HYDERABAD, India, November 6, 2014 /PRNewswire/ --
The market for Medical Alert Systems is on a stable rise. In the forecast period of 2014-2020, the market is supposed to rise at a stable rate, which is around 6.3%. Essentially, these are the products that are generally used by patients or healthcare personnel to call for assistance in different medical conditions, emergency or otherwise. There are a number of systems which can be included in this one, for example, the Personal Emergency Response System, or the PERS, the Nurse Call System or the NCS, the Ambulatory Auto Alert System, or the AAAS, as well as the Automated Airborne Flight Alert System (AAFAS). A recent report created by IndustryARC mostly speaks of the two primary requirement fields, which are the PERS and the NCS respectively. The alerts can be of different types - basic, intermediate, and advanced, where the advanced alert system can comprise of wireless alert communication devices which are the height of sophistication at the time.
(Logo: http://photos.prnewswire.com/prnh/20141106/712194)
The average age of the population has grown, and with huge demands for affordable health monitoring solutions, the government is looking for cheap alternatives to reduce the stress in the systems of healthcare and pension. According to the United Nations, the number of older persons aged 65 years or over was 566.4 million in 2013, and the figure is expected to grow to more than 2 billion by 2050. This aging population is increasingly at risk of experiencing accidental falls or other such physical damage. According to the Centres for Disease Control and Prevention (CDC), one out of three adults aged over 65 years face an accidental fall every year, which can lead to fatal and non-fatal injuries, such as lacerations, fractures (especially the hip and spine), head injuries, and mental trauma. In the United States, the direct costs related to injuries caused by falling were around $36 billion in 2012, and the figure is estimated to grow to $59.6 billion by 2020. Therefore, steps to prevent falling, especially for the elderly, is now a matter of great importance, and the burgeoning healthcare costs will, therefore, propel the demand for effective and reliable health monitoring services and alert devices. This is the reason why a steady growth has been noted in the medical alerts system market.
Request for Sample Data / Brochure:
http://industryarc.com/Report/98/medical-alert-devices-market.html
Primarily, the medical alert systems market can be segmented into three parts based on the following criteria: type of device, end-users, and geography, for the forecast period of 2014 to 2020. The landline-based PERS is presently the most widely used kind of device, followed by mobile and standalone PERS. Presently, mobile PERS is considered to be the most popular PERS device type in the current PERS market, which is strictly due to the rising growth of the use of smartphones by older people. The standalone PERS market is projected to grow at a rapid pace due to their compactness and automatic fall detection abilities.
Nurse call systems can also easily detect a case of emergency, and provide timely medical assistance to the patients by transferring alert signals to the responsible healthcare personnel or facility. At present, traditional NCS accounts for the largest share in the global NCS market, followed by advanced and middleware interfacing NCS devices. The demand for efficient and wireless communication technologies among the hospital staff also has been responsible for the growth of advanced and middleware interfacing NCS market. As per the report by IndustryARC, currently, middleware interfacing NCS market holds untapped growth potential, but it is restrained by higher development costs, lack of technological expertise, and poor integration capabilities. However, by 2020, it has been predicted that these wireless NCS will be widely implemented across healthcare facilities, because of the reduction in their manufacturing costs.
To get a free brochure click the below link:
http://industryarc.com/request-a-call.aspx?type=report&cid=98
In 2013, Philips Lifeline, ConnectAmerica, Hill-Rom Holdings Inc., Tyco SimplexGrinnell LP and Ascom Holding AG, altogether held 40% of the market share in this field. Favorable regulatory scenario and the availability of investments have encouraged the emergence of startups, such as Voalte and Starling Health. For instance, in February 2014, Voalte raised $36m in Series C financing to develop its platform for integrating NCS devices and solutions. Opportunities to provide innovative solutions for a saturated traditional PERS and NCS market is leading to a growth in the field of research and development of novel alert monitoring devices.
The fact that the market has been predicted to grow to around $21 billion is also due to the fact that in the United States, the increasing life expectancy and retirement of nearly 77 million baby boomers in the coming two decades will definitely increase the demand for community living facilities, which will further aid in the adoption of PERS and NCS across USA. North America, thus, dominates the global medical alert systems market at present, followed by Europe and Asia.
However, the significant growth in public healthcare spending and the boom of the medical tourism industry will make Asia Pacific the most promising region for the medical alert systems market to emerge as a new phenomenon and Asia Pacific is seen to be a great new investment zone. According to the World Bank, developing countries in the Asia Pacific and the Middle East and North African region account for about 84% of the global population, 90% of the global disease burden, and 20% of global GDP, but only 12% of global health spending. So, demand for low-cost PERS and NCS devices in developing countries will grow immensely in the coming five years, pushing the market for medical alert system significantly.
It has been predicted that the adoption of medical alert systems in assisted and senior living facilities will be a major cause for the boom of medical alert system devices market in the coming years, due to the increased prevalence of chronic diseases and the rise in the number of elderly and disabled people opting for these living arrangements. Government regulations, such as the Affordable Care Act in the United States, and the International Medical Device Regulators Forum will lead to a large-scale implementation of PERS and nurse call systems across the hospitals and other healthcare settings. Thus, the future of this market looks extremely bright and stable, and will be a good segment for future investments.
For more details contact:
Sanjay Matthews
Business Development Manager
Email: sanjay.matthews@industryarc.com
Phone: 1- 614-588-8538 (Ext-102)
LinkedIn: http://www.linkedin.com/company/industryarc
Twitter: https://twitter.com/IndustryARC
Share this article