Medical alert systems are devices that enable elderly or disabled people to get in touch with emergency services right away. Medical alert systems have become increasingly common in wealthy countries in recent years. Increases in the number of older people worldwide, health literacy, smart and mobile emergency response systems, and technological developments in medical alert systems have all increased demand for these systems. These elements have fueled the market's expansion.
Through medical alert systems, older adults are immediately given medical aid in a medical emergency. These programs make it simple for seniors to get medical help by just pressing a button. When a senior presses the emergency button, the contact center representatives notify the first responders of the situation and provide them with information on the senior's condition and medical background. The length of time it takes to send the password is a serious problem that can cause patients' treatments to be delayed.
Medical alert system technological advancements have sped up the procedure, increased accessibility to medical institutions, and provided real-time monitoring of the elderly. Innovative goods that would satisfy the needs of both patients and healthcare professionals have been developed by market participants. For instance, the manufacturer of medical alert devices for the elderly, Bay Alarm Medical (US), has declared compatibility with 4G LTE cellular networks.
The rapidly evolving healthcare industries in developing countries provide a market for medical alert systems. The rise in demand for sophisticated and practical medical alert systems in developing countries can be attributed to the aging and rising populations. Along with the growth of the middle class and rising per capita disposable incomes, healthcare costs are rising in developing countries. If done differently, digitizing healthcare services can improve healthcare access and quality in developing countries. As a result, the growing demand for healthcare services in emerging markets presents an opportunity for manufacturers of medical alert systems to grow their market share in these regions.
North America is the most significant revenue contributor and is anticipated to grow at a CAGR of 5.20% over the projection period. The presence of big pharmaceutical businesses, technological advancements in the wearable healthcare sector, the high rates of accidents involving falls from beds and upper bunks, and high disposable wealth are all critical factors in the higher share. According to the Centers for Disease Control and Prevention (CDC), 20% to 30% of seniors 65 and older who fall from beds or upper bunks in the US yearly have significant injuries. ADT is also a well-known security, automation, and smart home solutions provider. ADT is a renowned provider of these services, and it is based in the US.
Europe is anticipated to grow at a CAGR of 6.10% during the forecast period. Europe is the second-largest market for medical alert systems due to factors such as older people's increased demand for independent living, stronger economies, high disposable income per person, and rising healthcare expenditures. More product launches by significant companies are also projected to fuel the market. For instance, Tunstall Group (UK) unveiled Tunstall Carecom, a state-of-the-art nurse call system. Hospitals use medical alert systems more frequently to provide better healthcare, fueling market growth in this sector.
The global medical alert systems market's major key players are Koninklijke Philips N.V., Connect America, Medical Guardian, Jeron Electronics Systems Inc., Hill-Rom Holdings Inc., Bay Alarm Medical, MobileHelp, Ascom Wireless Solutions, ADT Corporation, and LifeFone.