The global medical alert systems market size was significantly robust in 2021 and is expected to register a steady revenue CAGR over the forecast period. Rising geriatric population, favorable healthcare regulations, supportive government regulations, and rising investments in the development of healthcare infrastructure.
A medical alert system is a gadget that sends signals to healthcare staff during an emergency. Personal Emergency Response Systems, Nurse Call Systems, Automated Airborne Flight Alert Systems, Ambulatory Auto Alert Systems, and other medical devices all use them. It guarantees the safety of patients. In addition, it aids in assisting senior folks or patients with long-term impairments or chronic illnesses and also has additional safety elements such as fire and smoke alarms, carbon monoxide monitoring, and other features that assist medical personnel and health experts in understanding their surroundings.
Major Factors Driving Growth Of Medical Alert Systems Market:
Medical alert systems, which can be used by older citizens, disabled persons, or those with brain disorders to receive rapid help in emergencies are in great demand due to the rising geriatric population and a high degree of health literacy around the world. Falls are common among the elderly. Location tracking or geofencing are also crucial elements supplied by life-saving solutions such as medical alert systems for patients with moderate cognitive disease who experience disorientation. These factors are expected to contribute to the growth of the market going ahead.
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Factors Restraining Growth Of The Market:
The global medical alert systems market growth is substantially hampered by several unfavorable factors. Legislation and initiatives such as rising clinical trial requirements for new goods have a significant impact on the medical alert systems market. Medical device clearance criteria and regulations have gotten more severe around the world over time, to reduce medical device errors. The Medicines and Healthcare Products Regulatory Agency (MHRA), for example, has made regulatory processes more severe and increased testing criteria for new product clearance. These regulatory factors are expected to hamper the market growth.
Opportunities For Players Operating In The Global Market:
Emerging technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) have ushered in a new era of opportunity for participants in the medical alert systems market. State-of-the-art technologies can be leveraged to make a difference in the medical alert systems market, and stakeholders can benefit by implementing them promptly. AI-driven technologies, in combination with predictive analytics, aid in automatic fall detection and wandering management, as well as providing caregiver notice.
Revenue Led By Connection Type Segment:
Because of the mobility and developments in mPERS devices, as well as the expanding popularity of smart devices, wireless medical alert systems are becoming more popular. As a result of these factors, wireless systems have grown in popularity and now account for a larger share of the market. Another reason contributing to market growth is the rising demand for wireless systems among elderly seniors who wish to keep an active lifestyle while still protecting themselves in the event of an emergency. As a result of these factors, wireless systems are expected to increase at a rapid pace during the forecast period.
Leading Application Segment:
Based on application, the market is segmented into hospitals and clinics, home-based users, senior living homes, assisted living facilities, and others. Rapid growth in the hospital industry, rising number of emergency care facilities, clinics, and specialized hospitals, and rising healthcare expenditure are factors expected to drive the growth of this segment.