Medical Alert Systems Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[201+ Pages Report] According to Facts and Factors, the global medical alert systems market size was worth around USD 6,528.5 million in 2021 and is estimated to grow to about USD 11,628.8 million by 2028, with a compound annual growth rate (CAGR) of approximately 10.1% over the forecast period. The report analyzes the medical alert systems market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the medical alert systems market.

Market Overview

Medical alert systems are growing more common among the elderly. It is primarily intended to enable the elderly and persons with disabilities to request/alert for help in an emergency. Remote monitoring and management of older persons are now possible thanks to advancements in communication technology and current sensors, as well as breakthroughs in data processing. One such device is the medical alert system, which allows everyone, especially elderly persons, to phone for aid in an emergency. The global medical alert systems market has grown significantly in recent years, mostly due to an increase in the senior population, favorable healthcare regulations, and a strong focus on financial support to significantly boost the market. Increased public awareness about medical alert systems, the incidence of chronic conditions, and the danger of fall injuries are the main drivers of the growth of medical alert systems. The market for medical alert systems is expanding due to the increase in smartphone penetration. The market for wearable medical devices has expanded recently, and this development is expected to continue in the future. Additionally, wearable technology advancements may encourage people to use medical alert systems. Meanwhile, the market's growth is constrained by the high price of medical alert systems and growing worries about data breaches.

COVID-19 Impact:

Due to COVID-19, the medical alert systems market is predicted to increase between 2022 and 2028, owing to the growing interest in personal health monitoring systems by home-based consumers and nurse call systems by hospitals and clinics. Integrating remote patient monitoring systems and healthcare institutions will enable remote access to key healthcare services via telehealth platforms while increasing patient safety and health outcomes statewide. This has acquired prominence amid the COVID-19 pandemic because medical alert systems provide patients with safer, more affordable preventive, regular, and chronic treatment options.

Key Insights

• As per the analysis shared by our research analyst, the global medical alert systems market value is expected to grow at a CAGR of 10.1% over the forecast period.
• In terms of revenue, the global medical alert systems market size was valued at around USD 6,528.5 million in 2021 and is estimated to grow to about USD 11,628.8 million by 2028.
• Increased public awareness about medical alert systems, the incidence of chronic conditions, and the danger of fall injuries are also the main drivers of market growth.
• By technology, the two-way voice systems segment dominated the market in 2021.
• By application, the home-based user segment dominated the market in 2021.
• The Asia Pacific dominated the medical alert systems market in 2021.

Growth Drivers

• The increasing geriatric population drives the market growth

The growing geriatric population and the high level of health literacy drive the increased need for medical alert systems, which can be utilized by older folks, disabled persons, or those with brain disorders to receive immediate assistance in an emergency. As part of the health literacy program, people receive training on how to make informed healthcare decisions, improve communication with doctors and emergency personnel, and more. Falls are common among the elderly. Furthermore, it has become critical for family members of active elderly to track their whereabouts, monitor their activity, remind them about medicine, and so on.

Restraints

• Stringent regulatory processes and increased testing requirements may hamper the market growth

Legislation and initiatives such as rising clinical trial requirements for new goods significantly impact the global medical alert systems market. Medical device clearance criteria and regulations have been more severe around the world over the years to reduce errors related to medical equipment. Following the receipt of numerous reports of safety-related issues and faults in medical devices, regulatory agencies such as the medicines and healthcare products regulatory agency (MHRA) have tightened regulatory processes and increased testing criteria for the clearance of new goods.

Opportunities

• Revolution brought by emerging technologies such as IoT and AI provides market opportunities

The change brought about by advanced technologies such as artificial intelligence (AI) and the internet of things (IoT) has created enormous prospects for the global medical alert system market participants. Emerging technologies can be employed to make a difference in the medical alert systems market, and stakeholders can capitalize on this by implementing them on time. AI-powered solutions, combined with predictive analytics, aid in automatic fall detection, wandering management, and alert caregivers.

Segmentation Analysis

The global medical alert systems market is segregated based on offering, system type, technology, distribution channel, connection type, application, and region.

Based on the offering, the market is bifurcated into software (subscription revenue) and hardware. Among these, the hardware segment dominated the market in 2021. Based on system type, the market is divided into personal emergency response systems (PERS), nurse calling systems (NCS), and smart belts. Among these, the personal emergency response system (PERS) segment dominated the market in 2021. Rising demand, driven by an aging population, and the demand to treat and supervise an increasing patient pool with age-related diseases and ailments, is a primary factor driving market revenue growth. Furthermore, increased knowledge about the advantages of multiple components of a personal response system, such as two-way audio communication, continuous medication reminders, and others, is likely to boost market revenue growth. Personal emergency response systems, which include advanced sensors and novel technology, are increasingly being employed in hospitals to monitor elderly patients.

Based on technology, the market is divided into two-way voice systems, unmonitored medical alert systems, medical alert alarm (button) systems, and IP-based systems. Among these, the two-way voice systems segment dominated the market in 2021.

Based on distribution channels, the market is divided into pharmacies, online sales, and hypermarkets. Among these, the online sales segment dominated the market in 2021 due to the increased adoption of AI and IoT.

Based on connection type, the market is divided into wired and wireless. Over the forecast period, the wireless segment is expected to develop fastest. The wireless segment is becoming more popular due to the mobility and developments in mPERS devices and the increasing prevalence of smart gadgets. These factors have resulted in the development of wireless systems, which now account for a greater market share. Another reason contributing to the increased market share of medical alert systems is the growing demand for wireless systems among the elderly who wish to keep an active lifestyle while being prepared for emergencies.

Based on application, the market is divided into home-based users, senior living facilities/senior care centers, assisted living facilities, hospitals and clinics, and others such as nursing homes, retirement homes, and mental healthcare centers. Over the forecast period, the home-based user segment is expected to develop fastest. Due to the growing older population and their strong desire to maintain their freedom and provide their families peace of mind, medical alert systems are being used by home-based users at an increasing rate. Additionally, many elderly individuals have health issues or are in danger of collapsing, necessitating prompt emergency assistance, which has led to a rise in the number of home-based users of medical alert systems.

Recent Developments

• February 2021: Connect America collaborated with Urban Health Plan (US), a health center program in the United States, to provide remote patient monitoring (RPM) services to patients in the Bronx, Queens, and Manhattan.
• In October 2020: MobileHelp introduced Micro, an all-in-one mobile medical alert gadget that provides wearing comfort due to its small size and weight without sacrificing technological capabilities. MobileHelp's proprietary automated fall detection and superior location tracking technology are also included in the device.

Report Scope

Regional Landscape

• The Asia Pacific dominated the global market in 2021

The global medical alert system market was dominated by the Asia Pacific in 2021. The numerous healthcare reforms put in place by the governments of countries with substantial elder populations, such as China, India, and South Korea, can be credited for this increase. Rising healthcare awareness and rising per capita healthcare spending are just two of the major factors driving the Asia Pacific market. Caregivers think that PERS monitoring is better than in-person monitoring since it is much less expensive. Expanding medical tourism in Asia Pacific developing countries like China and India is anticipated to create new market opportunities for sophisticated and advanced medical alert systems throughout the forecasted period.

Competitive Landscape

• Philips 
• Connected America 
• Valued Relationships 
• Guardian Alarm 
• Bay Alarm Medical 
• MobileHelp 
• Alert1 
• Medical Guardian 
• ADT 
• LifeFone

Global Medical Alert Systems Market is segmented as follows:

By Offering

• Hardware
• Software (Subscription Revenue)

By System Type

• Personal Emergency Response System (PERS)
• Nurse Calling System (NCS)
• Smart Belt

By Technology

• Two-way Voice Systems
• Unmonitored Medical Alert Systems
• Medical Alert Alarm (Button) System
• IP-based Systems

By Distribution Channel

• Pharmacies
• Online Sales
• Hypermarkets

By Connection Type

• Wired
• Wireless

By Application

• Home-Based users
• Senior Living Facilities/Senior Care Centers
• Assisted Living Facilities
• Hospitals and Clinics
• Others (Nursing Homes, Retirement Homes, Mental Healthcare Centers)

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America