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The Medical Alert Systems Market is estimated to be worth USD 6.5 billion in 2020 and is expected to reach USD 9.6 billion by 2025, at a CAGR of 7.9% from 2020 to 2025.
The rapid growth of the medical alert systems market is expected to witness strong growth in the next six years mainly due to the rising elderly population across the globe, increasing adoption of the mobile personal emergency response system, various healthcare reforms, financial assistance to the elderly individuals and an inclination towards independent living.
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Medical alert system market for PERS devices is expected to hold the largest share during the forecast period
Personal emergency response systems, known simply as PERS, represents a fast-growing market that primarily serves the needs of an elderly population. And now, with the advent of mobile PERS (mPERS) based on devices such as smartphones, the field of opportunity has become even wider. The older adults are more prone to falls and could result in severe injury if proper treatment is not given in time. The individuals with chronic medical conditions, like COPD, diabetes, or arthritis, might fall and need medical treatment as compared to others. The healthy and independent older adults benefit from the personal emergency response systems too which can help them to contact the emergency services in case of a severe situation.
Wired medical alert systems are expected to hold the largest market share from 2020 to 2025
The wired or in-home medical alert devices held largest market share during the forecast period mainly due to elder people who spent most of their time at home and find it easy to use. The wired medical alert systems are simple with a bunch of help buttons mounted on the wall or in the form of a pendant that can be used in the emergency. The low cost associated with the wired medical alert systems as compared to the wireless systems is another major factor propelling the growth of this segment from 2020 to 2025.
Home-based users are expected to hold the largest market share from 2020 to 2025
The home-based users held the largest market size for the medical alert systems market between 2020 and 2025. The demand for the home-based systems is likely to stay high due to the independence it provides to the senior citizens who want to live alone but taken care of in case of an emergency. As a result, a number of seniors are opting for such systems to take advantage of the advanced technology. The home-based user is a large segment in the elderly care market which companies are catering and expecting a rise in demand over a period of time.
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North America to account for the largest market share from 2020 to 2025
Major factors contributing towards a larger market share of the medical alert system market in North America include increasing geriatric population, increasing adoption of mobile PERS, favourable healthcare reforms and rising healthcare expenditure in the North America region. The medical alert systems market has seen tremendous growth in terms of technological advancements, increased healthcare expenditure as a percentage of total GDP, and the introduction of emerging technologies like AI and IoT. Presence of a large number of players such as Medical Guardian (US), Connect America (US), MobileHelp (US), and Guardian Alarm (US), offering medical alert systems, in this region is further propelling the growth of the market.
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The major players in medical electronics market are Koninklijke Philips (Netherlands), Connect America (US), Valued Relationships (VRI) (US), Guardian Alarm (US), Alertone Services (US), ADT Corporation (US), LifeFone (US), Bay Alarm (US), Medical Guardian (US), MobileHelp (US), Nortek Security and Control (Numera) (US), Galaxy Medical Alert Systems (Canada), Response Now (US), LifeStation (US), Rescue Alert (US), Better Alerts (US), GreatCall (US), Electronic Caregiver (US), Blue Linea (France), Vanguard Wireless (Australia), and Tango Technologies (US).
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