Medical Alert Systems Market Demand, Outlook, Competitive Analysis and Market Forecast 2024-2031

Global Medical Alert Systems Market is segmented By Product Type (At Home Medical Alert Systems, Mobile Medical Alert Systems), By Product Form (Wristbands, Necklaces, Panic Buttons, Pullcords, Others), By Product Connectivity (Landline Connectivity, Cellular Connectivity, GPS Tracking), By Monitoring Service Availability (Monitored Medical Alert Systems, Non-Monitored Medical Alert Systems), By End-Users (Home-Care, Hospitals & Clinics, Nursing Homes, Assisted living facilities), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Market Overview

The global medical alert systems size is estimated to grow at a CAGR of 8.2% during the forecast period (2023-2030). Personal emergency response systems, also known as medical alert systems, are developed to assist the elderly, people with health problems, and those who live independently to receive immediate help in the time of medical emergency.

They act as crucial life-saving tools, especially for elderly people living alone. These alert systems enable users to maintain medication timings throughout the day and present an emotional advantage. Multiple medical alert systems possess fall detection as a basic feature since one of the leading causes of significant injury and hospitalization among seniors is trips, slips, and falls.

Market Scope

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Market Dynamics

The global Medical alert systems market is expanding owing to its rising need by geriatric patients with Dementia and Alzheimer’s for physical therapy and other similar syndromes patients. Also, the increasing technological advancements and developments are boosting the global market growth.

The growing demand for medical alert systems is fueling market growth.

The growing geriatric population with chronic diseases is promoting the market`s growth. For instance, according to Department of Economics and Social Affairs the United States, around 727 million people aged 65 and over in 2020 which is believed to reach 1.5 billion by 2050. Worldwide the percentage of the population of people aged 65 and over is anticipated to go from 9.3% in 2020 to 16% by 2050. In addition, one out of ten people aged 45 and above has a Subjective Cognitive Decline that has made 41 % of people let go of day-to-day activities, boosting the demand for emergency alert systems. Again, according to World Health Organization (WHO), about 55 million people have dementia worldwide, with 10 million new cases annually.

The most regular type of Dementia is Alzheimer and may make up to 60%-70% of dementia cases. Likewise, the increasing number of emergency department visits by the elderly population due to falls also indicates the growing need for medical alert systems. For instance, according to CDC, for every 10,000 older people, there were approximately 645 emergency room visits due to falls in 2021. Thus, the increased risk of falling and keeping a personal emergency response system can be advantageous if an older person gets in situations like this.

In addition, majority of elderly prefer to age in the comfort of their homes rather than going for other alternatives, like nursing homes and assisted living facilities. According to the American Association of Retired Persons, about 90% of people aged 65 years and above prefer to stay in homes for the time feasible. So with medical alert systems, the elderly can age in their preferred place. Also, caregivers have easy access to assistance through medical alerts. Thus, the data above indicates that the growing geriatric population will boost the global medical alert system market during the forecast period.

The increasing examples of medical alert system malfunctions will hamper the growth of the global medical alert systems market.

However, the increasing examples of medical alert system malfunction are restraining the global market growth. For example, a key factor anticipated to hinder the market growth is problems associated with power or energy and battery life. Some alert systems can encounter technical failure or malfunction and concerns regarding failure and reliability.

COVID-19 Impact on Medical Alert Systems Market

COVID-19 has supplied the medical alert systems market with rising opportunities. For instance, in August 2020, a Hong Kong Baptist University research group developed a COVID-19 alert system that transmits notifications to the user through a mobile app subject of an infected individual who has seen the exact location within a particular duration, to lower the risk of exposure during the pandemic. Also, in March 2020, the Federal Communications Commission (FCC), an autonomous agency of the US government, introduced several programs to maintain Americans linked to essential health services, like the $200 million COVID-19 Telehealth Program, assisting medical professionals in supplying related care services to patients at their residences or mobile sites in response to the pandemic.

Segmentation Analysis

The mobile medical alert systems segment is predicted to dominate the market during the forecast period (2023-2030).

Mobile medical alert systems utilize cellular service and GPS technology to assist the user in connecting with the call center inside and outside. Most of these units are all-in-one gadgets of differing sizes and efficiency. Naturally, the more compact the device or the better its characteristics, the briefer its battery life, causing frequent charging important. The increasing developments in the mobile medical alert system segment are boosting its growth throughout the forecasted period.

For instance, in October 2020, MobileHelp, a Florida-based healthcare technology company, introduced Micro, the all-in-one mobile medical alert device furnished with the company’s patented automatic fall detection technology, assuring that the user can yet acquire help even if they are incapable of pressing their emergency button. In an emergency, MobileHelp’s multi-mode location precision, which derives from GPS technology, cellular ID, and short-range RF, enables pinpointing the user’s location.

Also, in April 2021, Medical Guardian rolled out its newest medical alert system, the Mini Guardian, which is believed to be the smallest mobile medical alert system available. Although the mobile medical alert system presents equivalent safety attributes to Mobile Guardian and Active Guardian, it is a compact device that can be readily accommodated into a pocket of the user’s shirt. Therefore from the data mentioned above, it is anticipated that mobile medical alert systems will dominate the global market throughout the forecasted period.

Geographical Share

North America holds command over the global medical alert systems market.

There is an increased demand for medical alert systems in North America owing to the growing cases of arthritis, and Alzheimer's cases in North America, producing the highest revenue than other global regions. For example, according to the CDC, about 58.5 million Americans have doctor-diagnosed osteoarthritis from 1999 to 2000 through 2017-March 2020. Moreover, according to  CDC, 5.8 million people in the U.S. presently have Alzheimer's and connected dementias, including 5.6 million aged 65 and older and about 2000,000 under 65 with the younger onset of Alzheimer's.

Furthermore, the presence of key market players holding most of the global medical alert system market in North America ensures the hold of this region over the global market throughout the forecast period. For instance, in September 2021, Bay Alarm Medical, a medicinal vigilant system supplier from the United States, and Kami Visual, another United States-based company, formed a partnership to combine former Medical's safety service with Kami's AI platform.

Allowing the delivery of powerful AI technology and visual verification to elders in the U.S., permitting seniors and caregivers to lessen false vigilance, enhance emergency connection quicknesses, and ultimately facilitate elders to age in place safely. Thus, the mentioned data indicates that the North American medical alert system market will grow at a high CAGR rate during the forecasted period (2023-2030).

Companies and Competitive Landscape

The medical alert systems market is an emerging market, posing new opportunities to key local and global players, keeping the market moderately competitive. Koninklijke Philips N.V., Honeywell International Inc., LifeStation Inc., Medical Guardian LLC., Bay Alarm Company, LifeFone Medical Alert Services, Aid Call Ltd., Integrity Tracking LLC, VRI Medical Alert Systems, and Alert-1, are a few key market players.

These key players keep the market competitive by performing collaborations and acquisitions and maintaining standards through regulatory bodies. For instance, in December 2021, Honeywell Inc. acquired privately held US Digital Designs, Inc., a Tempe, Ariz.-based company. The company delivers alerting and dispatch communications solutions, which enhance first responders' efficacy and enable faster emergency response times.

Medical Guardian

Overview:

Medical Guardian is an American personal emergency response systems (PERS) provider with its headquarters in Philadelphia, Pennsylvania. Geoff Gross is the founder of Medical Guardian, founded in 2005. Originally, he operated the company out of his Philadelphia, Pennsylvania, apartment. The company has appeared in Inc. Magazine's list of 5000 fastest-growing U.S. companies for the nine years from 2013 to 2021.

Product Portfolio:

MGMove: The MGMove Smartwatch is the most recent, technologically evolved way to stay safe and connected wherever the user goes.

The global medical alert systems market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.