Medical Alert Systems are the devices used to summon assistance in times of emergency by healthcare personnel or individuals. These devices encompass a range of medical devices such as Personal Emergency Response Systems (PERS), Nurse Call Systems (NCS) among others. These devices are utilized in home healthcare, hospitals, elder care facilities and assisted living facilities.
Elder Care and Assisted Living Facilities are the fastest growing market for medical alert systems as the significant growth of the elder care market, particularly in APAC region, will spur the utilization of these systems. The growing need for safety monitoring among the elderly population has led to large-scale implementation of personal emergency response and other medical alert systems across many facilities. The elder care market has witnessed significant growth as ageing population has led to increased awareness and investment into this industry.
The elderly population, which is currently 8.2% of the total world population, is expected to show a steep growth of 12% by 2030 since majority of baby boomers will cross the age of 65 years. Asian countries, such as China and India, are also estimated to record rapid aging and the elderly population in these regions is expected to reach 350 million and 24 million, respectively leading to increase in dependency on elder care facilities. The rise in population will increase the demand for new healthcare facilities, improved infrastructure and better living arrangements for older adults such as assisted living, independent living and skilled nursing facilities.
In the U.S., increasing life expectancy and retirement of around 77 million baby boomers in the next two decades will increase the demand for assisted living and independent community living facilities. The rapidly aging global population will lead to a mushrooming elder care market thereby driving the growth of medical systems market.