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Global Medical Alert Systems Market to Grow at a CAGR of 9.55% During 2021-2026, Driven by the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Medical Alert Systems Market Report and Forecast 2021-2026’, the market attained a value of about USD 6.27 billion in 2020. The industry is further expected to grow at a CAGR of 9.55% in the forecast period of 2021-2026 to reach a value of USD 10.83 billion by 2026.

The growing advancements in technology and increasing innovations are leading to the medical alert systems industry growth globally. Medical alert systems are monitored 24*7, that is, with the press of a button, the user can get connected to a 24*7 emergency response centre, thus, helping people get immediate help. Nowadays, there is a wide demand for medical alert system devices because it relieves family members and senior citizens. These devices are easy to use as they can be worn on the wrist or around the neck. They open a two-way communication with a push of a button and offer speedy response and hands-free communication experience. Medical alert devices have become important for senior citizens with chronic, life threatening diseases like COPD, cancer, and others.

To extend the care beyond the walls of hospitals in the current situation where healthcare is disrupted, medical alert devices are expected to witness a robust demand compared to pre-pandemic levels. Additionally, it is expected to serve as a game changer for people having some serious issues or a fear of living alone or in isolation. Further, the growing innovations in the industry are expected to significantly contribute to the market growth. For instance, in July 2021, Koninklijke Philips N.V. (NYSE: PHG), one of the key players in the industry, announced to collaborate with Cognizant to develop digital health solutions for patients, providers, and researchers, thus, transforming the healthcare industry digitally to improve patient care and enhance provider-patient connectivity. In another case, in August 2020, ADT Inc. (NYSE: ADT) announced to partner with Google to create leading smart home security offering to create a more helpful smart home. Such developments are expected to positively influence the market growth.

Market Analysis by Product, Offering, Connection Type, Communication Technology, Distribution Channel, End Use, and Region:

  • The market on the basis of product can be divided into personal emergency response system, nurse calling system, and smart belt.
  • Based on offering, the industry can be divided into hardware and services.
  • Based on the connection type of medical alert systems, the market can be bifurcated into wired and wireless.
  • The market is segmented on the basis of communication technology into two-way voice systems, unmonitored medical alert systems, medical alert alarm (Button) systems, and voip-based systems.
  • Based on distribution channel, the industry is divided into pharmacies, online channels, and hypermarkets.
  • On the basis of end use, the market is categorised as hospitals and clinics, home- based users, senior living facilities, assisted living facilities, and others.
  • The regional markets for medical alert systems include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing technological advancements and the increasing need to provide immediate help in case of medical emergency are driving the growth of the market.
  • The innovations and new product launches by the manufacturers are also aiding the market growth.
  • The global market for medical alert systems is being driven by the increasing health awareness among consumers and the growing need to ensure the safety of the elderly.
  • The growing digitalisation is expected to significantly contribute to the market growth in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for medical alert systems for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the products, offerings, connection types, communication technologies, distribution channels, end uses, and regions of medical alert systems.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global medical alert systems market are Koninklijke Philips N.V., Connect America LLC, Medical Guardian, LLP, ADT Inc., and Bay Alarm Medical, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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