Browse Market Data Tables, Figures spread through 250 pages and in-depth TOC on Medical Alert Systems Market By Type (Landline, Mobile, Standalone); By End User (Home, Senior Living Facilities, Assisted Living Facilities) & By Geography – Forecast to 2020
Medical Alert Systems Market is growing at a Healthy CAGR of 6.3% & estimated to reach $21.62 Billion in Revenue by 2020:
Medical Alert Systems are the devices that are used to summon assistance by healthcare personnel or individuals in time of emergency. These devices encompass a wide range of medical devices such as Personal Emergency Response Systems (PERS), Nurse Call Systems (NCS), Ambulatory Auto Alert Systems and Automated Airborne Flight Alert System and so on. The growing demand for emergency communication devices will lead to development of more innovative personal care devices. Furthermore, the advancements in technologies will allow the entry of affordable and efficient personal emergency care devices in the market in the next few years.
Growing demand for home healthcare devices market is mainly driven by aging population and rising healthcare costs worldwide. This will spur the usage of medical alert systems across the globe as they promise safety and medical security while being affordable and easily accessible.
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The home healthcare segment is estimated to reach $345 billion by 2020 growing at a rate of 7%. The growing costs of in-hospital care will increase the demand for affordable home healthcare devices. As the aging population rises, there is a massive burden on young caretakers to provide affordable and reliable home health monitoring tools for the older generation. This is expected to create a significant demand for medical alert systems that will provide timely medical assistance in time of emergency and keep the caretakers reassured about the older people’s safety.
The upcoming fall detection sensors are revolutionizing the PERS market as these are enabled with automatic emergency sensing capabilities, allowing the users to connect to the monitoring care centres in case of an accidental fall where the patient is unconscious and cannot call for help or press the panic button. Furthermore, these devices are further enhanced with GPS technology which enables the medical professionals to locate the user in case of an emergency.
North America is the major contributor for the Medical Alert Systems Market with revenues of around $6.03 billion in 2014 and estimated to grow at a CAGR of 5.19% during the forecast period. In North America, reimbursement policies and government regulations, such as the Affordable Care Act, are conducive to the development of home healthcare sector which is also a significant driver for increased sales of medical alert systems, especially among the older population with limited income or meagre pension.
The APAC Region however will be the fastest growing segment this market with a growth rate of 11.78% from to reach $4.94 billion by 2020. This growth can be attributed to the fast-growing home healthcare segment as well as the increased government spending on healthcare infrastructure. The aging population will also be a striving factor for the market in this region. For instance, Japan’s aging population is over 23% of the overall population and is expected to rise to 40% by 2050. This sharp increase in population will propel the growth of new ways to fight the shortage of social care.
The Medical Alert Systems Market was chiefly dominated by Companies:
- Philips Lifeline
- Life Alert Emergency Response Inc.
- Valued Relationships, Inc.
- Bay Alarm Medical
However, the growing number of start-ups coupled with technological advancements will shift the market share slightly from key players to smaller companies. The key companies’ products have similar features and are priced in the same range. This oligopolistic market structure has allowed availability of the PERS devices at a competitive pricing across the globe. However, innovations will lead to further development of affordable and novel devices, thereby, changing the structure of the PERS market in the next decade.
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