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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.
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 healthcare is always provided on time. People with health conditions such as coronary heart disease, and diabetes, among others need 24-hour 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 such as temperature sensors and pulse sensors used to measure the respective values and display them on an LCD 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 have additional safety features such as smoke alert, carbon monoxide monitoring and others that help medical staff to understand the surrounding to face any situation.
The rising numbers of people having health-related conditions are 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. 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, privacy and security apprehensions can restrain the growth of the medical alert system market. Due to concerns surrounding privacy and security in the context of incorporating devices into home networks and interconnected systems, there is a reduced rate of adoption in the medical alert system industry. Nevertheless, technological advancements such as IoT, sensors, and wireless connectivity open avenues for the medical alter system market to grow. These advancements enhance the functionalities and scope of such systems, enabling more effective monitoring and communication. This, in turn, fosters market expansion by offering users enhanced and diversified services.
Geographically, North America is expected to hold the largest market share in terms of revenue over the forecast period. The rapid aging of the population North America, with a projected one in four people aged 65 or older by 2050, is a significant driver for medical alert system demand. The demographic change is linked to an increased probability of medical emergencies among the elderly. Furthermore, the region’s elevated prevalence of chronic diseases, such as heart disease and diabetes, can hinder independent living and increase emergency risks, further fueling the need for medical alert systems. Additionally, increasing awareness of these system’s advantages among both consumers and healthcare professionals is propelling their adoption in this region. Moreover, the Asia Pacific region is the fastest-growing region of the medical alert system market. Owing to the increasing geriatric population and increasing prevalence of chronic diseases, the demand for medical alert systems is anticipated to rise during the forecasted period. Increased healthcare investments by governments in nations such as India, China, and Indonesia, aimed at improving healthcare infrastructure and digital health services, catalyze the growth of the medical alert system market.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 9.54 Billion |
| Market Size by 2030 | USD 15.9 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 5.74% |
| Largest Market | North America |
| No. of Pages | 300 |
| Market Drivers |
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| Market Segmentation | By Type, By Technology, By Application, and By Distribution Channel |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global medical alert system market covers segments such as type, technology, application, and distribution channel. On the basis of 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 two-way voice systems, unmonitored medical alert systems, medical alert alarm (button) system, and IP-based systems. 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., Connect America, Valued Relationships, Inc. (VRI), Medical Guardian LLC, ADT, Lifeline, Bay Alarm Medical, MobileHelp, AlertONE Service Inc., and Rescue Alert.
The report provides deep insights into 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 the medical alert system market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. 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.
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