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(July 02, 2018)
The global medical alert systems market is estimated to grow at phenomenal CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing requirement for systems that can get activated automatically or manually in emergency situations and prevent human life is anticipated to propel demand for medical alert systems. Such systems can transit signal to alert monitoring companies, emergency agencies, hospitals, and relatives of users to prevent major loss during fall or other medical emergencies.
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The global Medical Alert Systems market is valued at 5950 million US$ in 2017 and will reach 10700 million US$ by the end of 2025, growing at a CAGR of 7.6% during 2018-2025.
Increasing use of medical alert systems owing to affordability and ease of use is expected to influence growth of market. Rising number of road accidents and other medical emergencies such as heart attacks can fuel market growth in the forthcoming years. Growing awareness regarding health and safety in developing countries coupled with increasing number of elderly patients can augment growth of market. Continual technological advancements in medical alert systems attributed to rising cases of chronic diseases can stimulate market growth during the forecast period (2018 to 2025).
To cater to rising demand for advanced medical alert systems, most companies are focusing on R&D activities to develop innovative products. For instance, Cox Communications recently introduced a medical alert system named Cox Homelife Care for elderly patients and their caregivers. This system is likely to offer multiple smart devices connected to each other via central wireless hub including cellular connectivity. Hence, no phone line or internet connectivity is required. These devices are expected to be fully integrated and can provide instant access to trained personal care professionals, 24 hours a day, seven days week. In addition, Homelife Care Family application for smartphones can send alerts to caregivers whenever any Homelife Care device gets activated. The entire is likely to be installed by licensed technician from Cox, who can test devices and train family members to use this system efficiently.
The medical alert systems market can be segregated on the basis of product, end users, and region. Based on product, the market can be categorized into landline, mobile, and standalone. Mobile segment is expected to witness significant growth during the forecast period attributed to increasing use of smartphones for health monitoring.
Based on end-users, the market can be classified into inside the home and outside the home. Regional segmentation includes Europe, North America, Japan, China, Southeast Asia, and India. In North America, the market is expected to witness significant growth owing to high health awareness among people living in the region. North Americas are likely to live independent life and hence require medical alert system for their safety in emergency situations.
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Similarly in Europe, the market is anticipated to follow growth pattern of North America and generate substantial revenue during the forecast period.
In India, China, and Japan, the alert systems market is likely to grow at phenomenal CAGR during the forecast period attributed to increasing number of geriatric population in the region. In addition, high prevalence of chronic diseases is estimated to fuel market growth. Moreover, growing number of home based health programs attributed to high demand for improved health facilities can influence growth of market in the region.
In Southeast Asia, the alert systems market is predicted to witness substantial growth during the forecast period owing to rising investments in healthcare sector from local governments. In addition, rising incomes, increasing population, and high prevalence of chronic diseases and comorbidities are likely to stimulate demand for medical alert systems in the region.
Some of the leading companies operating in the market for medical alert systems are Greatcall, Life Alert, Mobile Help, Philips Lifeline, and Medical Guardian.
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