Global Medical Alert Systems Market: Overview
Medical alert systems are also referred as emergency response system which enables the people living with health issues, elderly population, and for people who live alone to get help in case of emergency in an easy and faster way. The system consists of a help button that connects the user to a live agent by dialing up an emergency response center. These systems serve as an important lifesaving tool. These systems are been monitored 24x7, which ensures the assurance of assistance whenever required.
Global Medical Alert Systems Market: Growth Factors
The rapidly growing aging population, increasing penetration of the internet & smartphones in the healthcare sector, and rising adoption of wearables are the key factors spurring the growth of the global medical alert systems market. In addition to this, as per the report, worldwide, the number of people living at an age of 80 or more has been tripled between 1990 and 2019. Moreover, in 2019, in a global population, there were around 703 million people with an age of 65 years or more and the number is expected to double by 2050. Also, caregivers and family members are highly concerned about the health of disabled or elderly people living alone. Hence, with the growing geriatric population, there is a rising demand for medical alert systems, which in turn is fueling the growth of the global medical alert systems market. Furthermore, the adoption of a personal emergency response system and persistent advancement in technologies will boost the growth of the market in the upcoming years. On the other hand, for these devices, there is limited reimbursement which can affect the growth of the global medical alert systems market.
The pandemic of covid-19 has created huge opportunities as well as challenges for the key players operating in the global medical alert systems market. As the outbreak has infected millions of people all over the world, there is enormous pressure on the doctors and nurses to provide care for such a huge volume of the patient. Thus, there arises a scarcity of nurses who offered care for elderly or disabled persons living alone at home. Owing to the health concerns of the aging population, there is a considerable increase in the adoption of medical emergency alert systems. On the other hand, the companies are making strategic plans for how to meet the growing demand for alert systems in the ongoing pandemic situation.
Global Medical Alert Systems Market: Segmentation
The global medical alert systems market is bifurcated based on type, end-user, and region. Based on type, the market is bifurcated into landline PERS, mobile PERS, and standalone PERS. Among these, mobile PERS segment is expected to register a high CAGR over the forecast period. Mobile PERS offers real-time updates and alerts which is why the demand for this type is expected to rise during the forecast period. Based on end-users, the global medical alert systems market is further divided into home-based use, nursing home, assisted living facilities, and hospices. Among these, home-based use segment is expected to register a high growth rate over the forecast period. Rising preferences of patients for home-based care is expected to fuel the segment growth over the forecast period.
Global Medical Alert Systems Market: Regional Analysis
North America is anticipated to dominate the market over the forecast period. Factors contributing to the growth of the medical alert systems market in this region include the presence of advanced healthcare infrastructure, the high implementation rate of digital medical technologies, and the growing importance of the improvement of patient’s quality of time. However, the market in Asia Pacific is anticipated to be the fastest-growing. The growing old age population in major countries such as Japan, China, and India is the key factor that is expected to contribute to the rapid growth of the medical alert systems market in this region.
Global Medical Alert Systems Market: Competitive Players
The global medical alert systems market is highly competitive. Some of the prominent players in the market are Electronic Caregiver, Electronic Caregiver, Bay Alarm, MobileHelp, Vanguard Wireless, Alertone Services, Guardian Alarm, Guardian Alarm, Tango, Rescue Alert, Galaxy Medical Alert Systems, and Valued Relationships.
Global Medical Alert Systems Market: Regional Segment Analysis
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