Market Definition
Medical Alert System is a device that helps senior citizens get the required medical assistance in case of emergencies such as sudden fall, heart attack, breathing issues, and other cognitive issues.
Market Dynamics
The increasing geriatric population has driven the market demand. For instance, according to the World Health Organization, the number of elderly persons is expected to double by 2050, and it is projected to reach nearly 2.1 billion, which is up from 900 million in 2015. In 2018, 125 million people aged 80 years or older. According to a report by the World Population Ageing in 2017, the global population aged 60 years or over numbered 962 million. Furthermore, in 2030, elderly persons are expected to outnumber children under age 10 (1.41 billion versus 1.35 billion). Further, technological advancements in medical alert systems is a key driving factor of the market. Arvi, a healthtech firm, has introduced a smart medical alert system for senior citizens. The smart medical alert system offers emergency and non-emergency medical assistance at the doorstep for the convenience of senior citizens. It helps the senior citizen to have easy, instant and accessible to the healthcare facilities. However, the rising incidence of false alarm might hamper the market growth. The high false alarm rates may lead to dangerous desensitization of medical staff toward alarms. Thus, it dramatically reduces the effective sensitivity of the alarm system. Moreover, a growing number of assisted living centers and retirement homes would provide lucrative opportunities for the market in the coming years.
Market Segmentation
The global medical alert systems market is mainly classified based on system type and end user. System Type is further segmented into Personal Emergency Response Systems (PERS), Ambulatory Auto Alert Systems, Nurse Call Systems (NCS), and Others. By end user, the market is divided into Hospitals, Home-Based Users, Senior Care Centers, Nursing Homes, and Others.
Personal Emergency Response Systems (PERS) was dominating the medical alert systems market in 2019 due to the beneficial features of personal emergency response systems (PERS). The PERS devices features include automatic fall detection, location tracking and automatic call assistance which helps the older people in case of emergency when they are unable to press the help button. Moreover, the advancement of personal emergency response systems (PERS) by the companies as per client requirement is boosting the market growth. For instance, HomeCentris Healthcare, LLC, has introduced the Personal Emergency Response System (PERS), HomeCentris Health Link. HomeCentris Health Link is a tiny cell phone, with GPS tracking capabilities to help the customers if they get lost. It is waterproof and are functional in the shower, anywhere around the house, and outside the house.
Regional Analysis
Based on geography, the global medical alert systems market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
North America was dominating the global medical alert systems market in 2019, owing to the rising geriatric population across the world, increasing adoption of mobile personal emergency response systems, commercialization of technologically advanced medical alert systems, and the partnership between companies to develop and commercialize medical alert systems. For instance, ADT, leading security, automation and smart home solutions provider serving residential and business customers, has partnered with Senior Helpers, a leading provider of in-home senior care. The partnership will help ADT to introduce its medical alert systems for Senior Helpers clients. The partnership will provide seniors with additional safety and support.
Competitive landscape
Key players operating in the medical alert systems industry include Koninklijke Philips, ADT Corporation, Connect America, Medical Guardian, Valued Relationships (VRI), Bay Alarm, Guardian Alarm, Galaxy Medical Alert Systems, Alertone Services, LifeFone, LifeStation, MobileHelp, Response Now, Rescue Alert, and Electronic Caregiver.
The companies are expanding their product portfolios to increase their market share and adopting strategies such as acquisitions and collaborations to expand their presence for medical alert systems, raising funds for the development of medical alert systems, and commercialization of technologically advanced medical alert systems are some of the strategies adopted by the major companies. For instance, on September 28, 2020, HandsFree Health has introduced a medical alert system that integrates 24/7 emergency monitoring with the popular voice assistant, WellBe. The new medical alert system combines the WellBe Emergency Alert Smartwatch, WellBe voice assistant, and WellBe app for wellness support with emergency services help.
Medical Alert Systems Market Key Segments:
By System Type
- Personal Emergency Response Systems (PERS)
- Ambulatory Auto Alert Systems
- Nurse Call Systems (NCS)
- Others
By End User
- Hospitals
- Home-Based Users
- Senior Care Centers
- Nursing Homes
- Others
Key Global Medical Alert Systems Industry Players
- Koninklijke Philips
- ADT Corporation
- Connect America
- Medical Guardian
- Valued Relationships (VRI)
- Bay Alarm
- Guardian Alarm
- Galaxy Medical Alert Systems
- Alertone Services
- LifeFone
- LifeStation
- MobileHelp
- Response Now
- Rescue Alert
- Electronic Caregiver
What Report Provides
- Full in-depth analysis of the parent Industry
- Important changes in market and its dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional growth potential
