A recent report published by Infinium Global Research on medical alert system market provides in-depth analysis of segments and sub-segments in the global as well as regional medical alert system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional medical alert system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global medical alert system market. According to the report, the global medical alert system market is projected to grow at a CAGR of 14.82% over the forecast period of 2021-2027.
The reported study estimated the market for Medical Alert system to be about USD 6.96 billion in 2021, and will reach more than 15.95 billion in 2027, with a Compound Annual Growth Rate of 14.82%, over the forecast period (2021-2027). In today’s era, a system needs to monitor patients’ heart rate and body temperature continually and send an alert when readings are out of range to ensure health care is always provided on time. People with health conditions like coronary heart diseases, diabetes, and more and senior citizens need 24 hours monitoring; hence the medical alert system is made. A medical alert system is a wearable device that monitors a user’s heart rate and temperature anywhere. Furthermore, this device contains sensors like temperature sensors and pulse sensors used to measure the respective values and display them on LCD a screen for the user to see. Additionally, these values are sent to an application on an android device via Bluetooth and when the measured values are abnormal, the alert is sent to confidence. The medical alert system encompasses a wide range of medical devices such as Personal Emergency Response Systems (PERS), Nurse Call Systems (NCS), Ambulatory Auto Alert Systems, Automated Airborne Flight Alert Systems, and others, which also has additional safety features like smoke alert, carbon monoxide monitoring and others that help medical staff to understand the surrounding to face any situation.
The rising number of people having health-related conditions is expected to propel the market's growth during the forecast period. For instance, the WHO reports that nearly 37.3 million people have health risk conditions every year and around 646,000 people die each year due to such health conditions across the globe. The WHO also states that this trend is anticipated to continue; hence the need for a medical alert system is expected to grow in the near future. Additionally, it has become imperative for family members of senior citizens to track their location, monitor their activities, and remind them about medication. Therefore, the demand for personal emergency response systems is rising, which boosts the market's growth. On the other hand, the regulatory authorities, such as the Medicines and Healthcare products Regulatory Agency (MHRA), have made the regulatory processes more strict and increased testing requirements for the approval of new products. Such legislation can hamper the growth of the market during the forecast period. Nevertheless, the medical alert systems can help the telemedicine platform, which is expected to be the future of medical science in upcoming years; hence this will create tremendous growth opportunities for the market.
The medical alert system market is segmented into North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific region is expected to dominate the medical alert system market due to various healthcare reforms undertaken by the government in countries like China, South Korea, and India. Also, these countries have a significant elderly population, due to which the demand for medical alert devices is high in the region. The major factors driving the market's growth in the Asia Pacific region are rising healthcare awareness and increasing per capita expenditure on healthcare. Also, the people in the region found the PERS monitoring system very affordable; hence the demand for PERS for older adults is also rising. Furthermore, there is growing medical tourism in developing countries like India & China, which will provide new market opportunities for advanced medical alert systems in upcoming years. Moreover, the countries in the APAC region are demanding quality medical care, which is expected to boost the growth of the market in the region.
The report on global medical alert system market covers segments such as system type, technology, application, and distribution channel. On the basis of system type, the sub-markets include personal emergency response system (PERS), nurse calling system (NCS), smart belt, and others. On the basis of technology, the sub-markets include monitored, unmonitored, and others. On the basis of application, the sub-markets include home based users, senior living facilities, hospitals and clinic, and others. On the basis of distribution channel, the sub-markets include pharmacies, online sales, and hypermarkets.
The report provides profiles of the companies in the market such as Koninklijke Philips N.V., Connected America, Valued Relationships, Medical Guardian, ADT, Guardian Alarm, Bay Alarm Medical, MobileHelp, Alert1, and LifeFone.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of medical alert system market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.