Surge in geriatric population across the globe, and increase in prevalence of chronic diseases propel the growth of the global fall management market
PORTLAND, Oregon, March 3, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Fall Management Marketby Product (Sensor Pad, Floor Mat and RFID Tag): Global Opportunity Analysis and Industry Forecast, 2019–2026" According to the report, the global fall management market generated $152.46 million in 2018, and is estimated to generate $216.82 million by 2026, growing at a CAGR of 4.5% from 2019 to 2026.
Drivers, restraints, and opportunities
Increase in geriatric population across the globe, and rise in prevalence of chronic diseases drive the growth of the global fall management market. However, lack of awareness regarding fall management system hinders the market growth. On the other hand, increase in demand for fall detection systems present new pathways for growth in coming years.
Thesensor pad segment to continue its leadership position during the forecast period
Based on product, the sensor pad segment contributed to more than half of the total share of the global fall management market in 2018, and is expected to continue its leadership position during the forecast period. In addition, the segment is expected to register the highest CAGR of 4.69% from 2019 to 2026, owing to surge in incidence of disabilities, favorable healthcare reforms, rise in geriatric population, and increase in prevalence of chronic diseases.
Asia Pacific, followed by North America, to maintain the lead status during the forecast period
Based on region, Asia Pacific contributed to the largest share in terms of revenue, accounting for more than one-third of the global fall management market in 2018, and is projected to maintain the lead status during the forecast period. Furthermore, the region is estimated to grow the fastest CAGR of 5.59% from 2019 to 2026, owing to increase in adoption of several fall management devices such as sensor pad, and RFID tags among the Asian population. On the other hand, North America contributed to the second largest revenue share in 2018, accounting for nearly half of the total market share.
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