Medical Alert Systems Market Share, Size, Trends, Industry Analysis Report, By Application; By Technology (Two-way Voice Systems, Unmonitored Medical Alert Systems, Medical Alert Alarm (Button) System, IP-based Systems), By System Type, By Region; Segment Forecast, 2022 - 2030
- Published Date:Jan-2022
- Pages: 115
- Format: PDF
- Report ID: PM2195
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global medical alert systems market was valued at USD 6.94 billion in 2021 and is expected to grow at a CAGR of 10.9% during the forecast period. The growth in the market is being driven by the expanding geriatric population and a strong government focus on providing financial help to the elderly. As per Unites Nations (UN), by 2050, the geriatric population is expected to rise to 1.5 billion.
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Besides, as per the Canadian Government (NovoScotio), the residents can get reimbursement while purchasing a medicinal vigilant system. The Personal Alert Assistance Program helps qualifying low-income seniors over the age of 65 and Nova Scotians aged 19 and over who have suffered an acquired brain injury. The program reimburses up to $480 per year for the cost of a personal vigilant assistance service. Thus, the rising geriatric population has led to an increase in the market demand for the medicinal vigilant systems. The government funding for purchasing medicinal vigilant systems is also boosting the medicinal vigilant system growth.
Furthermore, advanced technologies such as the Internet of Things (IoT) and artificial intelligence (AI) are also driving market expansion and providing medicinal vigilant system manufacturers opportunities. In combination with predictive analytics, AI-driven technologies assist in automatic fall detection and visitor management and provide caregiver notice. AI-powered fall detectors for the elderly have been developed by companies such as Xsens, XanderKardian, Bay Alarm Medical, and Qventus.
For instance, in September 2021, Bay Alarm Medical, a medicinal vigilant system supplier, and Kami Visual announced a partnership to integrate former Medical's safety service with Kami's AI platform. With this, both will deliver powerful AI technology and visual verification to elders in the U.S., allowing seniors and caregivers to reduce false vigilant, improve emergency connection speeds, and eventually enable elders to age in place safely. The impact of such technologies is stunning, and the market for medicinal vigilant systems will soon be saturated with them.
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Industry Dynamics
Growth Drivers
The market has observed extensive developments in the last few decades supported by various factors such as the rising geriatric population and rising awareness among the people for medicinal vigilant system. The medical vigilant system, which can be utilized by older citizens, disabled individuals, or persons with brain diseases to receive quick help in an emergency, are in high demand due to the growing geriatric population and growing public knowledge of the medicinal system worldwide.
Furthermore, as the prevalence of chronic pain is relatively high among the geriatric population and is considered an independent risk factor for mortality, the growing population of elderly patients is a major driving factor that injects huge growth in the global medicinal vigilant systems market. The current situation, on the other hand, is radically different. Falling birth rates and a significant increase in life expectancy are driving this shift.
Report Segmentation
The market is primarily segmented based on application, system type, technology, and region.
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By Application |
By System Type |
By Technology |
By Region |
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Insight by System Type
Based on the system type segment, the mobile PERS segment holds the most significant revenue in the global market in 2021 and is expected to retain its dominance in the foreseen period. Due to the obvious widespread usage of smartphones in recent years, mobile-based PERS, or mPERS, is expected to lead the medical alert systems market in the coming years.
Smart wearables that can be worn on the wrist or as a pendant are included with mPERS. mPERS devices give senior people mobility by preserving their independence by enabling them to use the device wherever they go. Built-in sensors, the usage of a mobile phone app, and faster response times are among the factors driving demand for mobile-based PERS. The industry's evolution will continue to bring new and exciting trends in the years ahead.
Geographic Overview
In terms of geography, North America had the highest share in 2021. The region is anticipated to grow significantly due to the presence of major players and rising technological advancements in the region. The significant player's adoption of various strategies in the North American market, such as partnerships, collaborations, mergers and acquisitions, and product launches, is also driving the market's growth. For instance, In February 2021, Connect America, a globally recognized provider of connected health solutions, announced a partnership with Urban Health Plan to provide Remote Patient Monitoring (RPM) services to patients in the Bronx, Queens, and Manhattan are underserved.
Moreover, Asia-Pacific witnessed a high CAGR in the global market in 2021. This increase can be attributed to different healthcare reforms governments implement in geriatric populations of China, India, and South Korea. The market in the region is being driven by factors, including increased healthcare awareness and rising per capita healthcare expenditure. The Indian government, for example, wants to raise healthcare spending to 3% of GDP by 2022, according to the IBEF. Investments in health-related infrastructure increased by 2.4 times.
Competitive Insight
Some of the major players operating in the global medical alert systems market include ADT Corporation, AlertOne Services LLC, Bay Alarm Medical, Connected America, Galaxy Medical Alert Systems, Greatcall, Inc., Guardian Alarm, Koninklijke Philips N.V., Legrand Assisted Living & Healthcare, Life Alert Emergency Response, Inc., LifeFone, LifeStation, Medical Guardian LLC, Nortek Security & Control LLC, Philips N. V., Rescue Alert, Response Now, Tunstall Healthcare Group Ltd., Valued Relationships, Inc., Vanguard Wireless, and VRI Inc.
Medical Alert Systems Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 6.49 billion |
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Revenue forecast in 2030 |
USD 16.86 billion |
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CAGR |
10.9% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
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Segments covered |
By System Type, By Technology, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
ADT Corporation, AlertOne Services LLC, Connected America, Galaxy Medical Alert Systems, Greatcall, Inc., Guardian Alarm, Koninklijke Philips N.V., Legrand Assisted Living & Healthcare, Life Alert Emergency Response, Inc., LifeFone, LifeStation, Medical Guardian LLC, Nortek Security & Control LLC, Philips N. V., Rescue Alert, Response Now, Tunstall Healthcare Group Ltd., Valued Relationships, Inc., Vanguard Wireless, and VRI Inc. |
