Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on the 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 the long term. The report is a
comprehensive presentation of trends, forecast and dollar values of the global medical
alert system market. According to the report, the global medical alert system
market is projected to grow at a CAGR of about 15% over the forecast period of
2022-2028.
The revenue generated by the medical
alert system market was nearly USD 8 billion in 2022 and is expected to reach over
USD 18 billion in 2028 and is expected to grow with a CAGR of about 15% over
the forecast period 2022-2028. 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 disease, 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 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 like 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 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.
Due to the COVID-19 pandemic,
there is a rising demand for personal health monitoring systems by home-based
users and nurse call systems by hospitals and clinics. Hence, the medical alert
system market is expected to grow up in 2026 due to the COVID-19 pandemic.
Furthermore, the medical alert system is essential for monitoring COVID-19
patients and can alert them in case of an abnormal patient situation. The market has
gained importance during the COVID-19 pandemic because they offer patients
safer, more accessible preventive, routine, and chronic care options. Also,
these services help to reduce some burden on hospitals and healthcare providers
and improve outcomes for the vulnerable population they are serving.
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 the 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., Connected
America, Valued Relationships, Medical Guardian, ADT Inc., Guardian Alarm, Bay
Alarm Medical, MobileHelp, Alert1, and LifeFone.
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 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 forecast from 2022-2028. 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 insight into the market share of the leading players.
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