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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 6.27 Billion
- Forecast CAGR (2021-2026): 55%
- Forecast Market Size (2026): USD 10.83 Billion
The rise in the geriatric population and increased adoption of PERS devices by long term and senior facilities is expected to facilitate the growth of the market. The increasing demand for medical assistance, especially for the elderly, has also resulted in the increasing adoption of landline PERS, which is likely to result in the growth of the medical alert system market over the forecast period. These technologies provide rapid assistance to persons who are stuck in a situation. It acts as an active guardian because it is an all-in-one wearable device with GPS and Wi-Fi capabilities, and a two-way speaker for communicating with an operator. Additionally, they can be watched 24*7 and provide assistance to senior individuals in a matter of minutes, contributing to the market’s growth. Many senior citizens have a health condition or are at risk of falling, necessitating prompt emergency assistance, resulting in an increase in the use of medical alert systems by home-based users.
Industry Definition and Major Segments
Medical alert systems are alarm systems that are designed to be used in the event of a medical emergency. It aids in the provision of immediate medical assistance in the event of a medical professional’s safety being compromised. The system includes a transmitter that can be manually or automatically activated in an emergency. When a medical alert system is activated, it sends a signal to the central control room of an alert monitoring company, another emergency agency, a user’s relative, or a nearby hospital. In the case of a fall or any other emergency, this medical alert system allows the user to contact emergency personnel.
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The major products available in the medical alert systems industry are:
- Personal Emergency Response System
- Nurse Calling System
- Smart Belt
The market can be broadly categorised on the basis of its offering into:
- Console Unit
- Wristband Transmitter
- Pendant Transmitter
- Subscription-Based Monitoring
- Mobile Application-Based Monitoring
On the basis of connection type, the market can be broadly segmented into:
The market can be divided on the basis of communication technologies into:
- Two-way Voice Systems
- Unmonitored Medical Alert Systems
- Medical Alert Alarm (Button) Systems
- Voip-based Systems
By distribution channel, the market can be categorised into:
- Online Channels
The market can be segmented on the basis of end use into:
- Hospitals and Clinics
- Home-Based Users
- Senior Living Facilities
- Assisted Living Facilities
On the basis of region, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The market is likely to be driven by technological improvements in healthcare wearables, increased smartphone penetration in healthcare, constant technological innovations, the demand for improved healthcare facilities, and an increase in home-based health programmes. Increasing awareness among the people, favourable healthcare policies, a strong focus on financial assistance, and increasing investments from foreign players are, therefore, expected to augment the growth of the medical alert system market in the future. During the forecast period, rising medical tourism in developing countries is expected to open up new market prospects for advanced and sophisticated medical alert systems. Moreover, during the forecast period, the rising need for high-quality medical treatment is expected to boost the medical alert systems market forward.
Key Market Players
The major players in the market are Koninklijke Philips N.V., Connect America LLC, Medical Guardian, LLP, ADT Inc., and Bay Alarm Medical, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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