The 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. Home based users and assisted living facilities are the key applications, which dominate the medical alert systems market and also contribute significantly to its growth.
Major players in the medical alert systems market have primarily adopted product launch strategy to strengthen their position in the market.
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Philips is the leading manufacturer of medical alert systems with a strong focus on innovative products and invests a significant amount in R&D activities. The company has a wide geographic presence with operations in more than 100 countries, thereby reducing the company’s exposure to geopolitical and socio-economic risks. Philips has a growing inclination toward strategic business initiatives, such as collaborations, acquisitions, and partnerships, to enable the growth and consolidation of medical alert systems. In August 2019, Philips acquired the healthcare information business of Carestream Health (US), a healthcare imaging company. This acquisition helped Philips expand its portfolio of current enterprise diagnostic informatics solutions and enhance the medical imaging and healthcare IT solutions.
Connect America is among the leaders in the medical alert systems market. The company has an established brand name and a wide network of distributors of medical alert systems across the world, with several trademarks and patents. These trademarks and patents provide the company exclusivity over its products and prevent its competitors from copying or reverse engineering. By acquiring new businesses for expansion, the company seeks to target business-to-business (B2B) and connected healthcare markets, where there is a scope to earn higher profit margins. In January 2019, the company acquired Tunstall Americas (US), an established player in the connected health services domain. This acquisition will help Connect America co-create innovative telehealth services and strengthen its position in the medical alert systems market.
Medical Alert Systems Market with COVID-19 Impact Analysis by Offering, System Type, Connection Type (Wired, Wireless), Technology, Distribution Channel(Pharmacies, Online Sales, Hypermarkets), Application and Geography - Global Forecast to 2026
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