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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:
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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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