The medical alert systems market size is projected to reach USD 11.1 billion by 2026 from USD 8.2 billion by 2023 it is expected to grow at a CAGR of 10.3 % during the forecast period.
The medical alert systems market has been witnessing significant growth over the past years, mainly owing to the increased geriatric population, favorable healthcare policies and strong focus on financial assistance to considerably boost the medical alert systems market in the coming years.
Philips (Netherlands) ,Connected America (US) ,Valued Relationships (US) ,Medical Guardian (US) ,ADT (US) Guardian Alarm (US), Bay Alarm Medical (US), MobileHelp (US), Alert1 (US), and LifeFone (US) are medical alert systems companies operating in the market.
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Opportunity: Revolution brought by emerging technologies such as IoT and AI
The revolution brought by emerging technologies such as the Internet of Things (IoT) and artificial intelligence (AI) has provided tremendous opportunities to the players in the medical alert systems market. State-of-the-art technologies can be used to create a difference in the medical alert systems market, and the stakeholders can leverage it by timely implementation. AI-driven systems, along with predictive analytics, help in automatic fall detection and wanderer control, as well as provide notification to caregivers. Companies such as Xsens (Netherlands), Xander Kardian (US), and Qventus (US) have built AI-powered fall detectors for elderly individuals. CarePredict (US), an AI-driven health technology company, uses AI to detect any change in the activity and behavior patterns among the elders and helps them in independent living. The impact of such technologies is remarkable and has a humungous potential soon in the medical alert systems market.
Challenge: Supply chain disruptions caused due to outbreak of COVID-19
The outbreak of the COVID-19 pandemic has affected the global supply chain of the medical device industry owing to the lockdowns imposed across many countries during the first and second quarters of 2020. The supply chain of medical devices is complex and depends on several suppliers from disparate locations to synchronize with each other. The shortage of even a single component can hold up an entire production line, resulting in inventory and cashflow backlogs. Unless the entire supply chain of the medical device market is operational and functioning smoothly, their production is challenged and constrained.
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