Drivers and Restrains Impacting Medical Alert System Market
The expansion of the medical alert system market is expected to witness a robust expansion owing to the availability of technical advanced mobile personal emergency response systems. The increase in demand for numerous healthcare reforms across different countries can add to the market rise. Moreover, the financial assistance by government against medical care for elderly patients and the investment in medical alert system can favor the market rise. The increase in popularity of latest technologies, such as; AI and IoT, medical alert systems and the upscaling demand of such solutions among encouraging leading contenders to roll-out better medical alert systems are other causes that can prompt the market expansion.
Market Research Future (MRFR) studied the global medical alert system market 2021 for the review tenure till 2027. As per MRFR study, the global medical alert system market is expected to exhibit 6.46% CAGR and the market value is also touted to touch USD 17,293.6 Mn by 2027.
Segment Analysis of Medical Alert Market
The system type-based segments of the medical alert system market study are automated airborne flight alert systems, nurse call systems (NCS), smart belt and ambulatory auto alert systems, and personal emergency response systems (PERS). The segment of PERS is expected to surge at 6.70% CAGR over assessment tenure to acquire around 41.9% share of the overall market.
The offering-based segments of the medical alert system market study are services, hardware, and software. The segment of hardware is studied for battery, console unit, and transmitter among others. The hardware segment is expected to thrive over the review period owing to the presence of expertise that hold immense medical knowledge. In addition, the east availability of guides those can explain the functionality of hardware of a specific type of software can benefit the medical alert system market in the near future.
The connection type-based segments of the medical alert systems market are wired and wireless connection. The growing utility of wired solutions in-home medical alert system or any tracking devices can support the expansion of the wire segment. The wireless segment can garner considerable revenue for the medical alert system market as the demand for wearables is increasing over the review tenure.
The technology-based segments of the medical alert system market study are IP-based systems, unmonitored medical alert systems, medical alert alarm (button) systems, and two-way voice systems among others. The growing requirement for unmonitored medical alert systems, along with increase in the adoption of two-way voice system, can favor the market.
The application-based segments of the medical alert system market are senior living facilities or senior care centers, home-based, and assisted living facilities among others. The other segments consist of hospice and nursing homes. The surge in adoption of smart medical alert systems that provide better monitoring features and their growing popularity among home-based users can favor the market rise over the analysis period.
Regional Analysis of Medical Alert Market
The medical alert system market in the Americas can earn revenue of about USD 3,973.78 Mn on the conclusion of the analysis tenure. By 2027, the medical alert system market in the America is likely surge at 5.68% CAGR by 2027, suggest MRFR findings.
In Europe, the medical alert system market is expected to thrive owing to the large turnover churned by residing reputed companies dealing in medical alert system. The prevalence of independent lifestyle and rise in count of older patients, along with increase in high healthcare spending can support the expansion of the medical alert market in EU.
In the Asia Pacific region, the market of medical alert systems can gain decent momentum owing to the growing demand for elderly population in the region and the presence of strong government backing the overall healthcare industry. The introduction of advanced PERS devices in the region by numerous companies can support the growth of Asia Pacific medical alert system market in the region.
Key Players of Medical Alert System Market
ADT (US), Koninklijke Philips NV (Philips) (Netherlands), Bay Alarm Medical (US), AlertONE Service Inc. (US), LogicMark (US), GreatCall (US), Medical Guardian LLP (US), Life Alert Emergency Response Inc. (US), Tunstall Group (UK), Nortek Security and Control (US), Rescue Alert (US), and VRI (US) are reputed companies in the medical alert system market that are listed by MRFR in recently published report.