Home Medical Alert Systems Market: Increase in the global geriatric population is anticipated to drive the market
Home Medical Alert Systems Market: Introduction
- Medical alarm system is designed to signal the presence of a hazard requiring urgent attention and to summon emergency medical personnel. The system contains wireless pendant or transmitter that can be activated in an emergency. Signal is transmitted to an alarm monitoring company's central station when the medical alarm is activated. Medical personnel are then dispatched to the site where the alarm was activated.
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Key Drivers, Restrains, and Opportunities of Global Home Medical Alert Systems Market
- Home medical alert systems are primarily used by elder people. Increase in the global geriatric population is anticipated to drive the market. According to the World Population Ageing, the global population aged 60 years or over stood at 962 million in 2017.
- Surge in adoption of advanced technologies such as AI and IoT in medical alert systems in developed and developing countries is expected boost the demand for medical alert systems. This in turn is likely to drive the global market. Key players in the global home medical alert systems market are engaged in development and introduction of new products to enhance the product offerings and address the unmet medical needs. This contributes to the growth of the global market. Additionally, rise in awareness about the ease of access to caregivers to help via medical alerts is projected to augment the global market.
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- However, medicare does not offer coverage for medical alert systems. Hence, unfavorable reimbursement is anticipated to hamper the growth of the global market in the next few years. Moreover, high price influences the selection of products and restricts usage. This is expected restrain the global home medical alert systems market.
- Industry players are engaged in product launch, acquisition, collaboration, and other strategies to consolidate their positions in the market and cater to the unmet needs of the developing countries. This in turn creates lucrative opportunities in the global home medical alert systems market. For instance, in December 2019, arvi.in launched at-home medical alert system for elder people in India.
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North America to Capture Major Share of Global Home Medical Alert Systems Market
- North America is anticipated to account for major share of the global home medical alert systems market during the forecast period. Well-established health care infrastructure, early adoption of advanced technologies, and hub for key industry players are the major drivers of the home medical alert systems market in the region.
- The home medical alert systems market in Asia Pacific is expected to grow at a rapid pace during the forecast period. Unmet medical needs, untapped nature of the market, significant investment by players, and rise in health care infrastructure boost the growth of the market in the region.
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Key Players Operating in Global Home Medical Alert Systems Market
The global home medical alert systems market is highly consolidated due to the presence of small number of key players. These players hold major market share in their respective regions. Demand for home medical alert systems has increased in developing as well as developed countries owing to rise in adoption of technologically advanced products. Growth strategies adopted by leading players are likely to drive the global home medical alert systems market.
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