About Medical Alarm System
Medical Alarm System are electronic device or a mechanism through which the elderly people can call for emergency and non-emergency medical help with the push of a button which can be mobile pers based or landline based pers. The innovation and investment in improved connectivity technology has enabled greater applications of technology to better serve the needy. Rising population of Geriatrics is demanding higher number of medical alarm systems. Although the Technology is very less known in Developing Countries, poor digital interaction of elderly from developing countries is also a major hurdle for the growth of this market. But if overcome with simple interfaces, this market has huge potential to grow. Other than individuals, hospitals, clinics and elder citizen homes are also increasingly adopting use of medical alarm or alert systems to better cater their elderly patients. Geographically, Asia Pacific is expected to be biggest market primarily because of rising elder citizen population in countries such as South Korea and Japan, as well as elsewhere. Europe and North America are expected to follow Asia Pacific as next big markets.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 10.9% |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail a competitive advantage through combined collaborations. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Medical Alarm System market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bay Alarm (United States), Koninklijke Philips N.V. (Netherlands), ADT Inc. (United States), Valued Relationships, Inc. (United States), Connect America (United States), Medical Guardian LLC (United States), Galaxy Medical Alert Systems (Canada), Alertone Services LLC (United States), Blue Linea (France) and MobileHelp (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Vanguard Wireless (Australia), Arvi (India) and Electronic Caregiver (United States).
Segmentation Overview
AMA Research has segmented the market of Global Medical Alarm System market by Type (Static (Car Based, Home Based) and Mobile (Pendant, Watch, Wrist Band, Mobile Device)), Application (Home-based Users and Senior Living Facilities) and Region.
On the basis of geography, the market of Medical Alarm System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel , the sub-segment i.e. Online will boost the Medical Alarm System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by System Type , the sub-segment i.e. Landline Based PERS will boost the Medical Alarm System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Inclusion of Artificial Intelligence in Medical Devices
Market Growth Drivers:
Increasing Investment in Health Care Infrastructure and Enhanced Focus on Geriatrics
Challenges:
Rising Competition Due to Presence of Smart Phones and Limited Awareness Regarding Medical Alarm Systems
Restraints:
Delayed Response Time by Medical Teams
Opportunities:
Strategic Partnerships with Medical Chains or Local Government Bodies and Large Population of Elderly People in Certain Countries
Market Leaders and their expansionary development strategies
In August 2023, Medcrypt, Inc., the proactive cybersecurity solution provider for medical device manufacturers (MDMs), today announced its partnership with NetRise, the company providing granular visibility into the world's XIoT security problem, to address critical cybersecurity challenges in the healthcare industry. This partnership will provide MDMs with a Software Bill of Materials (SBOM) lifecycle management solution that will empower device makers to proactively identify and address potential security risks and ensure the safety and integrity of their medical devices.
In November 2023, TELUS Health today unveiled its latest innovation, a next-generation Medical Alert Pendant - a discreet wearable device specifically designed to empower older adults to confidently age in place with peace of mind knowing emergency support is available 24/7. The pendant comes with a connected Caregiver App that allows those who care for aging loved ones to receive updates about the user’s daily routines, mobility, and whereabouts when necessary.
Key Target Audience
Medical Alarm System Manufacturers, Suppliers and Distributors, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.