the “Global Medical Alert System Market (2020-2025) by System Type, Connection Type, End User, Supply, Technology, Geography, competitive analysis and impact of Covid-19 with Ansoff analysis ” report was added to the offering of ResearchAndMarkets.com.
The global medical alert system market is estimated at USD 6.8 billion in 2020 and is expected to reach USD 10.1 billion by 2025, with a CAGR of 8.3%.
Factors such as the increase in the geriatric population, technological advancements such as the use of AI and IOT in the medical alert system, the growing inclination of the elderly to independent living, the The growing adoption of mobile personal emergency response system and various healthcare reforms in different parts of the world are the main drivers of the market.
The market is witnessing some restraining factors, such as stiff competition among manufacturers of existing medical alert systems, lower acceptability among the elderly for the use of the technology and the subsequent resumption of high volume purchasing via INHs and GPOs. The introduction of a mobile and voice medical alert system creates an opportunity for the market.
By type of system, the Personal Emergency Response System (PERS) holds the largest market share. The reasons for the growth of PERS include increasing per capita spending on healthcare across the world, availability of advanced medical facilities, growing awareness of healthcare, etc. With digital transformation and the use of technologies such as IoT and artificial intelligence (AI), PERS devices are in demand in major regions of the world. They include features such as automatic fall detection, automatic call assistance and location tracking, which help the elderly in an emergency when they cannot press the help button. .
By connection type, the market is categorized into wired and wireless. Wired devices accounted for the largest share of the market. Wired medical alert systems are more reliable, and seniors often lack technological knowledge and find wired devices user-friendly. Thus, the wired medical alert systems market is the largest revenue generating segment.
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By end user / application, the market is categorized into Hospitals & Clinics, Home Users, Elderly Living Facilities / Elderly Care Centers, Assisted Living Centers and Others. Home users hold the largest market share and are expected to increase further during the forecast period. It is due to the independence it gives to seniors who wish to live alone but are taken care of in an emergency.
By offering, the market is categorized into hardware, software, and services. Among them, the Hardware segment represents the largest market share. This is due to their increasing demand among the elderly. The various popular hardware medical alert devices are fall detection, medication reminders, mobile protection and emergency calls, etc.
By Technology, the market is categorized into two-way voice systems, unattended medical alert systems, medical alert (button) alarm system, IP-based systems, and others. Among them, two-way voice systems will hold the largest market share as its both residential, i.e. personal and hospital application. Besides, it has live response (quick response).
Increase in Geriatric Population and Health Literacy Across the World
Growing adoption of smart and mobile emergency response system
Technological progress in medical alert systems
Supportive health care reform and government financial support for seniors …
- According to the source Global medical alert system markets, 2020-2025: revolution brought about by emerging technologies – IoT and IA
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