A medical alarm is an alarm system designed to signal the presence of a hazard requiring urgent attention and to summon emergency medical personnel. Other terms for a medical alarm are Personal Emergency Response System or medical alert. This is system is connected with other devices such as cell phone or alarm and are programmed to signal a response center upon activation of ‘help’ or a ‘push’ button. This help button is a radiofrequency trigger device that is mostly worn around the wrist or neck.
The personal emergency response systems market was valued to be US$ 6606.28 Mn in 2018 and is anticipated to be US$ +8641.65 Mn by 2023.
The global personal emergency response system market is driven by aging population, rise number of health conscious people, high adaptation rates of these devices, and new technology innovations. The hardware is a light-weight, battery-powered device, worn by the wearer as an accessory, and many companies are offering them in innovative forms such as the bracelet or necklace. When a wearer needs help, button on the device is pressed that generates and transmits signals to the console.
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Top Key Players
Cape Cod Healthcare Inc., Koninklijke Philips N.V., AlertOneServices, LLC., Bay Alarm Medical, LogicMark, MedicAlert Foundation, Rescue Alert, Emergency Response USA, Buddi US, LLC, Connect America, Critical Signal Technologies, Medical Guardian, MobileHelp, Vector Security, Inc., VESAG, NASCENTIA HEALTH, AT&T amongst others.
The competitive landscape of the global personal emergency response systems market is pretty stable right now with limited players entering into the market. The market in North America is expected to expand at the highest CAGR in terms of value over the forecast period. Increasing prevalence of chronic diseases and rising healthcare spending are factors expected to further drive demand for personal emergency response systems.
Among different components of a PERS, the hardware component holds the largest market share in 2017, owing to introduction of various innovative wearable’s and the availability of wide range of rented and owned systems in the market. Hardware components are now capable of predictive or automatic fall detection and can connect the elderly to their caregivers and medical professionals within a short time period.
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This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis. The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market.
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