Global Medical Alert Systems Market Share Is Expected To Grow At A CAGR Of 10.1% By 2028

19-Oct-2022 | Facts and Factors

According to Facts and Factors, the global medical alert systems market size was worth around USD 6,528.5 million in 2021 and is estimated to grow to about USD 11,628.8 million by 2028, with a compound annual growth rate (CAGR) of approximately 10.1% over the forecast period. The report analyzes the medical alert systems market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the medical alert systems market.

The medical alert system is primarily intended to allow the elderly and persons with disabilities to rapidly request/alert for assistance in an emergency. Communication technology and contemporary sensors, together with developments in data processing, have enabled remote monitoring and management of older persons. One such technology is the medical alert system, which allows everyone, especially older people, to phone for aid in an emergency. These systems are becoming highly popular among all elderly persons.

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Browse the full “Medical Alert Systems Market Size, Share, Growth Analysis Report By Offering (Hardware, Software (Subscription Revenue)), By System Type (Personal Emergency Response System (PERS), Nurse Calling System (NCS), Smart Belt) By Technology (Two-way Voice Systems, Unmonitored Medical Alert Systems, Medical Alert Alarm (Button) System, IP-based Systems), By Distribution Channel (Pharmacies, Online Sales, Hypermarkets), By Connection Type (Wired, Wireless), By Application (Home-Based users, Senior Living Facilities/Senior Care Centers, Assisted Living Facilities, Hospitals & Clinics, Others (Nursing Homes, Retirement Homes, Mental Healthcare Centers)), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/medical-alert-systems-market

Increased awareness of medical alert systems in the country, the prevalence of chronic conditions, and the risk of fall injuries are the primary reasons driving the global medical alert system market's growth. The rising geriatric population, favorable healthcare laws, and a strong emphasis on financial assistance have contributed to the medical alert systems market's notable growth over the past few years. The increased use of smartphones has resulted in the expansion of the medical alert system market. The wearable health device business has also expanded in recent years, and it is anticipated that this tendency will continue in the future.

Furthermore, developments in wearable technology may help people embrace medical alert systems in the future. However, the high cost of medical alert systems and growing data breach worries limit the market's expansion. Some main factors hindering the medical alert system market's growth are increased false alarms and seniors' weaker tech acceptance.

The global medical alert systems market is segregated based on offering, system type, technology, distribution channel, connection type, application, and region. Based on the offering, the market is bifurcated into software (subscription revenue) and hardware. Among these, the hardware segment dominated the market in 2021. Based on system type, the market is divided into personal emergency response systems (PERS), nurse calling systems (NCS), and smart belts. Among these, the personal emergency response system (PERS) segment dominated the market in 2021. Based on technology, the market is divided into two-way voice systems, unmonitored medical alert systems, medical alert alarm (button) systems, and IP-based systems. Among these, the two-way voice systems segment dominated the market in 2021. Based on distribution channels, the market is divided into pharmacies, online sales, and hypermarkets. Among these, the online sales segment dominated the market in 2021. Based on connection type, the market is divided into wired and wireless. Over the forecast period, the wireless segment is expected to develop fastest. Based on application, the market is divided into home-based users, senior living facilities/senior care centers, assisted living facilities, hospitals and clinics, and others (nursing homes, retirement homes, mental healthcare centers). In 2021, the home-based user segment was expected to develop the fastest.

The global medical alerts system market has been divided into five regions based on geography: North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. The Asia Pacific dominated the medical alert system in 2021. This expansion can be linked to the numerous healthcare reforms implemented by the governments of nations with a sizable older population, such as China, India, and South Korea. The market in the Asia Pacific is being driven by several key reasons, including rising healthcare awareness and rising per capita healthcare spending. Because PERS monitoring is significantly less expensive than in-person monitoring, caregivers believe it is preferable to look after the elderly. During the projected period, expanding medical tourism in Asia Pacific developing nations like China and India will likely open up new market potential for sophisticated and advanced medical alert systems. Additionally, the growing need for high-quality medical treatment is anticipated to fuel the market expansion for medical alert systems in this region.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 6,528.5 Million

Projected Market Size in 2028

USD 11,628.8 Million

CAGR Growth Rate

10.1% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Philips, Connected America, Valued Relationships, Guardian Alarm, Bay Alarm Medical, MobileHelp, Alert1, Medical Guardian, ADT, LifeFone, and others.

Key Segment

By Offering, System Type, Technology, Distribution Channel, Connection Type, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Key players in the global medical alert systems market include Philips, Connected America, Valued Relationships, Guardian Alarm, Bay Alarm Medical, MobileHelp, Alert1, Medical Guardian, ADT, and LifeFone.

Recent Development:

  • April 2022: Advocate Aurora Enterprises, the investment arm of Advocate Aurora Health, a large healthcare system provider based in Illinois, announced the acquisition of MobileHelp, a Florida-based manufacturer of remote medical alert devices. According to the firm, this acquisition underscores Aurora's commitment to investing in solutions that complement the company's clinical capabilities, enhance whole-person health, and assist people in living well. Furthermore, Aurora's goal of better care coordination is aided by MobileHelp's creative and advanced product offering.
  • December 2021: Along with emergency support and fall detection, Amazon has launched a new elder care subscription service, Alexa.

Global Medical Alert Systems Market is segmented as follows:

By Offering

  • Hardware
  • Software (Subscription Revenue)

By System Type

  • Personal Emergency Response System (PERS)
  • Nurse Calling System (NCS)
  • Smart Belt

By Technology

  • Two-way Voice Systems
  • Unmonitored Medical Alert Systems
  • Medical Alert Alarm (Button) System
  • IP-based Systems

By Distribution Channel

  • Pharmacies
  • Online Sales
  • Hypermarkets

By Connection Type

  • Wired
  • Wireless

By Application

  • Home-Based users
  • Senior Living Facilities/Senior Care Centers
  • Assisted Living Facilities
  • Hospitals and Clinics
  • Others (Nursing Homes, Retirement Homes, Mental Healthcare Centers)

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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