Northbrook, IL 60062 -- (SBWIRE) -- 12/06/2022 -- Medical alert systems market is expected to grow from USD 6.8 billion in 2021 to USD 11.1 billion by 2026; it is expected to grow at a CAGR of 10.3 % during the forecast period.
The medical alert systems market has been witnessing significant growth over the past years, mainly owing to the increased geriatric population, favorable healthcare policies and strong focus on financial assistance to considerably boost the medical alert systems market in the coming years.
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Driver: Increasing geriatric population globally along with the high level of health literacy among older people
The increasing geriatric population and the high level of health literacy across the world are the key factors for the escalated demand for medical alert systems, which can be used by senior citizens, disabled people, or by people with brain illnesses to receive prompt help in emergencies. Under the health literacy program, people are trained on making smart healthcare choices, improving their communication with doctors or emergency responders, etc. Elderly people are often prone to falls. Additionally, for family members of active seniors, it has become highly essential to track their location, monitor their activities, remind them about medication, and so on. Also, for people with mild cognitive illness who suffer from disorientation, location tracking or geo-fencing are the critical features offered by life-saving solutions such as medical alert systems. All these factors propel the medical alert systems market growth.
Opportunity: Revolution brought by emerging technologies such as IoT and AI
The revolution brought by emerging technologies such as the Internet of Things (IoT) and artificial intelligence (AI) has provided tremendous opportunities to the players in the medical alert systems market. State-of-the-art technologies can be used to create a difference in the medical alert systems market, and the stakeholders can leverage it by timely implementation. AI-driven systems, along with predictive analytics, help in automatic fall detection and wanderer control, as well as provide notification to caregivers. Companies such as Xsens (Netherlands), Xander Kardian (US), and Qventus (US) have built AI-powered fall detectors for elderly individuals. CarePredict (US), an AI-driven health technology company, uses AI to detect any change in the activity and behavior patterns among the elders and helps them in independent living. The impact of such technologies is remarkable and has a humungous potential soon in the medical alert systems market.