Dublin, June 21, 2021 (GLOBE NEWSWIRE) -- The "Global Medical Alert System Market (2021-2026) by System Type, Connection Type, End-user, Offering, Technology, Geography, Competitive Analysis and the Impact of COVID-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Medical Alert System Market is estimated to be USD 7.4 Bn in 2021 and is expected to reach USD 10.9 Bn by 2026, growing at a CAGR of 8.3%.
Factors such as the rising geriatric population, technological advancement like the use of AI and IOT in the medical alert system, growing inclination of elder towards independent living, increasing adoption of the mobile personal emergency response system, and various healthcare reforms in different parts of the world are key drivers for the market.
The market is witnessing certain restraining factors, such as rigorous competition among existing medical alert system manufacturers, lower acceptability among seniors for technology use, and the subsequent upswing in large volume purchasing through INHs and GPOs (Group Purchasing Organizations). The introduction of voice-based and mobile medical alert system is creating an opportunity for the market.
Market Dynamics
Drivers
- Increase in geriatric population and health literacy across the globe
- Increasing adoption of smart & mobile emergency response system
- Technological advancement in medical alert systems
- Favorable healthcare reform and financial assistance by Government for senior citizens
- Growing inclination of elders towards independent living
Restraints
- Increasing incidence of false alarm
- Integration of connected medical devices into an established ecosystem
- Lower acceptability among seniors for the use of technology
Opportunities
- Revolution brought by emerging technologies-IoT & AI
- The growing number of assisted living centres and retirement homes
- Introduction of voice-based and mobile medical alert system
- Transformation in the healthcare sector
Challenges
- Low penetration of medical alert systems in developing countries
Segments Covered
By System Type, Personal Emergency Response System (PERS) holds the largest market share. The reasons for the growth of PERS include rising per capita expenditure towards healthcare across the globe, the availability of advanced medical facilities, rising awareness towards healthcare, etc. With the digital transformation and use of technologies such as IoT, and artificial intelligence (AI), PERS devices are in demand in major parts of the world. They include features like automatic fall detection, automatic call assistance, and location tracking, which helps the elderly individuals in case of an emergency when they are unable to press the help button.
By Connection type, the market is classified into wired and wireless. Wired devices accounted for the largest share in the market. Wired medical alert systems are more reliable, and senior citizens often lack technological awareness and find the wired devices user-friendly. Thus, the wired medical alert system market is the largest revenue-generating segment.
By End User/ Application, the market is classified into Hospitals & Clinics, Home-Based Users, Senior Living Facilities/Senior Care Centres, Assisted Living Facilities, and Others. Home-based users hold the largest market share and are expected to grow more during the forecasted period. It is due to the independence it provides to the senior citizens who want to live alone but are taken care of in case of an emergency.
By Offering, the market is classified into Hardware, Software, and Services. Among them, the Hardware segment accounts for the largest market share. It is due to their demand among elderly people is increasing. The various popular hardware medical alert devices are Fall Detection, Medicine Reminders, Mobile Protection, and Emergency Calling, etc.
By Technology, the market is classified into Two-way Voice Systems, Unmonitored Medical Alert Systems, Medical Alert Alarm (Button) System, IP-based systems, and others. Among them, Two Way Voice Systems will have the largest market share as its application in both residential i.e., Personal and hospital. Also, it has a live response (quick response).
By Geography, North America accounts for the largest market for medical alert systems and is expected to grow more during the forecast period. North America has a robust healthcare system, faster reimbursement policies, and favorable healthcare regulations that drive the market. The market is expected to grow at a faster pace in the APAC region. Major factors driving the medical alert systems market in the APAC are the rapidly growing geriatric population, increased per capita healthcare expenditure, and improving healthcare infrastructure in developing countries such as India and China.
Company Profiles
Some of the companies covered in this report are Koninklijke Philips N.V. Rauland-Borg Corporation, Honeywell International, Ascom Wireless Solutions, ADT Corporation (US), Tunstall Healthcare Group Ltd. Valued Relationships, Inc. Medical Guardian LLC Hill-Rom Holdings Inc. Jeron Electronic Systems Inc Philips Lifeline, ADT, Tunstall, Greatcall, Alert-1, Connect America, Bay Alarm Medical, etc.
Competitive Quadrant
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance Score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Medical Alert Systems Market.
- The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes in-depth market analysis using Porter's 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
- The report also contains the competitive analysis using Competitive Quadrant, the analyst's proprietary competitive positioning tool.
Report Highlights:
- A complete analysis of the market including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Key Topics Covered:
1. Report Description
2. Research Methodology
3. Executive Summary
4. Market Overview
4.1 Introduction
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Challenges
4.3 Trends
5. Market Analysis
5.1 Porter's Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6. Global Medical Alert System Market, By System Type
6.1 Introduction
6.2 Nurse Call Systems (NCS)
6.3 Smart Belt
6.4 Personal Emergency Response Systems (PERS)
6.4.1 Home-based/Landline-based System
6.4.2 Mobile PERS
6.4.2.1 Cellular emergency response system
6.4.2.2 Wireless emergency response system
6.4.2.3 GPS-based emergency response system
6.4.3 Standalone PERS
7. Global Medical Alert System Market, By Connection Type
7.1 Introduction
7.2 Wired
7.3 Wireless
8. Global Medical Alert System Market, By End User
8.1 Introduction
8.2 Hospitals & Clinics
8.3 Home-based users
8.4 Senior Living Facilities/Senior Care Centres
8.5 Assisted Living Facilities
8.6 Others
9. Global Medical Alert System Market, By Offering
9.1 Introduction
9.2 Hardware
9.3 Software
9.4 Services
10. Global Medical Alert System Market, By Technology
10.1 Introduction
10.2 Two-way Voice Systems
10.3 Unmonitored Medical Alert Systems
10.4 Medical Alert Alarm (Button) System
10.5 IP-based systems
10.6 Others
11. Global Medical Alert System Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 South America
11.3.1 Brazil
11.3.2 Argentina
11.4 Europe
11.4.1 UK
11.4.2 France
11.4.3 Germany
11.4.4 Italy
11.4.5 Spain
11.4.6 Rest of Europe
11.5 Asia-Pacific
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Indonesia
11.5.5 Malaysia
11.5.6 South Korea
11.5.7 Australia
11.5.8 Russia
11.5.9 Rest of APAC
11.6 Rest of the World
11.6.1 Qatar
11.6.2 Saudi Arabia
11.6.3 South Africa
11.6.4 United Arab Emirates
11.6.5 Latin America
12. Competitive Landscape
12.1 Competitive Quadrant
12.2 Market Share Analysis
12.3 Competitive Scenario
12.3.1 Mergers & Acquisitions
12.3.2 Agreements, Collaborations, & Partnerships
12.3.3 New Product Launches & Enhancements
12.3.4 Investments & Fundings
13. Company Profiles
13.1 Koninklijke Philips N.V.
13.2 Rauland-Borg Corporation
13.3 Honeywell International
13.4 Ascom Wireless Solutions
13.5 ADT Corporation (US)
13.6 Tunstall Healthcare Group Ltd.
13.7 Valued Relationships, Inc.
13.8 Medical Guardian LLC
13.9 Hill-Rom Holdings Inc.
13.10 Jeron Electronic Systems Inc
13.11 Philips Lifeline
13.12 ADT
13.13 Tunstall
13.14 Greatcall
13.15 Alert-1
13.16 Connect America
13.17 Bay Alarm Medical
13.18 Life Alert
14. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/2q0s1z