personal Emergency Response Systems (PERS) system type dominated the market in 2022.
The hardware had the largest share in the market.