Medical Alert Systems Market Worth USD 17.29 Billion by 2027 at 6.46% CAGR | Industry Growth Fueled as Key Players Focus on R&D Initiatives, Says Market Research Future (MRFR)
Pune, India, Feb. 08, 2021 (GLOBE NEWSWIRE) — Medical Alert Systems Market Overview:
The medical alert systems market is all set to witness robust growth due to the growing number of elderly individuals and mobile personal emergency management systems. The government’s provision of social security benefits to the geriatric population, combined with independent living growth, has created a favorable climate for the global market. Thus, Market Research Future (MRFR) expects the Medical Alert Systems Market to record a CAGR of 6.46% over the review period (between 2017 and 2027) and estimated to reach USD 17.29 billion in 2027.
In addition to IoT and AI, the emerging popularity of these innovations in medical alarm systems has led to diverse business opportunities. Such technologies see an increase in demand as more people focus on the medical warning systems.
In comparison, some significant medical alert systems have run into technological problems that have slowed down the players, given the falling market demand.
The COVID-19 outbreak has truly affected the healthcare industry with temporarily closed processing facilities and weakened use. And when the world is seeking to stem the spread of SARS-CoV-2, top businesses are working to bolster their supply chains and accelerate their activities. The social distancing practice widespread in the world has helped foster the need for different kinds of medical alarm systems. Providers promise video calling and phone appointments in place of face-to-face meetings due to the spread of the pandemic. This will definitely expand the demand for medical warning products in the future.
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Companies invest substantial money in research and development programs to protect their world market position. Any other strategic tactics the vendors in the medical alarm systems industry use include acquisitions, joint partnerships, joint ventures, and acquisitions.
Key Players in the Market are:
Koninklijke Philips NV (Philips) (Netherlands)
AlertONE Service Inc. (US)
Bay Alarm Medical (US)
Life Alert Emergency Response Inc. (US)
Medical Guardian LLP (US)
Nortek Security and Control (US)
Rescue Alert (US)
Tunstall Group (UK)
The report’s various system types include personal emergency response systems (PERS), nurse call systems (NCS), automated airborne flight alert systems, a smart belt, and ambulatory auto alert systems. The PERS segment has taken the lead, which dominated the most shares in 2019 and could increase more than 6% over the next few years.
Offering-wise, the market has been segmented into software, services, and hardware. Hardware purchases the lead because they are quick to use and do not require advanced skills. Numerous manuals that describe how to use the software often boost the market for the application.
Based on the connection type, the medical alert systems are available as wired as well as a wireless connection. Wired or in-home medical alarm systems or systems are on target to procure the global industry’s highest share, with elderly people being the top end-user, because they spend a considerable portion of their time at home and typically find these devices very convenient to use.
The technology-based market segments comprise unmonitored medical alert systems, two-way voice systems, IP-based systems, medical alert alarm (button) systems, and more. Unmonitored medical alert systems do not require any monthly fees to the monitoring company, which is generally the case with Medical Alert Alarm (Button) System and two-way voice system. This theory supports the dramatic increase in MAS’s demand within the markets.
Based on application, the market caters to senior living facilities/senior care centers, assisted living facilities, home-based users and others (hospice, nursing homes). The increasing usage and acceptance of medical alert system features are among the primary reasons for the high number of home-based use cases.
Browse In-depth Market Research Report (209 Pages) on Medical Alert Systems: https://www.marketresearchfuture.com/reports/medical-alert-systems-market-10000
The Americas leads the medical warning device market, bringing in USD 3.97 billion in 2019. The American industry will expand at a 5.68% pace by 2027-end, owing to the vast number of renowned pharmaceutical firms present in the country and the ongoing technical developments in the wearable healthcare sector. The high number of bed injury cases and the high prestige of the area contribute to the company’s market importance.
Europe emerged as the second-largest market for medical warning systems due to the growing number of elderly citizens and the increasing healthcare spending in the region.
The Asia Pacific constitutes the third-largest market share for wireless medical systems due to the expanding elderly population and good government backing to develop the overall healthcare sector. These technological advances, along with the launch of innovative PERS products by significant companies, places the Asia Pacific at the forefront of the industry.
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September 2020: Medical Guardian introduced a new medical alert system called the Mini Guardian, which is the tiniest mobile medical alert system in the market. While the mobile medical warning system has similar safety features to the other critical safety equipment, it is small enough to be conveniently held in a pocket.
August 2020: a Hong Kong Baptist University researchers’ group has designed an alert system that sends messages to the user through a mobile app if a COVID-19 infected person has visited the same location within a specific time.
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