Global Medical Alert Systems Industry Grows Steadily at a CAGR of 6.70%

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. Market Dynamics Advances in Medical Alert Systems Technology Drive the Global Market 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. Entry into Markets Under Development Creates Tremendous Opportunities 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. Regional Analysis  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. Key Highlights The global medical alert systems industry was valued at USD 12,480.10 million in 2022. It is projected to reach USD 22,371.64 million by 2031, growing at a CAGR of 6.70% during the forecast period (2023-2031). Based on system type, the global medical alert systems market is bifurcated into Personal Emergency Response Systems (PERS), Nurse Call Systems (NCS), Ambulatory Auto Alert Systems, Automated Airborne Flight Alert Systems, and Smart Belt. The Personal Emergency Response Systems (PERS) segment is the major contributor to the market and is estimated to grow at a CAGR of 6.90% during the forecast period. Based on offering types, the global medical alert systems market is bifurcated into hardware, services, and software. The hardware segment is the major contributor to the market and is estimated to grow at a CAGR of 7.65% during the forecast period. Based on connection type, the global medical alert systems market is bifurcated into wired and wireless. The wired segment is the major contributor to the market and is estimated to grow at a CAGR of 6.25% during the forecast period. Based on technology, the global medical alert systems market is bifurcated into Two-Way Voice Systems, Unmonitored Medical Alert Systems, Medical Alert Alarm (Button) Systems, IP-Based Systems, and Others. The Two-Way Voice Systems segment is the major contributor to the market and is estimated to grow at a CAGR of 6.30% during the forecast period. Based on application, the global medical alert systems market is bifurcated into Home-Based Users, Senior Living Facilities/Senior Care Centers, Assisted Living Facilities, and Others (Nursing Homes, Hospice). The home-based user segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.90% during the forecast period. North America is the major revenue contributor and is expected to grow at a CAGR of 5.20% during the forecast period. Competitive Players 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. Market News In January 2023, FallCall Solutions unveiled an international collaboration with HSC Technology Group to launch iPhone and Android-based medical alert systems in Australia. In March 2023, The UK Government launched an emergency phone alert system to warn of 'life-threatening situations.’ Global Medical Alert Systems Market: Segmentation By System Type  Personal Emergency Response Systems (PERS) Nurse Call Systems (NCS) Ambulatory Auto Alert Systems Automated Airborne Flight Alert System Smart Belt  By Offering Hardware Software Services By Connection Type Wired Wireless By Applications Home-Based Users Senior Living Facilities/Senior Care Centers Assisted Living Facilities Others (Nursing Homes, Hospice) By Technology Two-Way Voice Systems Unmonitored Medical Alert Systems Medical Alert Alarm (Button) System IP-based Systems Others By Regions North America Europe Asia-Pacific LAMEA