USD 7.15 billion
Medical Alert Systems Market Size, Share, Growth Analysis, By Type(In-Home Systems and Mobile Systems), By Application(Senior Citizens and Individuals with Disabilities), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2279 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
59
|Figures:
75
Medical Alert Systems Market Insights
Global Medical Alert Systems Market size was valued at USD 7.15 billion in 2022 and is poised to grow from USD 7.92 billion in 2023 to USD 18 billion by 2031, growing at a CAGR of 10.8% during the forecast period (2024-2031).
With the increasing elderly population, the global market for medical alert systems is expected to experience significant growth. These systems play a crucial role in ensuring the safety and well-being of older adults, offering peace of mind to both the elderly individuals themselves and their caregivers. According to a report titled "An Aging World" by the U.S. Department of Commerce, the global population reached 7.3 billion in 2015, with approximately 8.5% or 617.1 million individuals aged 65 years and above. Over the next 15 years, this elderly population is projected to grow by more than 60%. Consequently, the demand for medical alert systems within the homes of the elderly is also on the rise. Falls, in particular, pose a significant risk to older adults and are a leading cause of injury among them. The American Hospital Association reports that more than one-third of adults aged 65 years and above experience a fall annually, which often results in various chronic and severe issues. This situation further emphasizes the need for medical alert systems. Furthermore, a large majority of elderly individuals, approximately 90% according to the American Association of Retired Persons, prefer to age in the familiarity and comfort of their own homes rather than considering alternatives like nursing homes or assisted living facilities. Medical alert systems enable them to achieve this goal by providing assistance when needed.
US Medical Alert Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
In-Home Systems
Fastest Growth
In-Home Systems
Growth Rate
10.8% CAGR
Global Medical Alert Systems Market ($ Bn)
Country Share for North America Region (%)
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Medical Alert Systems Market Segmental Analysis
Global Medical Alert Systems Market is segmented by type, application, and region. Based on type, the market can be segmented into in-home systems, and mobile systems. Based on application, the market is segmented into senior citizens, and individuals with disabilities. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medical Alert Systems Market Analysis by Type
By type, the market can be segmented into in-home systems and mobile systems. In-Home Systems dominated the medical alert systems market. These systems are designed for use within a person's residence and typically consist of a base unit connected to a wearable device, such as a pendant or wristband. They offer immediate access to emergency services at the push of a button.
Mobile Systems is the fastest-growing segment in the medical alert systems market. These systems provide on-the-go protection and are equipped with GPS technology, allowing users to access emergency services from anywhere. They often come in the form of a pendant, watch, or smartphone application.
Medical Alert Systems Market Analysis by Application
By application, the market can be segmented into senior citizens, and individuals with disabilities. Senior Citizens represent the dominating segment in the medical alert systems market. The global population is experiencing a significant increase in the number of senior citizens. As people age, their health needs and concerns change, leading to a greater demand for medical alert systems. Seniors often face age-related health issues and may require immediate assistance in case of emergencies.
The Individuals with Disabilities segment is the fastest-growing segment in the medical alert systems market. Individuals with disabilities, including physical disabilities or medical conditions, often require immediate assistance in emergencies. Medical alert systems offer them a reliable and accessible means to summon help, ensuring their safety and well-being.
Global Medical Alert Systems Market By Type
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Medical Alert Systems Market Regional Insights
North America dominated the global medical alert systems market. The region has a well-established healthcare infrastructure and a high adoption rate of advanced technologies. The United States, in particular, has a large aging population and a growing awareness of the benefits of medical alert systems. Moreover, the presence of key market players and continuous advancements in healthcare contribute to the dominance of North America in the market.
The Asia-Pacific region is anticipated to be the fastest growing region in the global medical alert systems market. Factors such as a rapidly aging population, increasing healthcare expenditures, and rising awareness about elderly safety drive the market growth in this region. Countries like China, Japan, and India are witnessing a significant increase in their elderly population and an increasing preference for aging in place. This, coupled with the growing disposable income and improving healthcare infrastructure, fuels the demand for medical alert systems in the region. Furthermore, technological advancements and the adoption of wireless and wearable devices are expected to further boost market growth in the Asia-Pacific region.
Global Medical Alert Systems Market By Region
- Largest
- Fastest
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Medical Alert Systems Market Dynamics
Medical Alert Systems Market Drivers
Increasing emphasis on aging in place
- One significant driver in the global medical alert systems market is the increasing emphasis on aging in place. With a growing elderly population and a preference for staying in the comfort of their homes, there is a rising demand for medical alert systems that enable older adults to receive prompt assistance in case of emergencies. The ability to age in place promotes independence and enhances the overall quality of life for the elderly. As a result, the market for medical alert systems is experiencing substantial growth as more individuals seek solutions that facilitate safe and secure aging in their own residences.
Medical Alert Systems Market Restraints
High cost associated with these systems
- One notable restraint in the global medical alert systems market is the high cost associated with these systems. The advanced technologies and features incorporated into medical alert devices contribute to their relatively expensive nature. This cost factor may limit the affordability and accessibility of these systems, particularly for individuals with lower income levels or limited healthcare coverage. Additionally, some elderly individuals may be hesitant to invest in such systems due to the perception that they are unnecessary or a sign of dependence, thus posing a restraint to the widespread adoption of medical alert systems.
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Medical Alert Systems Market Competitive Landscape
The global medical alert systems market is characterized by a mix of established companies and emerging players. The market is highly competitive, driven by constant innovation and technological advancements. Key factors influencing competition include product offerings, pricing strategies, distribution networks, and brand recognition. Companies are focusing on expanding their product portfolios, enhancing user experience, and developing integrated solutions to gain a competitive edge. Additionally, strategic collaborations, partnerships, and acquisitions are prevalent in the market as companies strive to strengthen their market presence and cater to the evolving needs of the aging population.
Medical Alert Systems Market Top Player’s Company Profiles
- Philips Lifeline (US)
- Alert1 (US)
- ADT Corporation (US)
- Tunstall Healthcare (UK)
- Medical Guardian (US)
- Bay Alarm Medical (US)
- LifeFone (US)
- MobileHelp (US)
- Life Alert Emergency Response (US)
- Guardian Alarm (US)
- AlertOne Services (US)
- Galaxy Medical Alert Systems (US)
- LifeStation (US)
- Rescue Alert (US)
- Connect America Medical Alert Systems (US)
- LifeCall (US)
- LogicMark (US)
- Tunstall Americas (US)
- VRI (US)
- Aloe Care Health (US)
Recent Developments
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In October 2023, IQVIA™, a prominent global provider of cutting-edge analytics, technology solutions, and clinical research services to the life sciences industry, uncovered a strategic partnership with Argenx. This collaboration plans to upgrade treatment for patients with rare autoimmune diseases using innovative and integrated technology-enabled pharmacovigilance (PV) safety services and solutions.
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In September 2023, Mayo Clinic and GE Healthcare unveiled a strategic healthcare collaboration. Their partnership focuses on research and product development drives intended to revolutionize the patient and clinician experience in radiology practice and the administration of innovative treatments.
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In September 2023, Atropos Health, famous for its evidence-based healthcare innovations like the Green Button Clinical Informatics Consult Service, disclosed the completion of a strategic financing round. This funding was obtained from investors including Presidio Ventures (the venture arm of Sumitomo Corporation Venture Group), Samsung Next (a venture arm of Samsung Electronics), Gaingels, Audere Capital, and other contributors. With this financial backing, Atropos Health aims to assist commercial and developmental endeavors beyond the U.S., using its exclusive technology and technique. The initial focus will be on serving key customers in Japan and Brazil.
Medical Alert Systems Key Market Trends
- One key trend in the global medical alert systems market is the integration of advanced technologies such as artificial intelligence (AI) and Internet of Things (IoT) capabilities. These technologies enable enhanced monitoring, remote patient management, and real-time data analysis. AI-powered algorithms can detect patterns and anomalies, providing proactive alerts and personalized care for individuals using medical alert systems. IoT integration allows for seamless connectivity between devices and platforms, facilitating effective communication and information exchange. This trend towards technological integration is revolutionizing the medical alert systems industry, offering more efficient and comprehensive solutions for elderly care.
Medical Alert Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global medical alert systems market analysis, the market is witnessing significant growth due to the increasing elderly population and the rising demand for aging in place solutions. Falls among older adults, coupled with their desire to remain in the comfort of their homes, drive the adoption of medical alert systems. North America dominates the market, benefiting from a well-established healthcare infrastructure. The Asia-Pacific region is expected to be the fastest growing region, driven by a rapidly aging population and improving healthcare infrastructure. However, the high cost of medical alert systems and hesitancy among some individuals pose challenges. Technological advancements, such as AI and IoT integration, are emerging trends that enhance the effectiveness and efficiency of medical alert systems.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.15 billion |
| Market size value in 2031 | USD 18 billion |
| Growth Rate | 10.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Alert Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Alert Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Alert Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Alert Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Alert Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Alert Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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