The Medical Alert Systems Market is estimated to be worth USD 6.5
billion in 2020 and is expected to reach USD 9.6 billion by 2025, at a CAGR of
7.9% from 2020 to 2025.
The rapid growth of the medical
alert systems market 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,
financial assistance to the elderly individuals and an inclination towards
independent living.
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Medical alert system market for
PERS devices is expected to hold the largest share during the forecast period
Personal emergency response
systems, known simply as PERS, represents a fast-growing market that primarily
serves the needs of an elderly population. And now, with the advent of mobile
PERS (mPERS) based on devices such as smartphones, the field of opportunity has
become even wider. The older adults are more prone to falls and could result in
severe injury if proper treatment is not given in time. The individuals with
chronic medical conditions, like COPD, diabetes, or arthritis, might fall and
need medical treatment as compared to others. The healthy and independent older
adults benefit from the personal emergency response systems too which can help
them to contact the emergency services in case of a severe situation.
Wired medical alert systems are
expected to hold the largest market share from 2020 to 2025
The wired or in-home medical alert
devices held largest market share during the forecast period mainly due to
elder people who spent most of their time at home and find it easy to use. The
wired medical alert systems are simple with a bunch of help buttons mounted on
the wall or in the form of a pendant that can be used in the emergency. The low
cost associated with the wired medical alert systems as compared to the
wireless systems is another major factor propelling the growth of this segment
from 2020 to 2025.
Home-based users are expected to
hold the largest market share from 2020 to 2025
The home-based users held the
largest market size for the medical alert systems market between 2020 and 2025.
The demand for the home-based systems 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. As a result, a number of seniors are
opting for such systems to take advantage of the advanced technology. The
home-based user is a large segment in the elderly care market which companies
are catering and expecting a rise in demand over a period of time.
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North America to account for the
largest market share from 2020 to 2025
Major factors contributing towards
a larger market share of the medical alert system market in North America
include increasing geriatric population, increasing adoption of mobile PERS,
favourable healthcare reforms and rising healthcare expenditure in the North
America region. The medical alert systems market has seen tremendous growth in
terms of technological advancements, increased healthcare expenditure as a
percentage of total GDP, and the introduction of emerging technologies like AI
and IoT. Presence of a large number of players such as Medical Guardian (US),
Connect America (US), MobileHelp (US), and Guardian Alarm (US), offering
medical alert systems, in this region is further propelling the growth of the
market.
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The major players in medical
electronics market are Koninklijke Philips (Netherlands), Connect America (US),
Valued Relationships (VRI) (US), Guardian Alarm (US), Alertone Services (US),
ADT Corporation (US), LifeFone (US), Bay Alarm (US), Medical Guardian (US),
MobileHelp (US), Nortek Security and Control (Numera) (US), Galaxy Medical
Alert Systems (Canada), Response Now (US), LifeStation (US), Rescue Alert (US),
Better Alerts (US), GreatCall (US), Electronic Caregiver (US), Blue Linea
(France), Vanguard Wireless (Australia), and Tango Technologies (US).
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