Facts and Factors Market Research has published a new report titled “U.S. Medical Alert Systems Market By Component (Software, Services, and Hardware), By Product Type (Landline, Standalone, and Mobile), and By End-User (Home-Based Users, Hospice Care, Nursing Homes, and Assisted Living Facilities): Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the demand for the U.S. medical alert systems market was valued at approximately USD 1,707 million in 2018 and is expected to reach a value of around USD 2,700 million by 2027, at a CAGR of around 5.2% between 2019 and 2027.
The medical alert system is designed for the purpose of a medical emergency. It is the integration of software & hardware and directs a signal to emergency personnel whenever necessary. These systems are generally worn by either old people or people having disabilities. There are two types of medical alert systems including monitored as well as non-monitored medical alert systems. For both the type of medical alert systems, the medical alarm base is set in the home of the end-user and it is connected to the medical alert service provider. The medical alert systems help the individual to contact emergency services in the case of an emergency.
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Rise in the aging population in the U.S. to drive the market growth
The bulge in the elderly population in the U.S. and an increase in the falls witnessed among the geriatric population has resulted in a growing need of taking care of the old persons. This, in turn, has culminated in the burgeoning demand for medical alert systems in the U.S.
Moreover, breakthroughs in healthcare wearable technology are likely to boost the growth of the medical alert systems industry. In addition to this, wearable systems depend on many kinds of sensors and can be embedded in jewelry, clothing, and other accessories apart from smartwatches. The modernization in the wearable technology will assist the doctors to monitor the patients in hospitals from a distant location. All these aspects are likely to steer the growth of the medical alert systems industry over the forecast timespan.
Furthermore, the launching of new healthcare reforms is predicted to amplify the expansion of the personal emergency response system sector over the forecast timeline. Reportedly, studies have demonstrated that personal emergency response systems assist in the reduction of hospital utility, hospital costs, and rate of mortality. This will further optimize the growth of the medical alert systems industry over the forecast timeline. Nonetheless, high costs related to the medical alert systems will retard the growth of the market over the forecast timespan.
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Hardware segment to account for a major market revenue share
Hardware segment, which accrued revenue of nearly USD 739 million in 2018, is predicted to make lucrative contributions towards the overall market revenue during the forecast timeline. The growth of the segment is due to an increase in the integration of healthcare communication systems such as patient monitoring equipment with personal communication equipment like tablets & smartphones. Apart from this, high quality & reliability of the hardware components has driven the segmental growth.
Home-based medical alert systems to dominate the end-user segment
The growth of the segment is credited to the easy accessibility of the medical alert systems. Apart from this, these products help the elderly people during emergencies as the old persons can call for help through pressing a button at the time of emergency situations.
The U.S. to make lucrative contributions towards the North American market growth
The growth of the U.S. medical alert systems market is attributed to the high presence of renowned industry players, availability of strong healthcare infrastructure facility, and introduction of advanced technologies in the country.
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The key players included in this market are ADT Inc., ALERTONE SERVICES LLC, Bay Alarm Family of Companies, Girling Health Care of New York, Inc., Life Alert Emergency Response, Inc., Life Link Response, LifeFone Medical Alert Services, Medical Alert, Medical Care Alert, Medical Guardian, LLP, MediPendant, MobileHelp, NXT-ID, Inc., QMedic, and ResponseNow.
This report segments the U.S. Medical Alert Systems market as follows:
U.S. Medical Alert Systems Market: By Component Segment Analysis
U.S. Medical Alert Systems Market: By Product Type Segment Analysis
- R-cube/V-cube Monitoring System
- Standalone Voice Communicator
- Wandering System
U.S. Medical Alert Systems Market: By End-User Segment Analysis
- Home-Based Users
- Hospice Care
- Nursing Homes
- Assisted Living Facilities
U.S. Medical Alert Systems Market: State Segment Analysis
- New York
- Rest of U.S
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