Medical Alert Systems Market Demand, Segment, Statistics & Forecast to 2027

Posted by vinit sawant on April 12th, 2021

Market Highlights

Medical alert systems permit seniors to quickly get help in case of a fall or other medical emergencies. With the push of a button, seniors can signal a call center that is monitored throughout the day and night. Trained operators then notify first responders and help communicate the senior’s condition and medical history. Medical alert systems have gained popularity in recent years in developed countries.

The increase in geriatric population and health literacy across the globe, increasing adoption of smart & mobile emergency response systems, and technological advancements in medical alert systems are driving the medical alert systems market globally.

Global Medical Alert Systems Market size is expected to register a CAGR of 6.46% during the forecast period, with a market value of USD 17,293.6 Million till 2027.

However, the increasing incidence of false alarm and lower acceptability among seniors for use of technology is likely to curb the growth of the medical alert systems market. Nevertheless, entering developing markets will create lucrative opportunities for the growth of the market during the assessment period.

Segment Analysis

Based on offering, the market is divided into hardware, software, and services. Hardware segment is further bifurcated into console unit, transmitter, battery, and others.  The transmitter segment contains wristband transmitter and pendant transmitter.

By connection type, medical alert systems market is segmented into wired and wireless connection.

Based on technology, the market is divided into two-way voice systems, unmonitored medical alert systems, medical alert alarm (button) systems, IP-based systems, and others.

On the basis of application, the market has been segmented into home-based users, senior living facilities/senior care centers, assisted living facilities, and others (nursing homes, hospice) more.

Key Players

MRFR recognizes the following companies as the Key Players in the Global Medical Alert Systems Market— Koninklijke Philips NV (Philips) (Netherlands), ADT (US), AlertONE Service Inc.(US), Bay Alarm Medical (US), GreatCall (US), Life Alert Emergency Response, Inc. (US), LogicMark (US), Medical Guardian, LLP (US), Nortek Security and Control (US), Rescue Alert (US), Tunstall Group (UK), and VRI (US) among others.

Key Findings of the Study

• The Global Medical Alert Systems Market was valued at USD 10,609.3 Million in 2019, is estimated to grow at USD 17,293.6 Million by 2027 at a CAGR of 6.46% during the assessment period

• Americas accounted for the largest share of the global market due to the presence of major pharmaceutical manufacturers, technological advancements in the wearable healthcare sector, and high incidence rates of injuries.

• Based on system type, the personal emergency response systems (PERS) segment accounted for the largest market share in 2019