What Has Driven the Growth of the Medical Alert Systems Market in Recent Years?
The medical alert systems market has seen considerable growth due to a variety of factors.
• In recent times, the market size for medical alert systems has seen substantial growth. It is anticipated to expand from $11.25 billion in 2024 to $12.38 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.0%.
Factors leading to this surge during the historic period include chronic health conditions, an aging demographic, advances in healthcare infrastructure, government schemes, and the rise of telehealth services.
What is the Market Size Forecast for the Medical Alert Systems Market?
The medical alert systems market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the medical alert systems market, with projections anticipating immense growth in the years to come. By 2029, the market is projected to reach a value of $19.03 billion, expanding at a compound annual growth rate (CAGR) of 11.3%.
The projected growth within the forecast period can been traced back to factors such as independent living, medical cost reduction, rural healthcare availability, custom emergency plans, and the alleviation of loneliness amongst the elderly. Key trends anticipated within the forecast period include the integration of wearable tech and the internet of things (IoT), the usage of blockchain to secure health data, voice-activated systems, the application of artificial intelligence (AI) in anticipatory care, and the introduction of fall detection technology.
What Are The Core Factors Supporting Growth In The Medical Alert Systems Market?
The emphasis of the government on enhancing healthcare infrastructure is anticipated to push the development of the medical alert systems market. Medical crisis response systems can be beneficial if a person requires admission to a nursing home or a supported living entity. It's essential for the administration to understand the potential usage of medical alert systems in healthcare establishments, as instances of accidents and emergencies are possible even in 24/7 monitored facilities. For instance, in June 2023, the Centers for Medicare & Medicaid Services, a notable US-based federal firm, reported a 2.7% increase in American healthcare spending, bringing the total to $4.3 trillion, or $12,914 per individual. These health-related expenditures accounted for 18.3% of the country's total GDP. Consequently, the government's growing concentration on healthcare infrastructure development is projected to accelerate the growth trajectory of the medical alert systems market in the forecast span.
What Are The Major Segments Within The Global Medical Alert Systems Market?
The medical alert systems market covered in this report is segmented –
1) By Offering Type: Hardware, Services
2) By System Type: Personal Emergency Response System (PERS), Nurse Calling System (NCS), Smart Belt
3) By Technology Type: Two-way Voice Systems, Medical Alert Alarm (Button) System,, IP-based Systems
4) By Distribution Channel Type: Pharmacies, Online Sales, Hyper markets
5) By Application Type: Home-Based users, Senior Living Facilities/Senior Care Centers, Assisted Living Facilities, Hospitals and Clinics, Others Applications
Subsegments:
1) By Hardware: Personal Emergency Response Systems (PERS), Wearable Devices, Base Stations And Control Units, Sensors And Detectors
2) By Services: Monitoring Services, Installation And Setup Services, Maintenance And Support Services, Mobile Alert Services
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Which Trends Are Expected To Transform The Medical Alert Systems Market?
The medical alert systems market is witnessing a rising trend in technological developments. Key players in this market are integrating innovative technological solutions, like the Micro mobile medical alert device, to maintain their competitive standing. For example, Essence Group, an American company specializing in IoT-based remote care solutions, introduced the world's first 5G-enabled mobile Personal Emergency Response System (mPERS) device, named Umbrella, in January 2022. This diminutive device syncs with Essence's multi-service cloud, offering superior personal protection and care in various remote and outdoor environments.
Who Are the Key Players in the Medical Alert Systems Market?
Major companies operating in the medical alert systems market include:
• Koninklijke Philips N.V.
• Connect America Holdings LLC
• ADT Inc.
• Bay Alarm Medical Company
• VRI Inc.
• Ascom Wireless Solutions Holding AG
• ADT Corporation
• Medical Guardian LLC
• Hill-Rom Holdings Inc.
• MobileHelp LLC
• LifeFone Medical Alert Services
• Tunstall Group Holdings Ltd.
• Alertone Services LLC
• GreatCall Inc.
• Rescue Alert
• LogicMark LLC
• Nortek Security and Control LLC
• Galaxy Medical Alert Systems Ltd.
• Guardian Alarm Company
• Legrand Assisted Living & Healthcare Inc.
• LifeStation Inc.
• Guardian Medical Monitoring LLC
• Life Alert Emergency Response Inc.
• Medical Care Alert LLC
• MedicAlert Foundation
• ResponseLINK LLC
• Vital Link Inc.
• LifeCall Inc.
• LifeWatch USA LLC
• LifeWise Health Plan of Oregon Inc.
• MedScope America Corp.
• Mytrex Inc.
• Senior Safety Medical Alert Systems LLC
• Smart Caregiver Corporation
What Is The Most Dominant Region In The Medical Alert Systems Market?
Asia-Pacific was the largest region in the medical alert systems market in 2024, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the medical alert systems market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
