Medical Alert System & Personal Emergency Response System Market Size, Share, Growth, and Industry Analysis, By Type (Mobile Type and Standalone Type), By Application (Home Based Users, Senior Living Facilities and Assisted Living Facilities), Regional Forecast To 2031

Updated On: 22 April 2024

Medical Alert System And Personal Emergency Response System Market Report Overview

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The global medical alert system & personal emergency response system market size was USD 1715.9 million in 2021 & the market is expected to reach USD 3723 million in 2031, exhibiting a CAGR 7.7% of during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

The global medical alert system & personal emergency response system is also known as, medical emergence response systems. It is a device or service that allows individuals, particularly seniors or those with medical conditions, to call for help in case of an emergency. Typically, it consists of a wearable device with a button that, when pressed, sends a signal to a monitoring center or caregiver who can then dispatch emergency services or provide assistance. The rise in the inclination of elder citizens toward independent living is driving the need for a sustainable this system, which is significantly offering growth opportunities for the market.

The global medical alert system & personal emergency response system market progression can be credited to the upsurge in the demand due technological advancements. Advancements in technology have made this system more sophisticated and easier to use. For example, some systems now incorporate wearable technology such as smartwatches or fitness trackers, allowing for more accurate monitoring and faster response times.

COVID-19 Impact: Pandemic led to increase in demand for healthcare industries

The effects of the COVID-19 pandemic are already being felt on a global level, the global medical alert system & personal emergency response system was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The pandemic had a significant impact on the healthcare as well. The pandemic led to upsurge in demand, as there was increase in the number of hospital admissions.

Latest Trends:

"Increasing adoption of smartphones to bolster market growth"

Many medical alert systems and PERS now offer mobile apps that can be installed on smartphones. These apps allow caregivers and family members to remotely monitor the health and safety of their loved ones. For example, some apps can track a person's location and send alerts if they leave a designated safe zone, while others can monitor vital signs like heart rate and blood pressure. Smartphones offer enhanced communication capabilities, which can be crucial in emergency situations. With this system, users can press a button on their smartphone to immediately connect with a live operator who can dispatch emergency services or contact family members.

Medical Alert System And Personal Emergency Response System Market Segmentation

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• By Type

Based on type, the global medical alert system & personal emergency response system market is divided into mobile type and standalone type.

• By Application

Based on application, the market is divided into home-based users, senior living facilities and assisted living facilities.

Driving Factors

"Increasing aging population to accelerate the demand for advanced healthcare systems"

As the global population ages, the demand for medical alert systems and personal emergency response systems is increasing. Older adults are more vulnerable to falls, accidents, and medical emergencies, and they need quick access to medical assistance. The development of new and advanced technologies, such as GPS, cellular networks, and cloud computing, has made medical alert systems and personal emergency response systems more effective and efficient.

"Rising healthcare cost to boost the adoption of healthcare equipments"

The increasing cost of healthcare is leading to a greater demand for medical alert systems and personal emergency response systems, as these systems can help prevent costly hospital stays and emergency room visits.

RESTRAINING FACTORS

"Regulatory challenges to hinder market progress to deplete market growth"

Regulatory authorities often require extensive approval processes for medical devices and products, including medical alert systems and PERS. These approval processes can be time-consuming and expensive, which can increase the cost of development and ultimately increase the price of the product. This can make it difficult for small companies to enter the market, which limits competition and innovation. Strict regulatory policies can limit market access for this system. For example, some countries have stringent regulations around medical devices, which can make it difficult for companies to enter the market. Additionally, some healthcare providers may be hesitant to adopt new technologies due to concerns about liability and regulatory compliance.

Medical Alert System And Personal Emergency Response System Market Regional Insight

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"Asia-Pacific to dominate the market due to the rising geriatric population in the region"

Asia-Pacific is estimated to be the fastest-growing region in the overall market over the forecast period, owing to the increasing geriatric population and increasing prevalence of chronic diseases. Also, the need for improved healthcare facilities and an increase in home-based health programs are expected to drive the market. Thus, the increasing geriatric population and chronic diseases may lead to the growth of this system market.

North America is likely to hold the second-largest share in the market. The North American market is primarily driven by factors such as the increasing elderly population, rising prevalence of chronic diseases, and increasing awareness about the benefits of these devices. The availability of advanced healthcare infrastructure and high-speed internet connectivity has enabled the widespread adoption of these systems in North America. This system has been widely adopted in the United States and Canada, where there is a high demand for healthcare services and technology.

Key Industry Players

"Market Players to Boost Market Growth by adopting various strategies"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Koninklijke Philips (HQ: Netherland)
• Tunstall Americas (HQ: New York, U.S.)
• Valued Relationships (HQ: U.S.)
• Guardian Alarm (HQ: U.S.)
• Alertone Services (HQ: U.S.)
• Connect America (HQ: U.S.)
• Medical Guardian (HQ: U.S.)
• Mobilehelp (HQ: U.S.)
• Numera (HQ: U.S.)
• Galaxy Medical Alert System (HQ: Canada)
• Critical Signal Technologies (HQ: U.S.)
• Mytrex (HQ: U.S.)

Report coverage

This report examines an understanding of the global medical alert system & personal emergency response system market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macroeconomic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.