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Home Medical Alert Systems Market: Introduction

  • Medical alarm system is designed to signal the presence of a hazard requiring urgent attention and to summon emergency medical personnel. The system contains wireless pendant or transmitter that can be activated in an emergency. Signal is transmitted to an alarm monitoring company's central station when the medical alarm is activated. Medical personnel are then dispatched to the site where the alarm was activated.

Key Drivers, Restrains, and Opportunities of Global Home Medical Alert Systems Market

  • Home medical alert systems are primarily used by elder people. Increase in the global geriatric population is anticipated to drive the market. According to the World Population Ageing, the global population aged 60 years or over stood at 962 million in 2017.
  • Surge in adoption of advanced technologies such as AI and IoT in medical alert systems in developed and developing countries is expected boost the demand for medical alert systems. This in turn is likely to drive the global market. Key players in the global home medical alert systems market are engaged in development and introduction of new products to enhance the product offerings and address the unmet medical needs. This contributes to the growth of the global market. Additionally, rise in awareness about the ease of access to caregivers to help via medical alerts is projected to augment the global market.
  • However, medicare does not offer coverage for medical alert systems. Hence, unfavorable reimbursement is anticipated to hamper the growth of the global market in the next few years. Moreover, high price influences the selection of products and restricts usage. This is expected restrain the global home medical alert systems market.
  • Industry players are engaged in product launch, acquisition, collaboration, and other strategies to consolidate their positions in the market and cater to the unmet needs of the developing countries. This in turn creates lucrative opportunities in the global home medical alert systems market. For instance, in December 2019, launched at-home medical alert system for elder people in India.

North America to Capture Major Share of Global Home Medical Alert Systems Market

  • North America is anticipated to account for major share of the global home medical alert systems market during the forecast period. Well-established health care infrastructure, early adoption of advanced technologies, and hub for key industry players are the major drivers of the home medical alert systems market in the region.
  • The home medical alert systems market in Asia Pacific is expected to grow at a rapid pace during the forecast period. Unmet medical needs, untapped nature of the market, significant investment by players, and rise in health care infrastructure boost the growth of the market in the region.

Key Players Operating in Global Home Medical Alert Systems Market

The global home medical alert systems market is highly consolidated due to the presence of small number of key players. These players hold major market share in their respective regions. Demand for home medical alert systems has increased in developing as well as developed countries owing to rise in adoption of technologically advanced products. Growth strategies adopted by leading players are likely to drive the global home medical alert systems market.

Major players operating in the global home medical alert systems market are:

  • Koninklijke Philips N.V.
  • Connect America
  • Medical Guardian, LLP
  • Valued Relationships, Inc. (VRI)
  • AlertOne Services LLC.
  • ADT Corporation
  • LifeFone Medical Alert Services
  • MobileHelp
  • LifeStation, Inc.
  • GreatCall
  • Tango Technologies
  • Other Prominent Players

Global Home Medical Alert Systems Market: Research Scope

Global Home Medical Alert Systems Market, by Product

  • Watch
  • Pendant
  • Others

Global Home Medical Alert Systems Market, by Technology

  • Two-way System
  • Unmonitored System

Global Home Medical Alert Systems Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Home Medical Alert Systems Market

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