Medical Alert Systems Market is expected to grow at a CAGR of 7.5% during 2020-2025, reports Stratview Research
RAIPUR, India, Feb. 16, 2022 /PRNewswire/ -- Stratview Research, a leading market research company, has launched a report on the Medical Alert Systems Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Medical Alert Systems Market is driven by a host of factors, some of which are noted below:
Rising population of old age dependents, along with the availability of advanced medical facilities, increasing awareness towards healthcare.
Adoption of Personal emergency response systems (PERS) and its increased usage owing to the use of artificial intelligence (AI) in PERS devices.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Medical Alert Systems Market Segmentation:
Stratview Research has segmented the market in the following 4 ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
System Type (Personal Emergency Response Systems (PERS), Nurse Call Systems (NCS), Ambulatory Auto Alert Systems, Automated Airborne Flight Alert System, and Smart Belt)
Connection Type (Wired, Wireless)
End-User Type (Home-Based Users, Senior Living Facilities/Senior Care Centers, Assisted Living Facilities, and Others)
Region (North America, Europe, Asia-Pacific, and Rest of the World)
View the Report Scope and Table of Contents:
Medical Alert Systems Market Insights
Market Trends by System Type
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.
Market Trends by End-User Type
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.
Which region offers the best opportunity and growth?
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.
COVID-19 Impact on the Medical Alert Systems Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed few key players and discussed company profiles of below-given players -
AlertOne Services LLC
Koninklijke Philips N.V.
Life Alert Emergency Response, Inc.
Bay Alarm Medical
ADT Security Services
Medical Guardian LLC.
What deliverables will you get in this report?
In-depth analysis of the Medical Alert Systems Market.
Detailed market segmentation.
Historical, present, and future market size analysis.
Industry trends, technologies, and advancements.
Growth and operation strategies adopted by key players.
Potential segments/regions offering promising growth.
Geographical presence of the key players.
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SOURCE Stratview Research