The medical alert systems market is
estimated to be worth USD 6.5 billion in 2020 and is projected to reach USD 9.6
billion by 2025, at a CAGR of 7.9% from 2020 to 2025. The medical alert systems
industry is expected to witness strong growth in the next six years mainly due
to the rising elderly population across the globe, increasing adoption of the
mobile personal emergency response system, various healthcare reforms in
different parts of the world, financial assistance to the elderly individuals,
and an inclination towards independent living.
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Medical alert systems market for
PERS devices is expected to hold the largest share during the forecast period
The high market share of PERS devices is mainly due to the
rising aging population in different parts of the world, along with an
inclination of the seniors to live an independent life while staying secure
during an emergency. The other factors contributing towards the larger market
share of PERS includes rising per capita expenditure towards the healthcare
across the globe, availability of advanced medical facilities, growing
awareness towards healthcare, adoption of mPERS. Digital transformation and the
use of technologies such as IoT, and artificial intelligence (AI) in the PERS
devices have resulted in a significant demand for the PERS in major parts of
the world. The PERS devices include features like automatic fall detection,
automatic call assistance and location tracing which helps the elderly
individuals in case of an emergency when they are unable to press the help
button. The rising demand for personal emergency response systems among older
adults has resulted in the accelerated growth of the market.
Wired medical alert systems market
is expected to hold the largest market share from 2020 to 2025
The wired or in-home medical alert devices are expected to hold
a high market share as the older people who spent most of their time at home
find it easy to use. Wired medical alert systems are the traditional and most
reliable devices used by senior citizens during a medical emergency. Wired PERS
can be used through either Plain Old Telephone Services (POTS), also known as a
standard phone line, or advanced digital or Voice over Internet Protocol
(VoIP), or Digital Subscriber Line (DSL) phone services. Standard landline
personal emergency response system devices are very easy to use and suitable for
senior citizens who stay alone at home. The senior citizens, who often lack
technological awareness, find the wired PERS devices user-friendly. Thus, the
wired medical alert system market is the largest revenue-generating segment.
Home-based users are expected to
hold the largest market share from 2020 to 2025
The introduction of smart medical alert systems with additional
monitoring features is one of the reasons for the high market share of the
home-based application. The increasing adoption of emerging technology like AI
and IoT in the medical alert systems has improved the efficiency of these
systems and provides a number of opportunities to the medical alert system
providers. The demand for home-based users is likely to stay high due to the
independence it provides to the senior citizens who want to live alone but
taken care of in case of an emergency. The home-based user is the large segment
in the elderly care market in which companies are catering, and a rise in
demand is expected over a period of time.
North America to
account for the largest market share from 2020 to 2025
North
America accounted for the largest market during the forecast period. The major
factors driving the medical alert system market growth include the increasing
geriatric population across the world, rising healthcare expenditure, adoption
of mobile personal emergency response systems (mPERS), financial assistance
provided by the government for the elderly care, the inclination of senior
citizens towards the independent living and the rising influence of disruptive
technologies such as IoT and artificial intelligence (AI) in the healthcare
sector. The developed countries like US and Canada have a robust healthcare
system, faster reimbursement policies, and favorable healthcare regulations
that are conducive to the development of the home healthcare sector and are the
major factor in driving the market in the North American region. Some of the
major players in this region are Philips Life Line (US), Connect America, and
ADT Corporation.
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