According to the forecast provided, the overall fall detection system market was valued at USD 358.6 Million in 2016 and is expected to reach USD 497.3 Million by 2022, at a CAGR of 5.58% between 2017 and 2022. The growth of this market is driven by the availability of better accessibility to assistance in case of fall leading to reduced medical expenses, increasing demand for smartphone and wearable technology, and increasing demand for multimodal technology.
This report segments the fall detection system market on the basis of component, algorithm, system, end user, and geography. Accelerometers & gyroscopes led the market in 2016. Machine learning methods is the fastest-growing algorithm owing to the fact that machine learning method increases the robustness, sensitivity, and specificity of the fall detection system. Considering the market segmented on the basis of end user, senior citizens home end user held the largest size of the fall detection system market in 2016, while the market for hospitals, nursing, and senior assisted living facilities end users is likely to grow at the highest rate during the forecast period.
Wearable system is expected to hold the largest size of the fall detection system market during the forecast period. This is because wearable systems can be used in homes as well as outside. Furthermore, the availability of devices pre-installed with the machine learning algorithm is expected to be a major driver for the growth of the wearable systems segment. Also, wearable systems are preferred owing to their advantage of cost-efficiency and easy installation.
North America held the largest share of the fall detection system market in 2016. Asia Pacific is expected to be the fastest-growing market mainly because of technological innovations and the growing penetration of personal emergency response systems in the country. Along with this, the increasing geriatric population will also act as a key driver for the growth of the fall detection system market.