Medical Alert Systems Market to Reach $20.95 Bn, Globally, by 2030 at 10.9% CAGR: Allied Market Research

Technological advancement in medical alert systems, and rise in geriatric population and health latency across the globe drive the growth of the global medical alert systems market.

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Allied Market Research

Jan 12, 2022, 08:20 ET

PORTLAND, Ore., Jan. 12, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Medical Alert Systems Market By Type (Personal Emergency Response Systems (PERS), Nurse Calling System (NCS), and Smart Belt), Technology (Two-Way Voice System, Unmonitored Medical Alert Systems, Medical Alert Alarm (Button) System, and IP-based Systems), and Application (Home-Based Users, Senior Living Facilities/Senior Care Centers, Assisted Living Facilities, Hospitals and Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global Medical Alert Systems industry generated $6.47 billion in 2020, and is anticipated to generate $20.95 billion by 2030, witnessing a CAGR of 10.9% from 2021 to 2030.

Prime determinants of growth

Technological advancement in medical alert systems, and rise in geriatric population and health latency across the globe drive the growth of the global medical alert systems market. However, lower acceptability of technology across senior citizens and rise in incidence of false alarms hinder the market growth. On the other hand, positive growth outlook for healthcare sector with rising expenditure on medical services and rise in revolution brought by emerging technologies such as IoT and AI present new opportunities in the coming years.

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Covid-19 Scenario

The outbreak of COVID-19 pandemic has significantly boosted the growth of the personal emergency response system technology in 2020, thus resulted in a positive impact on the global medical alert systems market.
However, few challenges such as lack of skilled workforce availability, delay or cancelation of projects owing to partial or complete lockdown globally, and disruptions in the supply chain have restrained the market growth to some extent.

The PERS segment to maintain its leadership status throughout the forecast period

Based on type, the personal emergency response system (PERS) segment held the highest market share in 2020, accounting for nearly two-third of the global medical alert systems market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed surge in per capita income paired with technological advancement in healthcare sector. Moreover, the smart belt segment is projected to manifest the highest CAGR of 15.6% from 2021 to 2030, owing to rise in technological advancement in consumer electronics solutions.

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The unmonitored medical alert systems segment to maintain its lead position during the forecast period

Based on technology, the unmonitored medical alert systems segment accounted for the largest share in 2020, contributing to nearly two-fifths of the global medical alert systems market, and is projected to maintain its lead position during the forecast period. The primary factor escalating the demand for unmonitored medical alert system is the requirement of no monthly fees or additional expenses as this system does not involve any call center or trained staff, hence making it the largest segment of the market. However, the medical alert alarm (button) systems segment is expected to portray the largest CAGR of 15.4% from 2021 to 2030, owing to rise in adoption of 5G NR non-standalone architecture solutions in large enterprises.

North America to maintain its dominance by 2030

Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global medical alert systems market, owing to surge in investment by prime players in data center. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 15.3% during the forecast period. This is attributed to rising awareness about high end cloud computing technology to enhance resource utilization and various benefit from the scalable healthcare architecture.

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Leading Market Players

Koninklijke Philips N.V.
Connect America
Ascom Wireless Solutions
ADT Corporation
Medical Guardian
Hill-Rom Holdings Inc.
Jeron Electronic Systems Inc.
Bay Alarm Medical
MobileHelp
LifeFone

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