Medical Alert Systems Market 2030 By By Type (Personal Emergency Response Systems (PERS), Nurse Calling System (NCS), and Smart Belt), Technology (Two-Way Voice System, Unmonitored Medical Alert Systems, Medical Alert Alarm (Button) System, and IP-based Systems)Application (Home-Based Users, Senior Living Facilities/Senior Care Centers, Assisted Living Facilities, Hospitals and Clinics, and Others)- Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Industry : Healthcare | Pages : 167 Pages | Published On : Aug 2023

The global medical alert systems market, which was valued at $6.47 billion in 2020, is projected to reach $20.95 billion by 2030, with a notable CAGR of 10.9% from 2023 to 2030.

Medical alert systems represent advanced medical devices specially designed to provide a swift and reliable means for the elderly and individuals with health concerns to communicate with medical services in case of emergencies. These devices are typically equipped with a help button that can instantly connect users to an emergency response center staffed with live agents. While traditional medical alert systems consist of a base unit and a portable help button that users can carry within their homes, modern versions encompass GPS-based mobile solutions and cellular alternatives for users on the move, as well as options that automatically trigger an alarm when a fall is detected.

The COVID-19 pandemic is expected to have a positive impact on the growth of medical alert systems. This is attributed to the increasing demand for personal health monitoring systems among home-based users and nurse call systems in hospitals and clinics. Hospital capacity constraints due to COVID-19 led to a surge in demand for medical alert systems. Patients with chronic conditions were advised to avoid physical visits to hospitals to reduce infection risk, driving the adoption of these systems.

Additionally, medical alert systems enable integration between remote patient monitoring platforms and healthcare facilities, enabling remote access to essential healthcare services through telehealth platforms and improving patient safety and health outcomes. During the pandemic, these systems gained significance as they provided patients with safer and more accessible options for preventive, routine, and chronic care, thus reducing the burden on hospitals and healthcare facilities.

Medical alert systems, often referred to as personal emergency response systems, combine cutting-edge communication and computer technology. They offer real-time user health monitoring solutions for both indoor and outdoor use, catering to the increasing preference of elderly citizens for independent living. This trend presents significant growth opportunities for the medical alert systems market.

The market is expected to witness substantial growth during the forecast period due to the increasing elderly population and rising health concerns worldwide. Technological advancements in medical alert systems are driving market growth, and favorable healthcare reforms and government financial assistance for senior citizens are expected to further boost the market.

Nevertheless, challenges such as a rising incidence of false alarms and limited technology acceptance among seniors are restraining market growth. On the flip side, emerging technologies like IoT and AI are poised to revolutionize the sector, offering promising growth prospects for the medical alert systems market.

The outbreak of COVID-19 significantly accelerated the adoption of personal emergency response system technology in 2020, and this trend is expected to continue with strong growth through the end of 2023. However, the market faced hurdles during the pandemic, including a shortage of skilled workers, project delays or cancellations due to global lockdowns, and more. Conversely, the growing adoption of IoT-based smart applications in residential and healthcare sectors is expected to drive market growth during the forecast period.

By Type

Segment Overview

The global medical alert systems market is categorized based on type, technology, application, and region. Under the type classification, it includes personal emergency response systems, nurse calling systems, and smart belts.

In 2020, the personal emergency response system segment held the dominant position in terms of revenue, and this trend is expected to persist throughout the forecast period. Regarding technology, it is divided into two-way voice systems, unmonitored medical alert systems, medical alert alarm (button) systems, and IP-based systems.

By Technology

The unmonitored medical alert systems segment was the leading revenue contributor in 2020 and is projected to maintain a substantial market share in the forecast period. For application, the market is segmented into home-based users, senior living facilities/senior care centers, assisted living facilities, hospitals and clinics, and others. The home-based users segment claimed the largest share in 2020 and is predicted to exhibit a high CAGR from 2023 to 2030.

By Application

Regarding regions, the trends in the medical alert systems market are analyzed across North America (comprising the U.S., Canada, and Mexico), Europe (including the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (encompassing China, India, Japan, South Korea, and the rest of Asia-Pacific), and LAMEA (encompassing Latin America, the Middle East, and Africa). North America, particularly the U.S., remains a significant player in the global market. Major organizations and government institutions in the country are making substantial investments in this technology.

Top Impacting Factors

Key factors influencing the growth of the global medical alert systems industry encompass technological advancements in medical alert systems and the upsurge in favorable healthcare reforms and government financial aid for senior citizens. However, challenges like the limited acceptance of technology among seniors and the increasing occurrence of false alarms act as significant barriers to early adoption, impeding market growth. Conversely, a positive growth outlook for the healthcare sector, driven by rising expenditure on medical services and the emergence of technologies such as IoT and AI, is expected to offer substantial growth opportunities for the medical alert systems market during the forecast period.

Competitive Analysis

This report provides a competitive analysis and profiles of major players in the medical alert systems market, including Koninklijke Philips N.V., Connect America, Ascom Wireless Solutions, ADT Corporation, Medical Guardian, Hill-Rom Holdings Inc., Bay Alarm Medical, MobileHelp, and LifeFone. These key players have adopted various strategies, such as expanding their product portfolios, engaging in mergers and acquisitions, forming agreements, expanding geographically, and collaborating, to enhance their market presence and strengthen their position in the industry.

Key Benefits for Stakeholders

  • This study comprises analytical depiction of the medical alert systems market size along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall medical alert systems market analysis is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The current medical alert systems market forecast is quantitatively analyzed from 2023 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
  • The report includes the market share of key vendors and medical alert systems market trends.

Medical Alert Systems Market Report Highlights

By Type

  • Personal Emergency Response Systems (PERS)
  • Nurse Calling Systems (NCS)
  • Smart Belt

By Technology

  • Two-way Voice Systems
  • Unmonitored Medical Alert Systems
  • Medical Alert Alarm (Button) System
  • IP-based Systems

By Application

  • Home-Based Users
  • Senior Living Facilities/Senior Care Centers
  • Assisted Living Facilities
  • Hospitals and Clinics
  • Others

By Region

  • North America  (U.S, Canada, Mexico)
  • Europe  (UK, Germany, France, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)

TOC

Table and Figures

Methodology:

At MarketDigits, we take immense pride in our 360° Research Methodology, which serves as the cornerstone of our research process. It represents a rigorous and comprehensive approach that goes beyond traditional methods to provide a holistic understanding of industry dynamics.

This methodology is built upon the integration of all seven research methodologies developed by MarketDigits, a renowned global research and consulting firm. By leveraging the collective strength of these methodologies, we are able to deliver a 360° view of the challenges, trends, and issues impacting your industry.

The first step of our 360° Research Methodology™ involves conducting extensive primary research, which involves gathering first-hand information through interviews, surveys, and interactions with industry experts, key stakeholders, and market participants. This approach enables us to gather valuable insights and perspectives directly from the source.

Secondary research is another crucial component of our methodology. It involves a deep dive into various data sources, including industry reports, market databases, scholarly articles, and regulatory documents. This helps us gather a wide range of information, validate findings, and provide a comprehensive understanding of the industry landscape.

Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.

In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.

To ensure the highest level of quality and reliability, our research process undergoes rigorous validation and verification. This includes cross-referencing and triangulation of data from multiple sources, as well as peer reviews and expert consultations.

The result of our 360° Research Methodology is a comprehensive and robust research report that empowers you to make well-informed business decisions. It provides a panoramic view of the industry landscape, helping you navigate challenges, seize opportunities, and stay ahead of the competition.

In summary, our 360° Research Methodology is designed to provide you with a deep understanding of your industry by integrating various research techniques, industry expertise, and data-driven analysis. It ensures that every business decision you make is based on a well-triangulated and comprehensive research experience.

Choose License Type
PERSONALIZE THIS RESEARCH TO BE CHANGED TO
  • Tailored advice to Drive your Performance
  • Product Planning Strategy
  • New Product Stratergy
  • Expanded Research Scope
  • Comprehensive Research
  • Strategic Consulting
  • Provocative and pragmatic
  • Accelerate Revenue & Growth
  • Evaluate the competitive landscape
  • Optimize your partner network
  • Analyzing industries
  • Mapping trends
  • Strategizing growth
  • Implementing plans
REQUEST A FREE CUSTOMIZATION
A comprehensive cogent custom study with Analyzing Industries, Mapping Trends, Straterging growth & Implementing Plans. An in-depth and breadth of composite research, which gives complete support of the generation and evaluation of growth opportunities, and best practices recognition to help increase the revenue. Request a Custom Research below.
Request Customization

Covered Key Topics

Growth Opportunities

Market Growth Drivers

Leading Market Players

Company Market Share

Market Size and Growth Rate

Market Trend and Technological

Research Assistance

We will be happy to help you find what you need. Please call us or write to us:

+1 510-730-3200 (USA Number)

Email: sales@marketdigits.com