Increasing smartphones penetration to drive the growth of global medical alert systems market
According to TechSci Research report, “Global Medical Alert Systems Market By Connection (Wired v/s Wireless), By Type (Landline, Mobile, Standalone), By End User (Home Based Users, Hospitals & Clinics, Nursing Homes, Assisted Living Facilities), By Region, Forecast & Opportunities, 2025”, the global medical alert systems market is expected to grow at a steady rate during the forecast period on account of the ongoing healthcare reforms in different parts of the world. Additionally, these medical alert systems not only help in emergency but also helps patients for routine checkups, regular medical diagnosis, sending medicine reminders, among others. Furthermore, financial assistance to elderly individuals and inclination towards independent living are anticipated to propel the market over next few years. Besides, revolution of the healthcare industry by technological advancements and technologies such as AI and IoT is anticipated to positively impact the market growth during the next five years. However, high cost and lack of infrastructure and trained professionals can hamper the market growth through 2025. Additionally, lack of awareness and adoption of medical alert systems especially in the developing economies might further slowdown the market growth. Furthermore, false alarms and network connectivity issues might further pose a challenge for market growth over the next few years. Also, regulatory barriers for nurse control system might negatively impact the market growth during forecast period.
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The global medical alert systems market is segmented based on connection, type, end user, company and region. Based on connection, the market can be bifurcated into wired and wireless. The wireless connection segment is expected to grow significantly during forecast period owing to the increasing adoption of wireless technology by the elderly population. Additionally, it has an added advantage of providing mobility and can be used at any time anywhere in emergency. Furthermore, introduction of smart wearable technology drives the growth of segment. Based on type, the market can be categorized into landline, mobile and standalone. The landline segment is expected to hold significant market share since it is easy to use and suitable for senior citizens who stay at home. On the other hand, the mobile segment is expected to register the highest growth over the next few years on account of their tracking capabilities through different technologies such as GPS, Bluetooth, etc. Additionally, these devices are light in weight and durable and are getting rapidly adopted by the elderly population as they allow them population to lead an independent and healthier lifestyle. The standalone system also expected to grow since they provide emergency protection in uncertain situations such as falling while travelling. Based on end user, the market can be fragmented into home based users, hospitals & clinics, nursing homes and assisted living facilities. The home based users segment dominates the market owing to the introduction of smart medical alert systems. Additionally, increasing adoption of AI and IoT has improved the efficiency of these systems and provide a number of opportunities to medical alert system providers.
Philips Lifeline, ADT Corporation, Tunstall, Greatcall, Bay Alarm, Medical Guardian, Galaxy Medical Alert Systems, Blue Linea, Tango Technologies, Vanguard Wireless and others are some of the leading players operating in global medical alert systems market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, in January 2019, Philips Lifeline launched a new app-based platform named Philips Cares. This platform links the company’s senior care products into a digital ecosystem for family caretakers. This app helps the caretakers to track and manage senior’s care, such as reminders, scheduling tools and access to emergency services.
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“North America is expected to dominate the global medical alert systems market during the forecast period owing to the growing inclination of the elderly population towards independent living in the region. Additionally, financially assistance provided by the government to take care of elderly population and favourable healthcare regulations in the region are further anticipated to spur the market through 2025. Furthermore, technological advancements and adoption such as robotic healthcare system are further anticipated to fuel the market growth over next few years. Also, the key vendors operating in the market are expanding their business in the region creating lucrative opportunities for the growth of market until 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Medical Alert Systems Market By Connection (Wired v/s Wireless), By Type (Landline, Mobile, Standalone), By End User (Home Based Users, Hospitals & Clinics, Nursing Homes, Assisted Living Facilities), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global medical alert systems market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global medical alert systems market.