Witnessing Significant Growth of Medical Alert Systems Market in the Coming Years

Posted November 16, 2021 by ctom7000

Mobile based PERS(Personal Emergency Response System) in product segment for medical alert systems market to grow with highest CAGR during the forecast period

The medical alert systems market is expected to grow from USD 6.8 billion in 2021 to USD 11.1 billion by 2026; it is expected to grow at a CAGR of 10.3 % during the forecast period. The medical alert systems market has been witnessing significant growth over the past years, mainly owing to the increased geriatric population, favorable healthcare policies and strong focus on financial assistance to considerably boost the medical alert systems market in the coming years.

Impact of COVID-19 on Medical Alert Systems Market:

The medical alert systems market is expected to grow between 2021 and 2026 owing to the rising demand for personal health monitoring systems by home-based users and nurse call systems by hospitals and clinics due to COVID-19. The integration between remote patient monitoring platforms and healthcare facilities will help offer remote access through telehealth platforms to essential healthcare services while improving safety and health outcomes for patients statewide. This has essentially gained importance amid the COVID-19 pandemic because they offer patients safer, more accessible options for preventive, routine, and chronic care. Furthermore, these services help reduce the burden on hospitals and healthcare providers, improving outcomes for the vulnerable populations they serve.

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Driver: Increasing geriatric population globally along with the high level of health literacy among older people

The increasing geriatric population and the high level of health literacy across the world are the key factors for the escalated demand for medical alert systems, which can be used by senior citizens, disabled people, or by people with brain illnesses to receive prompt help in emergencies. Under the health literacy program, people are trained on making smart healthcare choices, improving their communication with doctors or emergency responders, etc. Elderly people are often prone to falls. Additionally, for family members of active seniors, it has become highly essential to track their location, monitor their activities, remind them about medication, and so on. Also, for people with mild cognitive illness who suffer from disorientation, location tracking or geo-fencing are the critical features offered by life-saving solutions such as medical alert systems. All these factors propel the medical alert systems market growth.

Restraint: Stringent regulatory processes and increased testing requirements for product approval

The medical alert systems market is highly affected by legislation and initiatives such as increasing clinical trial requirements for new products. Over the years, the medical device approval guidelines and regulations across the world have become more stringent, aiming to minimize errors associated with medical devices. After receiving many cases regarding safety-related issues and errors in medical devices, regulatory authorities, such as the Medicines and Healthcare products Regulatory Agency (MHRA), has made the regulatory processes more stringent and increased testing requirements for the approval of new products.  Currently, medical alert system manufacturers must submit design validations to MHRA before the product is launched in the market for sale. These regulatory aspects are likely to obstruct the growth of the market during the forecast period.

Opportunity: Revolution brought by emerging technologies such as IoT and AI

The revolution brought by emerging technologies such as the Internet of Things (IoT) and artificial intelligence (AI) has provided tremendous opportunities to the players in the medical alert systems market. State-of-the-art technologies can be used to create a difference in the medical alert systems market, and the stakeholders can leverage it by timely implementation. AI-driven systems, along with predictive analytics, help in automatic fall detection and wanderer control, as well as provide notification to caregivers. Companies such as Xsens (Netherlands), Xander Kardian (US), and Qventus (US) have built AI-powered fall detectors for elderly individuals. CarePredict (US), an AI-driven health technology company, uses AI to detect any change in the activity and behavior patterns among the elders and helps them in independent living. The impact of such technologies is remarkable and has a humungous potential soon in the medical alert systems market.

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Challenge: Supply chain disruptions caused due to outbreak of COVID-19

The outbreak of the COVID-19 pandemic has affected the global supply chain of the medical device industry owing to the lockdowns imposed across many countries during the first and second quarters of 2020. The supply chain of medical devices is complex and depends on several suppliers from disparate locations to synchronize with each other. The shortage of even a single component can hold up an entire production line, resulting in inventory and cashflow backlogs. Unless the entire supply chain of the medical device market is operational and functioning smoothly, their production is challenged and constrained.

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Issued By Tom
Country United Arab Emirates
Categories Electronics , Medical
Tags medical alert systems market
Last Updated November 16, 2021