Medical Alert Systems Market

The global medical alert systems market was valued at $6.47 billion in 2020, and is projected to reach $20.95 billion by 2030, registering a CAGR of 10.9% from 2021 to 2030.

Medical alert systems are enhanced medical devices designed to offer a fast and more reliable way for elders and users with health issues to communicate with medical services in the case of an emergency. Further, medical alert devices are equipped with a help button that can dial an emergency response center and connect users to live agents. Moreover, the traditional medical alert system consists of a base unit and a portable help button that a user can wear around the house; however, modern medical alert systems include GPS-based mobile solutions and cellular alternatives for users to utilize while on the go, as well as options that automatically send an alarm when a fall is detected. 

The covid-19 is anticipated to favorably impact the growth of medical alert systems owing to growing demand for personal health monitoring systems by home-based users and nurse call systems by hospitals & clinics. The COVID-19 pandemic has led to a shortage of space in hospitals. Moreover, patients suffering from chronic diseases, were advised to avoid physical visits to hospitals owing to the threat of getting infected. This led to the development of the market for medical alert systems. Furthermore, medical alert systems offer integration between remote patient monitoring platforms and healthcare facilities. This will assist healthcare to remote access through telehealth platforms to essential healthcare services while improving safety and health outcomes for patients statewide. Moreover, amid the COVID-19 pandemic, these medical alert systems have gained importance as the offer patients safer, more accessible options for preventive, routine, and chronic care. Thus, these services help reduce the burden on hospitals and healthcare facilities as they serve a large number of patients.

Further, the medical alert system often, known as a personal emergency response system, is a combination of state-of-the-art communications and computer technology. In addition, medical alert systems such as in-home or mobile alert systems are intended to offer indoor and outdoor real-time user health monitoring solutions. Moreover, the rise in the inclination of elder citizens toward independent living is driving the need for a sustainable personal emergency response system, which is significantly offering growth opportunities for the medical alert systems market.  

The medical alert systems market share is expected to witness notable growth during the forecast period, owing to rise in geriatric population and health latency across the globe. Furthermore, technological advancement in medical alert systems has driven the growth of the market. Moreover, rise in favorable healthcare reform and financial assistance by government for senior citizens is expected to propel the medical alert systems market growth during the forecast period.

However, rising incidence of false alarm paired with lower acceptability of technology across seniors are some of the prime factors restraining the market growth. On the contrary, rise in revolution brought by emerging technologies such as IoT and AI and positive growth outlook for healthcare sector with rise in expenditure on medical services is expected to provide lucrative opportunities for the growth of the medical alert systems market during the forecast period.

The outbreak of COVID-19 has significantly boosted the growth of the personal emergency response system technology in 2020 and is expected to witness relatively high growth by the end of 2021. However, the market was principally hit by several obstacles created amid the COVID-19 pandemic such as lack of skilled workforce availability, delay or cancelation of projects owing to partial or complete lockdown globally. In contrast, surge in adoption of internet of Things based smart applications across residential and healthcare sectors is driving the growth of the market during the forecast period. 

Segment Overview

The global medical alert systems market is segmented on the basis of type, technology, application and region. On the basis of type, the market is classified into personal emergency response system, nurse calling system, and smart belt.

The personal emergency response system segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period. By technology, it is divided two-way voice systems, unmonitored medical alert systems, medical alert alarm (button) system, and IP-based systems. 

The unmonitored medical alert systems segment was the highest revenue contributor in 2020, and is anticipated to garner significant market share during the forecast period. By application, the market is categorized into home-based users, senior living facilities/senior care centers, assisted living facilities, hospitals and clinics, and others. The home-based users segment acquired the largest share in 2020, and is expected to grow at a high CAGR from 2021 to 2030. 

Region-wise, the medical alert systems market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of the Europe), Asia-Pacific (China, India, Japan, South Korea, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global market. Major organizations and government institutions in the country are intensely putting resources into the technology. 

Top Impacting Factors

Significant factors that impact the growth of the global medical alert systems industry include technological advancement in medical alert systems and surge in favorable healthcare reform and financial assistance by government for senior citizens. However, lower acceptability of technology across seniors and increasing incidence of false alarm acts as a prime barrier for early adoption, which hampers the growth of the market. On the contrary, positive growth outlook for healthcare sector with rising expenditure on medical services coupled with rise in emerging technologies such as IoT and AI is expected to offer potential growth opportunity for the medical alert systems market during the forecast period.

Competitive Analysis

Competitive analysis and profiles of the major medical alert systems market players, such as Koninklijke Philips N.V., Connect America, Ascom Wireless Solutions, ADT Corporation, Medical Guardian, Hill-Rom Holdings Inc., Bay Alarm Medical, MobileHelp, and LifeFone are provided in this report. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

Key Benefits For Stakeholders

• This study comprises analytical depiction of the medical alert systems market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall medical alert systems market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current medical alert systems market forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
• The report includes the market share of key vendors and medical alert systems market trends.

 Medical Alert Systems Market Report Highlights