The global medical alert systems for seniors market is expected to reach USD 15.82 Billion in 2030 and register a steady revenue CAGR of 9.8% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are rising per capita income, favorable reimbursement scenarios, increasing prevalence of chronic disorders, and preference to be able live independently among senior citizens.
Life expectancy of people is gradually increasing due to rapid advancements in the medical field, rising inclination towards healthy lifestyle, shifting preference for healthy food products, and economic development. There has been a rapid increase in the elderly population across the globe over the years and is expected to increase by approximately 16% by 2050. However, these individuals are more prone to chronic illnesses and have higher risk of falling. Medical alert devices are alarm systems that provide emergency monitoring for elderly patients or patient with health issues and are rapidly gaining popularity over the recent past. These devices are usually worn on wrists or as pendants and aid in signaling healthcare experts or caregivers in case of falls, accidents, or sudden medical emergencies. Factors such as increasing adoption of live-saving tracking devices, preference towards independent living among seniors, and increasing adoption of Person Emergency Response Systems (PERS) are boosting market revenue growth. In addition, favorable government initiatives, and increasing investments to develop more advanced alert devices and systems are expected to boost market growth going ahead.
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Some Key Factors Contributing to the Global Pharma Healthcare Market Growth
Unprecedented revenue growth of the global pharma healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in RD activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Some key highlights of the report:
- Based on type, the smart belt segment is expected to register significantly fast revenue growth over the forecast period owing to increasing number of injuries among seniors due to frequent physical imbalance and fall, and availability of advanced belts that help to reduce the impact of falls, thereby reducing hospital admissions and serious surgeries.
- Among the connection type, the wireless segment is expected to register highest revenue CAGR between 2021 and 2028 owing to increasing incidence of various chronic illnesses among elderly population, rising demand for mobile-based medical alert systems for seniors, increasing adoption of wireless products, and rising investments for developing advanced sensors for fall detection.
- Based on end use, the home-based users segment is expected to account for largest revenue share over the forecast period. This can be attributed to high patient pool, rising geriatric population, increasing demand for cost-effective, user-friendly alert systems.
- The medical alert systems for seniors market in North America is expected to account for largest revenue share during the forecast period. This can be attributed to factors such as increasing prevalence of chronic diseases, high Alzheimer’s and dementia patient pool, presence of well-established healthcare infrastructure, and increasing investments in research and development activities.
- Asia Pacific is expected to register fastest revenue CAGR over the forecast period owing to rising elderly population, high occurrence of chronic diseases, increasing disposable income, rapid advancements in alert systems, and increasing RD investments. Moreover, rising need for continuous patient monitoring and increasing adoption of wearable medical devices are fueling market growth in Asia Pacific.
Top Players in the Global medical alert systems for seniors Market:
Philips Lifeline, ADT Inc., Tunstall Healthcare Group Ltd, Greatcall, Alert-1, Connect America, Bay Alarm Medical, Life Alert Emergency Response, Inc., Rescue Alert, Mobile Help, Medical Guardian LLC, LifeStation, Galaxy medical alert systems for seniors, LifeFone, Guardian Alarm, Better Alerts, Valued Relationships, Inc., Nortek Security Control LLC, Legrand Assisted Living Healthcare, Response Now, and Vanguard Wireless are key players profiled in the global medical alert systems for seniors market report.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma healthcare industry revenue growth over the recent past.
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medical alert systems for seniors Market Segmentation:
Type Outlook (Revenue, USD Billion; 2019-2030)
- Personal Emergency Response System (PERS)
- Home-based/Landline-based System
- Mobile PERS
- Nurse Calling System (NCS)
- Smart Belt
Offering Outlook (Revenue, USD Billion; 2019-2030)
Connection Type Outlook (Revenue, USD Billion; 2019-2030)
End Use Outlook (Revenue, USD Billion; 2019-2030)
- Home-based Users
- Senior Living Facilities/Senior Care Centers
- Assisted Living Facilities
- Hospitals and Clinics
Global medical alert systems for seniors Market Report: Regional Segmentation
- North America
- Asia Pacific
- Latin America
- Middle East Africa
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