The global medical alert systems market size is expected to reach USD 15.82 Billion in 2030 and register a revenue CAGR of 9.8% during the forecast period

NEW YORK CITY, NY, UNITED STATES, August 8, 2022 /EINPresswire.com/ -- The global medical alert systems market is expected to reach USD 15.82 Billion in 2030 and register a steady revenue CAGR of 9.8% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are rising per capita income, favorable reimbursement scenarios, increasing prevalence of chronic disorders, and preference to be able live independently among senior citizens.

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Life expectancy of people is gradually increasing due to rapid advancements in the medical field, rising inclination towards healthy lifestyle, shifting preference for healthy food products, and economic development. There has been a rapid increase in the elderly population across the globe over the years and is expected to increase by approximately 16% by 2050. However, these individuals are more prone to chronic illnesses and have higher risk of falling. Medical alert devices are alarm systems that provide emergency monitoring for elderly patients or patient with health issues and are rapidly gaining popularity over the recent past. These devices are usually worn on wrists or as pendants and aid in signaling healthcare experts or caregivers in case of falls, accidents, or sudden medical emergencies. Factors such as increasing adoption of live-saving tracking devices, preference towards independent living among seniors, and increasing adoption of Person Emergency Response Systems (PERS) are boosting market revenue growth. In addition, favorable government initiatives, and increasing investments to develop more advanced alert devices and systems are expected to boost market growth going ahead.

Some key highlights of the report:

Based on type, the smart belt segment is expected to register significantly fast revenue growth over the forecast period owing to increasing number of injuries among seniors due to frequent physical imbalance and fall, and availability of advanced belts that help to reduce the impact of falls, thereby reducing hospital admissions and serious surgeries.

Among the connection type, the wireless segment is expected to register highest revenue CAGR between 2021 and 2028 owing to increasing incidence of various chronic illnesses among elderly population, rising demand for mobile-based medical alert systems, increasing adoption of wireless products, and rising investments for developing advanced sensors for fall detection.

Based on end use, the home-based users segment is expected to account for largest revenue share over the forecast period. This can be attributed to high patient pool, rising geriatric population, increasing demand for cost-effective, user-friendly alert systems.

The medical alert systems market in North America is expected to account for largest revenue share during the forecast period. This can be attributed to factors such as increasing prevalence of chronic diseases, high Alzheimer’s and dementia patient pool, presence of well-established healthcare infrastructure, and increasing investments in research and development activities.

Asia Pacific is expected to register fastest revenue CAGR over the forecast period owing to rising elderly population, high occurrence of chronic diseases, increasing disposable income, rapid advancements in alert systems, and increasing R&D investments. Moreover, rising need for continuous patient monitoring and increasing adoption of wearable medical devices are fueling market growth in Asia Pacific.

Competitive Landscape:

The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Medical Alert Systems market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.

Leading companies operating in the market are:

Philips Lifeline, ADT Inc., Tunstall Healthcare Group Ltd, Greatcall, Alert-1, Connect America, Bay Alarm Medical, Life Alert Emergency Response, Inc., Rescue Alert, Mobile Help, Medical Guardian LLC, LifeStation, Galaxy Medical Alert Systems, LifeFone, Guardian Alarm, Better Alerts, Valued Relationships, Inc., Nortek Security & Control LLC, Legrand Assisted Living & Healthcare, Response Now, and Vanguard Wireless

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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:

Medical Alert Systems Market Segmentation:

Type Outlook (Revenue, USD Billion; 2019-2030)

Personal Emergency Response System (PERS)
Home-based/Landline-based System
Mobile PERS
Nurse Calling System (NCS)
Smart Belt

Offering Outlook (Revenue, USD Billion; 2019-2030)

Hardware
Services
Software

Regional Outlook:

North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA

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About Reports and Data

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