Nov 15, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Medical Alert System Market.
It was estimated prior to this unanticipated outbreak that the Medical Alert System Market is likely to witness a promising CAGR of 7.5% during the forecast period. The prime factor contributing to the demand for Medical Alert System is the advancements in healthcare sector and rising prevalence of chronic diseases.
Medical alert system is a device that is used to signal the healthcare personnel during an emergency via a panic button worn by the user in the form of a wristband or a pendant. Medical alert systems are sold with a wireless transmitter that can be activated in a medical emergency. A population of disabled and old age people who live independently are the major users of these devices.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the system type, the market is segmented as personal emergency response systems (PERS), nurse call systems (NCS), ambulatory auto alert systems, automated airborne flight alert system, and smart belt. The personal emergency response systems (PERS) segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Rising population of old age dependents, along with the availability of advanced medical facilities, increasing awareness towards healthcare, and adoption of PERS are the major factors driving the growth of the segment. The use of artificial intelligence (AI) in the PERS devices have shown an increased demand for the PERS across the world.
Based on the end-user type, the medical alert systems market is segmented as home-based users, senior living facilities/senior care centers, assisted living facilities, and others. The home-based users segment dominates the market, as medical alert systems provide the elderly adult's independence at home and due to this factor, they are majorly used by the elderly individuals suffering from diabetes chronic obstructive pulmonary disease (COPD), and heart diseases. The introduction of smart medical alert systems with monitoring features is further aiding the growth of the segment.
In terms of regions, North America is estimated to be the largest market during the forecast period, with the USA, Canada, and Mexico being the major countries with lucrative growth opportunities. The growth of the market is mainly driven by the increasing spending in healthcare, increasing government initiatives towards healthcare of old age population in the region, and inclination of senior citizens towards independent living.
Key players operating in the global Medical Alert System market are-
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Medical Alert System analysis report discusses the following heads in great detail:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors