The global fall detection systems market applies its products and services to a very specific set of audiences that experience uncontrolled falling due to age-related medical reasons. A fall detection system is not prescribed to all patients that often fall, as there is little the systems can do to differentiate between a fall and a false alarm, such as lying down or sitting down. That said, a large number of people that suffer from chronic illnesses such as dementia and diabetes are required to use fall detection systems. This ensures a complete monitoring system where relevant people can be informed of the patient’s current condition in the event of an emergency.
The global fall detection systems market was valued at around US$335.4 mn in 2015 and is expected to show a CAGR 4.9% within a forecast period from 2015 to 2021. Owing to this, the global fall detection systems market is expected to reach US$448.1 mn in 2021. Benefiting from this positive growth rate are the key players, MariCare Oy, Bay Alarm Company, MobileHelp, Medical Guardian LLC, ADT Security Services, Tunstall, LifeWatch USA, and Koninklijke Philips N.V.
Growing Disease Prevalence Boosts Global Fall Detection Systems Market
The primary driver for the global fall detection systems market is the growing number of patients afflicted by chronic diseases such as diabetes, arthritis, strokes, and others. This also includes Alzheimer’s disease, which is showing a high rate of growth, especially in developed economies. This market is expected to be boosted even further by the growing expenditure rates in healthcare, especially for the care of the elderly, along with growing government investments.
Other factors for the growth of the global fall detection systems market include the introduction of advanced technologies that allow these devices to be integrated with GPS or Wi-Fi signals to send a faster warning message in the event of a fall.
Asia Pacific Shows Highest Growth Rate in Global Fall Detection Systems Market
From a regional perspective, the global fall detection systems market was dominated by North America in 2015, owing to a high population of the elderly. Their increasing demand for fall detection gear has propelled this region to the forefront of this market in terms of both sales and research and development efforts. The high demand for these systems and an already-developed healthcare and medical devices industries are also responsible for the proliferation of key players in this region. Similar factors apply to Europe.
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The fastest growth rate is currently being experienced by Asia Pacific, owing to a rapidly developing healthcare industry, the increasing market penetration of global players, and the high population density of the geriatric. Similar factors are responsible a slightly lower growth rate in South America, while the MEA region is showing a very slow rate of growth.
On the other hand, the increasing use of smartphones in all regions is restricting the growth of the global fall detection systems market. Smartphones and other mobile consumer devices are coming out with a large array of free apps that help locate people and whether there has been a crash or a fall. The proliferation of these apps is cutting down the number of users for paid detection subscriptions.