Medical Alert Systems Market size was estimated at $6,500 Million in 2019 and is expected to reach $11,067.9 Million by 2027, growing at a CAGR of 7.9% during the forecast period of 2020 to 2027.
A medical alert system also commonly known as a personal emergency response system is a very quick and simple machine that allows people with various health issues and the elderly to gain assistance during an emergency. This emergency could be anything ranging from a medical emergency to fire to any other problem that may need immediate assistance.
In recent times there has been an increase in the demand for medical alert systems mostly due to the increase in elderly populations as well as the fact that older people prefer to live independently instead of in an old-age home. Another factor to take into account is that there is a huge and ever-rising cost for assisted living which means that medical alert systems could provide a cheaper and more private alternative.
The main problem with this increase in demand is that if the majority of people in a certain area have a medical alert system it may make it increasingly difficult to pinpoint exactly where a call is coming from. This could mean that the patient that is in trouble may not be found quick enough or be reached in time to assist them. This could render the system completely inadequate.
Medical Alerts Systems Market Growth and Trends
The high market share of medical alert systems is primarily due to the rising ageing population across the globe, along with an inclination of elderly people to live independently while staying secure during an emergency. A rise in per capita expenditure towards the healthcare across the globe, growing awareness towards healthcare, availability of advanced medical facilities, and adoption of the use of technologies such as IoT, and artificial intelligence (AI) have resulted in high demand for medical alert systems in major parts of the world. These devices include features such as automatic fall detection, location tracing, automatic call assistance, that helps individuals in case of an emergency in case they are unable to press the help button. The increasing demand for personal emergency response systems is a trend among older adults that has resulted in accelerated market growth as they spend most of their time at home and find it easy to use. Wired medical alert systems are traditional and most reliable devices used by the geriatric population during medical emergency. Standard landline personal emergency response systems are convenient to use and suitable for senior citizens who stay alone, thus triggering high demand. Elderly people who often lack technological awareness find wired devices more user-friendly which leads to growth in demand for medical alert systems and this is the largest revenue-generating segment. The launch of medical alert systems with additional monitoring features adds to the market share of the home-based application. Based on type, the market is categorized into mobile, landline, and standalone devices, where standalone devices are predicted to be the fastest-growing segment over the next few years due to compactness, better accessibility, and affordability.
Technical faults in these systems could hamper market growth as results of monitoring would be inaccurate in such instances, thus calling for high quality control.
Medical Alert Systems Market Competition
Key companies operating in this industry are Philips Lifeline, ADT, Tunstall, Greatcall, Alert-1, Connect America, Bay Alarm Medical, Life Alert, Rescue Alert, Mobile Help, Medical Guardian, LifeStation, Galaxy Medical Alert Systems, Lifefone and Better Alerts.
• Medical Alert Systems Market Revenue Estimation and Forecast (2020 – 2027)
• Production Estimation and Forecast (2020 – 2027)
• Sales/Consumption Volume Estimation and Forecast (2020 – 2027)
• Breakdown of Revenue by Segments (2020 – 2027)
• Breakdown of Production by Segments (2020 – 2027)
• Breakdown of Sales Volume by Segments (2020 – 2027)
• Gross Margin and Profitability Analysis of Companies
• Business Trend and Expansion Analysis
• Import and Export Analysis
Medical Alert Systems Market Segmentation
Product Outlook (Revenue, USD Million, 2020 - 2027)
• Landline Type
• Mobile Type
• Standalone Type
Application Outlook (Revenue, USD Million, 2020 - 2027)
• Inside the Home
• Outside the Home
Country (Revenue, USD Million, 2020 - 2027)
• United States
• South Korea
• Rest of Asia Pacific
• Rest of Europe
• Rest of South America
The Middle East and Africa
• Saudi Arabia
Medical Alert Systems Market Companies
• Philips Lifeline
• Connect America
• Bay Alarm Medical
• Life Alert
• Rescue Alert
• Mobile Help
• Medical Guardian
• Galaxy Medical Alert Systems
• Better Alerts
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