Medical Alert System/Personal Emergency Response System Market Scope Report

Global Medical Alert System/Personal Emergency Response System Market Highlights Over 2023 - 2033

The global medical alert system/personal emergency response system market is estimated to garner a revenue of ~ USD 21 billion by the end of 2033 by growing at a CAGR of ~11% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 8 billion in the year 2022. The steady increase in the elderly population is thought to be the primary factor driving the growth of the global medical alert system/personal emergency response system market. According to the World Health Organization (WHO), the global proportion of people above 60 years between 2015 and 2050 should be nearly double from 12% to 22%.

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The world’s population is thought to age steadily for the fall in fertility rate and the improvements in life expectancy. These trends increase the demand for Personal Emergency Response Systems (PERS), as people of any age can benefit from an emergency healthcare response at the push of a button. PERS or a Medical Emergency Response System lets us call for assistance in an emergency at the push of a button.

Global Medical Alert System/Personal Emergency Response System Market: Growth Drivers and Challenges

Growth Drivers

• Use of Advanced Technologies in Wearables – Wearables are increasingly making use of advanced technologies like the internet of things (IoT), artificial intelligence (AI), and machine learning (ML). For instance, it has been estimated that the number of connected wearables should reach ~2 billion by 2022. IoT in wearables helps healthcare providers to extend their service to patients even outside the hospital. It helps them monitor the changes in an individual’s health, whereas connected wearables help patients by letting them avoid unnecessary and costly hospital visits.

• Increased Use of Healthcare Wearables – It is estimated that the shipment volume of wearable e devices and medical sensors should reach mor than 159 million by 2024.

• Growing Use of Health Apps on Smartphones – The global download of medical apps witnessed a growth of about 66% during the peak of COVID-19.

• Increasing Concerns About Chronic Diseases – It has been observed that chronic diseases, also called noncommunicable diseases (NCD), kill more than 40 million people every year globally.

Challenges

• Unfamiliarity With the Operations of Wearables and Other Devices

• Increasing Incidences of False Alarms

• Reluctance on the Part of Elders to Accept Technology

The global medical alert system/personal emergency response system market is segmented and analyzed for demand and supply by applications into home-based users, senior living facilities, and assisted living facilities. Of these, the home-based users’ segment is anticipated to hold the largest market value by the end of 2022. The growth of the segment mainly follows the increase in chronic diseases worldwide. Every year, a considerable number of deaths happen from chronic diseases, including cardiovascular diseases which is around 18 million, cancer around 9 million, chronic respiratory diseases around 4 million, and diabetes which is around 3 million.

Global Medical Alert System/Personal Emergency Response System Market Regional Synopsis

Regionally, the global medical alert system/personal emergency response system market is studied in five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033. The large presence of the geriatric population, the prevalence of chronic diseases, and the need for better healthcare are the factors leading to regional market growth. For instance, the number of Asian people aged 65 and above is projected to reach ~ 2 billion by 2060.

Market Segmentation

Our in-depth analysis of the global medical alert system/personal emergency response system market includes the following segments:

Key Companies Dominating the Global Medical Alert System/Personal Emergency Response System Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global medical alert system/personal emergency response system market that are included in our report are Koninklijke Philips N.V., Connect America.com, LLC, Medical Guardian, LLC, MobileHelp, LLC, AlertOne Services, LLC, Bay Alarm Medical, ADT, Tunstall Healthcare Group, Galaxy Medical Alert Systems Ltd., Vanguard Wireless Pty Ltd, and others.

Global Medical Alert System/Personal Emergency Response System Market: Latest Developments

• May, 2022: ConnectAmerica.com, LLC announced the launching of Connect America Home, an AI-enabled digital health and safety platform to provide non-intrusive, secure, and continuous monitoring with non-emergency and emergency support for aging populations.

• October, 2020: MobileHelp, LLC announced unveiling a Fall Button pendant that can automatically detect falls and call for help even if the aged user fails to press the emergency button.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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