Market Leader - Fall Detection System Market
The overall fall detection system market was valued at USD 358.6 Million in 2016 and is expected to reach USD 497.3 Million by 2022, at a CAGR of 5.58% between 2017 and 2022. The growth of this market is driven by the better accessibility to assistance in case of fall leading to reduced medical expenses, increasing demand for smartphone and wearable technology, and increasing demand for multimodal technology.
Product developments; and partnerships, agreements and collaborations are the two major strategies adopted by the players in the fall detection system. Some of the key players in the fall detection system market include Koninklijke Philips N.V. (Netherlands), Connect America (US), The ADT Corporation (US), Tunstall Healthcare Group Ltd. (UK), Medical Guardian LLC (US), Bay Alarm Medical (US), Singapore Technologies Electronics Limited (Singapore), MobileHelp (US), MariGroup Oy (Finland), Mytrex, Inc. dba Rescue Alert (US), Semtech Corporation (Netherlands), AlertOne Services, LLC (US), and LifeFone (US).
Philips held the leading position in the fall detection system market in 2016. The company’s portfolio of fall detection system products includes GoSafe, HomeSafe, HomeSafe with AutoAlert, Lifeline Response App, and Automatic Medication Dispensing Machine. The company’s use of both threshold system and machine learning method enables it to be present in both the lower and higher segments of the fall detection system market. The company’s partnership with other senior assistive device manufacturers to increase its product distribution, while its brand name enables it to charge a premium for its products. Also, the company’s launch of four products—GoSafe Mobile Technology, CareSage Analytics Engine, HomeSafe Cellular PERS and Philips LifeLine Response App—in the last three years, along with its presence in North America, Asia Pacific, Europe, the Middle East, and South America would help in further cementing its leading position in the market.
Connect America held the second position in the market in 2016. The company’s fall detection system offering includes two types of context-aware fall detection systems and two types of automatic wearable fall detection systems. The company’s strong presence in the US and Canadian market, which has the highest revenue per customer ratio in the world, has enabled it to be the second-ranked player in this market. The company sells its products through Insurance Companies, Medic Alert ID Companies, Regional Supermarket Chains, National Pharmacy Company, and Senior Service Companies. The company’s acquisition of regionally strong players, such as Be Safer At Home, Inc. (US), Racine’s Medical Alert (US), and Home Buddy (US), will further increase its share in the fall detection system market.
Related Reports:
Fall Detection System Market by Component (Accelerometer & Gyroscope, Unimodal/Bimodal, Multimodal Sensors), Algorithm (Simple Threshold, Machine Learning), System (In-Home Landline, In-Home Cellular, Wearable), End User, and Region - Global Forecast to 2022
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