Medical Alert Systems Market Analysis & Trends - Global Report 2030

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.

Key Players
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).

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Mobile based PERS(Personal Emergency Response System) in product segment for medical alert systems market to grow with highest CAGR during the forecast period

The medical alert systems market is witnessing a trend occurring over the past few years with the new technology replacing the traditional medical alert systems. Mobile-based PERS or mPERS are likely to lead the medical alert systems market in the coming years as the adoption of smartphones in recent years has increased to a great extent. mPERS come with smart wearables that can be worn on the wrist or as a necklace. mPERS devices provide mobility to senior citizens by allowing them to maintain their independent lifestyle by providing access to the device wherever they go. Several factors such as built-in sensors, fall detection algorithms, use of mobile phone app, and faster response time accelerate demand for mobile-based PERS. The evolution of the industry will continue to bring new and dynamic trends in the years to come.

Home based users are expected to capture the largest market share during the forecast period

Home-based users held the largest share of the medical alert systems market in 2020, and a similar trend is likely to be observed during the forecast period. Medical alert systems are increasingly adopted by home-based users owing to the increasing elderly population, a strong focus of such population on maintaining their independence and provide peace of mind to their family members. Also, many senior people suffer from a health condition or are at risk of falling, creating the need for timely emergency response, which has resulted in the rising use of medical alert systems by home-based users.

APAC to grow with highest CAGR during the forecast period

The APAC region is expected to record the highest CAGR  during the forecast period. This growth can be attributed to various healthcare reforms undertaken by the governments in countries such as China, India, and South Korea, with a significant size of the elderly population. The rising healthcare awareness and increasing per capita expenditure on healthcare are among a few major factors driving the market in APAC. PERS monitoring is much more affordable than in-person monitoring; hence,  caregivers find it better to take care of the elderly. Growing medical tourism in developing countries of APAC, such as China and India, is likely to provide new market opportunities to advanced and sophisticated medical alert systems during the forecast period. Further, the surging demand for quality medical care is expected to propel the medical alert systems market growth in this region during the forecast period.