The Medical Alert Systems Market is expected to grow from USD 6.8 billion in 2021 to USD 11.1 billion by 2026; it is expected to grow at a CAGR of 10.3% during the forecast period.
The major driving factors for the growth of the medical alert systems market include increase in the geriatric population, increase in adoption of life-saving and tracking systems and the growing inclination of the elderly population towards independent living.
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Two Way Voice Systems technology shows significant adoption during the forecast period.
In the case of an in-home medical alert system, two-way voice systems are primarily comprised of a console unit that is connected to standard landline phones. The console unit comes with a SIM card or has been pre-enabled to connect to a cellular network connection in the cellular network-based system. When a user sends an emergency signal or the sensor detects a fall, the console unit connects to the monitoring centre. Technology advancements have resulted in the development of a smart console unit that communicates via VoIP or 4G LTE for speedier communication. Homes, hospitals and clinics, and long-term care facilities all use two-way voice systems.
PERS (Personal Emergency Response System) to dominate the wireless connection type segment in the market during the forecast period.
The PERS segment accounted for a larger share of the wired medical alert systems market in 2020, and a similar trend is likely to be observed in the coming years owing to the developments in connected devices and adoption of the Internet of Medical Things (IoMT). Advances in medical technology have resulted in the adoption of smart devices with multiple functions to improve the quality of elderly care. This has led to an increase in demand for wired devices among elderly citizens.
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Europe to show significant growth in market share in the forecast period
The elderly population in Europe is rising rapidly, and there is a need to manage this aging population. Countries such as Germany, the UK, Italy, and France have more than 20% of the population 65 years and beyond, and it is increasing significantly. Germany accounted for the second-largest market share in 2020, and the market in the country is projected to grow considerably owing to the established healthcare infrastructure, high per capita expenditure on healthcare, and various healthcare initiatives by the government. Other factors for the high demand for medical alert systems are the growing awareness among the elders regarding personal health.
Philips (Netherlands), Connected America (US), Valued Relationships (US), Medical Guardian (US), ADT (US) Guardian Alarm (US), Bay Alarm Medical (US), MobileHelp (US), Alert1 (US), and LifeFone (US) are among the key players operating in the medical alert systems market.