According to a new report published by Allied Market Research, titled, "Global Fall Management Market by Product and Application: Opportunity Analysis and Industry Forecast, 2019–2026," the global fall management market garnered $152.46 million in 2018 and is estimated to reach $216.82 million by 2026, growing at a CAGR of 4.5% from 2019 to 2026.
Fall management involves preventive actions, which assist to minimize the risk of accidental falls among the geriatric population and to prevent injuries. Falls and fall-related injuries are prevalent medical issues experienced by elderly people. Products used in fall management include sensor pad, radio frequency identification (RFID) tag, and floor mat.
The growth of the global fall management market is driven by rise in incidence of disabilities that result from non-communicable diseases, favorable healthcare reforms, and rapid growth in geriatric population coupled with increase in prevalence of chronic diseases. However, high maintenance expense of fall management products is expected to restrain the growth of the global market. On the contrary, surge in a demand of the fall management products and changing fall management market trends boosts the market growth.
Depending on product, the sensor pad garnered a major fall management market share in 2018, and is anticipated to continue this trend during the forecast period. This is attributed to increasing usage of sensor pads for fall management alarm in conjunction with senior care alarms to notify the nurse.
By region, North America accounted for the largest share in 2018, and is expected to continue this trend during the forecast period. This is attributed to the fact that elderly people are highly susceptible to fall due to illnesses and other physical conditions that can affect their strength and balance. In addition, surge in prevalence of neurological disorder such as vertigo in the U.S., which affect the strength and balance, and other age-related factors such as weak eyesight and poor hearing condition increase the risk of fall and fall-related injuries among the geriatric population. However, Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period. This is attributed to presence of large population base in the region. Moreover, the geriatric population is growing at an unprecedented rate in the region, which augments the demand for fall management devices, thereby contributing toward the growth of the market. This is attributed to rise in prevalence of age-related disorders such as weak eyesight and poor hearing condition, which increase the risk of fall and fall-related injuries among the geriatric population. As per the United Nations Fund for Population Activities (UNFPA), by 2050, approximately 1.3 billion population will be aged over 60 in the Asia-Pacific region. This rise in number of elderly people acts as key driver of the market, as they are highly susceptible to falls and fall-related injuries, which augments the demand for fall management services thereby increasing the fall management market size. In addition, the growth of the Asia-Pacific fall management market is majorly propelled by increase in adoption of fall management devices such as sensor pad and RFID tags among the Asian population.
Key Findings of the Study:
- Region wise, North America fall management market size is expected to be the largest in 2018.
- Floor mat segment is anticipated to grow with the highest CAGR throughout the forecast period.
Comprehensive competitive analysis and profiles of major market players such as Alimed, Inc., Curbell, Inc., Deroyal Inc., Emfit Ltd., Medline Industries, Inc., Personal Safety Corporation (PSC), Rondish Company Limited, Smart Caregiver Corporation, Stanley Black & Decker, Inc., and Tidi Products, LLC.