The global medical alert systems market size is expected to reach USD 16.86 billion by 2030, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The key factors responsible for the industry growth include the technological developments in healthcare wearables. Wearable technology refers to electronics integrated into products that may be comfortably worn on the body and are primarily used to detect, analyze, and send real-time data. Wearable computer devices make tracking the emergency and rescue teams easier, making the workplace more efficient and safer.
Further, medicinal alarm systems are becoming increasingly popular as the aging population grows. Personal emergency response systems (PERS) is primarily designed to allow the elderly and those with disabilities to quickly request assistance in an emergency. Due to the growing popularity of smartphones, the present market is also growing. The global smartphone penetration rate is predicted to be at an all-time high, indicating that smartphones are becoming essential in people's daily lives, a major driver driving market growth.
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Based on the application, the home-based user segment accounted for the leading share in the market in 2021. Due to the increasing geriatric population and their strong desire to keep their independence while providing peace to their family members, medicinal vigilant system are becoming more popular among home-based users. Furthermore, many senior citizens have a health condition or are at risk of falling, necessitating prompt emergency assistance, resulting in an increase in the use of the medical vigilant systems by home-based users.
With the advancements in technology, the major players in the market are focusing on launching advanced medicinal vigilant systems. For instance, in October 2021, LifeFone's voice-based in-pendant "VIPx medical alert system." It fits in the palm and weighs as little as an AA size battery, provides 24/7 safety at home and on a real-time basis.
Market players such as AlertOne Services LLC, ADT Corporation, Bay Alarm Medical, Connected America, Greatcall, Inc., Guardian Alarm, Galaxy Medical Alert Systems, Koninklijke Philips N.V., Vanguard Wireless, Life Alert Emergency Response, Inc., Legrand Assisted Living & Healthcare, LifeFone, Medical Guardian LLC, LifeStation, Nortek Security & Control LLC, Philips N. V., Response Now, Rescue Alert, Valued Relationships, Inc., Tunstall Healthcare Group Ltd., and VRI Inc are some key players operating in the global market.
Polaris Market Research has segmented the medical alert systems market report on the basis of application, system type, technology, and region:
Medical Alert Systems, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Medical Alert Systems, System Type Outlook (Revenue - USD Billion, 2018 - 2030)
Medical Alert Systems, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Medical Alert Systems, Regional Outlook (Revenue - USD Billion, 2018 - 2030)