MEDICAL ALERT SYSTEM: MARKET LEADERSHIP
Medical Alert System are devices primarily used by aged people in case of medical emergencies such as heart attacks, falls, or patients suffering from dementia and Alzheimer’s and to get medical assistance. Apart from the use of individuals to expect help during emergencies, these devices can be used to ensure safety and security while living or traveling alone. The overall medical alert system market is expected to grow from USD 5.9 billion in 2019 to USD 9.5 billion by 2025, at a CAGR of 7.9% during the forecast period. The growth of the overall medical alert system market is driven by various factors such as increase in geriatric population and health literacy across the globe, rising adoption of smart & mobile emergency response systems, technological advancements in medical alert systems, and increasing inclination of elders towards independent living.
In 2019, the medical alert systems quadrant market was dominated by Koninklijke Philips, Connect America, Valued Relationships (VRI), Guardian Alarm, and AlertOne Services. These leading players adopted a few strategies in the medical alert systems market which created a significant impact. Strategies comprise product launches, strategic partnerships, and business agreements, along with mergers& acquisitions.
Koninklijke Philips (Europe)is one of the industry leaders in the field of medical alert systems with its diverse and strong product portfolio. It deals in various medical equipment such as medical alert systems, imaging solutions, and respiratory care. The company operates through four business segments—diagnosis & treatment, connected care & health informatics, personal health, and others. Its global presence in the medical alert systems market makes it a dominant player in this segment. The company is expanding its connected care and health informatics business segment by using organic and inorganic strategies. It focuses on innovations, partnerships, organic investments, and acquisitions. The company’s strong brand name, distribution network, and geographic reach are some of the reasons which influence the leadership position of Philips in the medical alert systems market. The company partnered with other senior assistive device manufacturers, such as Right at Home (US) and Constant Companions (US), to create innovative solutions for seniors.
Connect America (US) is one of the largest providers of medical alert systems in North America. It caters to people suffering from some physical challenges, medical ailments, declining health, and senior citizens who wish to live independently. The company focuses on inorganic growth as a strategy for its expansion in the medical alert systems market. This inorganic strategy, combined with the industry’s best emergency response service at an affordable cost, helped in increasing the company’s share in the medical alert systems market in the US. The company can expand its operations in different emerging markets in order to increase its revenue and emerge as a global player in the best medical alert systems market. It can target other regions of the world with some product differentiation, which is suitable for a particular market or which matches the lifestyle of the people living there.
Valued Relationships (VRI) (US) is one of the renowned players providing health monitoring solutions to geriatric people with disabilities or illnesses. The company provides medical alert systems, which include electronic medication reminder devices, tele-health and vitals monitoring, fall detection, medication management, and mobile medical alert solutions. The company majorly focus on partnerships and collaborations to grow in the medical alert systems market. It holds a strong position in the US because of its product portfolio and excellent service. The company can take advantage of its existing strategy to collaborate with players who are working on emerging technologies such as IoT (Numerex) and can develop innovative solutions for targeted audiences in other regions. Such collaborations can help the company to become an international player in the medical alert systems market.
Guardian Alarm(SU) primarily provides residential home security & life safety systems, commercial access control, cameras, cloud storage security, and medical monitoring & alert systems. The company offers a comprehensive line of medical alert systems that fit the specific needs of a person to support safe and independent living. Its offerings include basic medical alert systems that can be used only inside the home and are connected through landline or a cellular phone. The company also provides an option of adding an auto-fall sensor pendant to its tabletop medical alert systems. Guardian Alarm provides home and yard medical alert systems for people who are engaged in physical activities such as gardening or spending time in the yard. The company focuses on partnerships with other companies to extend its reach to a higher number of customers. It partnered with healthcare agencies in order to establish a personal emergency response system (PERS) as a Medicaid waiver provided service. Guardian Alarm also incorporated advanced technologies such as 4G for faster communication and better response time in its services.