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Medical Alert Systems Market Size to Reach USD 13.43 Billion in 2028 With CAGR of 10.1% | Reports And Data

Reports And Data

Reports And Data

Increasing aging population, improving healthcare infrastructure, and increasing need for medical alert systems in home care settings

NEW YORK, NY, UNITED STATES, November 7, 2021 /EINPresswire.com/ — The global medical alert systems market is expected to reach USD 13.43 Billion in 2028 and register a steady revenue CAGR of 10.1% 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.

However, factors such as technological defects in alert systems, lack of awareness and importance of these devices in remote areas, and increasing complaints from consumers about false alarms are factors that could hamper market growth to some extent between 2021 and 2028.

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The report is formulated through exhaustive primary and secondary research which is verified and validated by industry experts, research analysts, and professionals. The report aims to help readers and users improve their business performances by providing insightful data about business sphere such as recent technological development, product advancements, and adoption of strategic business steps. The report also offers extensive analysis of the competitive landscape along with business overviews, expansion plans, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product and brand promotions, government and corporate deals, and partnerships among others.

Top Companies in the Market Include:

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.

Increasing focus on development of vaccines to combat COVID-19 pandemic and focus on preventive medicine to mitigate future epidemics and pandemics, rising number of product approvals for drugs and therapeutics, and rapid digital transformation in the pharmaceutical and healthcare industry are some key factors expected to drive revenue growth over the forecast period. With the social distancing norms in place and growing focus on telemedicine, digital technologies were adopted at an accelerated rate allowing healthcare professionals to efficiently manage health of the patients. One of the most crucial drivers of the pharma & healthcare industry is the rapid integration of artificial intelligence in key areas such as R&D, patient care, commercialization, and drug discovery and development. It has also led to a reduction in healthcare expenditure and improved efficiency of the systems which is expected to further contribute to revenue growth of the market going ahead.

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Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered. The report is segmented on the basis of product types offered in the market, application spectrum, and key regions of the Medical Alert Systems market.

Some key highlights of the report:

• Based on type, the smart belt segment is expected to register significantly fast revenue growth over the forecast period owing to increasing number of injuries among seniors due to frequent physical imbalance and fall, and availability of advanced belts that help to reduce the impact of falls, thereby reducing hospital admissions and serious surgeries.

• Among the connection type, the wireless segment is expected to register highest revenue CAGR between 2021 and 2028 owing to increasing incidence of various chronic illnesses among elderly population, rising demand for mobile-based medical alert systems, increasing adoption of wireless products, and rising investments for developing advanced sensors for fall detection.

• Based on end use, the home-based users segment is expected to account for largest revenue share over the forecast period. This can be attributed to high patient pool, rising geriatric population, increasing demand for cost-effective, user-friendly alert systems.

• The medical alert systems market in North America is expected to account for largest revenue share during the forecast period. This can be attributed to factors such as increasing prevalence of chronic diseases, high Alzheimer’s and dementia patient pool, presence of well-established healthcare infrastructure, and increasing investments in research and development activities.

• Asia Pacific is expected to register fastest revenue CAGR over the forecast period owing to rising elderly population, high occurrence of chronic diseases, increasing disposable income, rapid advancements in alert systems, and increasing R&D investments. Moreover, rising need for continuous patient monitoring and increasing adoption of wearable medical devices are fueling market growth in Asia Pacific.

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For the purpose of this report, Reports and Data has segmented the global medical alert systems market on the basis of type, offering, connection type, end use and region:

Type Outlook (Revenue, USD Billion; 2018-2028)

• Personal Emergency Response System (PERS)
o Home-based/Landline-based System
o Mobile PERS
 Cellular Emergency Response System
 Wireless Emergency Response System
 GPS-based Emergency Response System
o Nurse Calling System (NCS)
 Button-based Systems
 Integrated Communication Systems
 Mobile Systems
 Intercom Systems
o Smart Belt

Offering Outlook (Revenue, USD Billion; 2018-2028)

• Hardware
o Console Unit
o Transmitter
o Wristband Transmitter
o Pendant Transmitter
o Battery
o Others
• Services
• Software

Connection Type Outlook (Revenue, USD Billion; 2018-2028)

• Wired
• Wireless

End Use Outlook (Revenue, USD Billion; 2018-2028)

• Home-based Users
• Senior Living Facilities/Senior Care Centers
• Assisted Living Facilities
• Hospitals and Clinics
• Others
o Nursing Homes
o Retirement Homes
o Mental Healthcare Centers

Key Regions Studied in the Report:

• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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