Medical Alert Systems Market: By Type (Landline, Mobile, Standalone); By End User (Home, Senior Living Facilities, Assisted Living Facilities); By Components (Wireless Transmitter, Fall Detection Sensor, GSM, GPS, Microphone)-Forecast (2016-2020)
Medical Alert Systems are the devices that are used to summon assistance by healthcare personnel or individuals in time of emergency, through a panic button in the form of a pendant or a wristband worn by the user. These devices include Personal Emergency Response Systems (PERS), Nurse Call Systems (NCS), Ambulatory Auto Alert Systems and Automated Airborne Flight Alert System and so on, although the report’s scope is restricted to PERS.
The global medical alert systems market is segmented into PERS and NCS, which are further analyzed by three segments: by type of devices, by end-users and by geography (North America, Europe, Asia-Pacific and Rest of the World), for the forecast period 2014 to 2020. According to the study conducted by MarketIntelReports, the global market is estimated to grow at a CAGR of 6.3% to reach $21.6 billion by 2020.
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Home-based users are the largest end-user segment for medical alert systems. This segment will continue to hold the largest market share owing to the fast growing home healthcare market and growing demand for efficient emergency communication devices in people with medical emergencies, chronic diseases and disabilities. One of the major causes of injuries and hospitalization in older population is the accidental fall. Seniors using medical alert systems get hospitalized only for fewer days or have shorter days of stay than the people without medical alert pendants. Although an accidental fall cannot be prevented, these devices reduce the impact of a fall or injury by ensuring availability of timely medical assistance. In the event of an emergency, the user presses the red button on the pendant, bracelet or the wireless room button; the base unit connects the operator within seconds to assess the situation and contact medical service or the loved ones.
In 2014, North America held largest share of 41%, followed by Europe and APAC in the global medical alert systems market. Rise in disposable income and aging population will drive the demand for medical alert systems in the coming years. According to the United Nations, global aging population over 65 years of age was 566.4 million in 2013 and is expected to grow to more than 2 billion by 2050. The market is set to grow at a fast pace, particularly in the APAC region, owing to rise in number of innovations and developments as well as the shift in demographics towards aging population.
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The below companies altogether held around 40% share in the global medical alert systems market.
Favorable regulatory scenario and availability of investments will encourage emergence of startups such as Voalte and Starling Health. For instance, in February 2014, Voalte raised $36m in Series C financing to develop its platform for integrating NCS devices and solutions.
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