Rising overall healthcare expenditure is also expected to contribute to the overall growth of the fall detection system market in the near future.
New York, NY -- (SBWIRE) -- 03/10/2017 -- According to the latest market report published by Persistence Market Research titled 'Global Market Study on Fall Detection Systems: North America to Witness Highest Growth by 2021', the global fall detection system market is expected to expand at a CAGR of 4.9% during the forecast period (2015-2021).
Fall detection system is a device that is used to alert emergency services in the event of a fall. Such devices have the potential to mitigate some of the adverse consequences of a fall. The fall detection systems market accounted for US$ 321.3 Mn in 2014 and is expected to increase to US$ 448.1 Mn by 2021 at a CAGR of 4.9 % over the forecast period.
The market for fall detection systems, though shrouded by the high cost of equipment, false positives of equipment and lack of awareness, presents lucrative opportunities for manufacturers and service providers alike, as these offer ease of accessibility, affordability, and effective administration to potential customers.
The report analyses the global fall detection system market in terms of market value (US$ Mn), by product type, sensing modalities, technology, end use, and region. It also provides information regarding market dynamics, value chain, competitive landscape, current trends, market estimations and forecast.
North America is expected to dominate the global fall detection market throughout the forecast period, driven by increasing number of falls among the geriatric population, rising prevalence of chronic diseases, the proliferation of smartphones and adoption of fall detection systems as a supportive tool for independent living. The U.S. is the largest market for fall detection systems in North America. The fall detection systems market in the U.S. is expected to increase from the current estimated value of US$ 124.7 Mn in 2015 to US$ 175.0 Mn by 2021, registering a CAGR of 5.8% over the forecast period. Rising number of falls among the geriatric population, increasing demand for fall detection systems due to their superior effectiveness, and increased focus on maintaining the superior quality of life are factors expected to boost overall demand for fall detection systems, worldwide, in the near future.
By product type, the fall detection system market is segmented into automatic fall detection systems and manual fall detection system. The automatic fall detection systems segment is expected to dominate the overall fall detection systems market by the end of 2021. The segment is projected to register an above average growth rate over the forecast period.
By sensing modalities, the fall detection system market is segmented into wearable and non-wearable segments. Among these, the wearable segment is expected to dominate the overall market by 2021, owing to the ease of use and portability of these devices and rising number of falls among the aging population and increasing adoption of new technologies by the elderly to live independently and safely at home.
By technology, fall detection system market is segmented into GPS systems, mobile phones, and sensors. Among these, sensors segment is expected to gain high demand in comparison to all another segment over the forecast period.
By end user, fall detection system market is segmented into home care settings and senior assisted living facilities. Among these, home care settings segment is expected to remain the most attractive, and is estimated to account for 69.8% share of the global by 2015 end, and further increase to 72.1% by 2021.
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Key market participants covered in the report include Koninklijke Philips N.V, LifeWatch USA, Tunstall, ADT Security Services, Medical Guardian LLC, MobileHelp, Bay Alarm Company, and MariCare Oy.
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