With rising intervention of smartphone technology and a constant surge in healthcare expenditure, it is highly likely that the sales of supportive tools, such as fall detection systems, will witness steady growth over the course of coming years. As indicated in a new research intelligence outlook of Persistence Market Research (PMR), the global fall detection systems market size was worth US$ 380 Mn in 2018. The report opines that the worldwide sales of fall detection systems are set to witness ~4.5% CAGR during the predefined period of forecast, i.e. 2019-2029.
Automatic, and sensor technology enabled systems continue to account for a majority of the overall sales, which highlights the growing emphasis on introducing patient-oriented fall detection systems in the global market. According to PMR’s analysis, as ‘aging in place’ continues to gain prominence across developed regions, and further spreading its roots to economies in fast-developing regions, fall detection systems market will experience improved growth prospects over the foreseeable future.
Development of Cost-effective Systems Underway
In addition to the increasing number of falls in elderly population, which are further complemented by the rising prevalence of chronic diseases, the fall detection system sales are expected to gain a major push from a dramatic rise in endorsements of supportive tools and accessories for independent living. Moreover, the costs of treatment for fall injuries as well as tenure of hospitalization tends to remain high in case of geriatric patients. This, according to the report, squarely influences the criticality of fall detection systems - particularly among the elderly population.
Over 3 million senior citizens undergo treatment for fall injuries, each year, in emergency department, as indicated by surveys. Increasingly being perceived as a potential solution to unreported falls, fall detection systems hold the promise to deliver improved outcomes, thereby significantly reducing the overall costs. PMR’s analysis reveals that the focus on fall detection system manufacturers is shifting towards the development of economically sound yet highly sensitive systems. Looking at rapidly growing adoption of fall detection systems within homecare settings, compared to that at assisted facilities, it is highly likely that homecare settings will emerge as a prominent consumer category for fall detection systems market.
Asian Markets Prospering, Governments Playing a Key Role
Following developed regional markets that lead the way in fall detection systems landscape with 3/4th of revenue shares, APAC has been witnessing robust growth of the healthcare industry and rapidly increasing number of senior healthcare facilities within the region. As depicted by the regional analysis of fall detection systems market, Asia Pacific (APAC) continues to reflect lucrative growth opportunities, and has been estimated to see doubled revenue growth over the period of next decade. Governments of several Asian countries remain pivotal in creating opportunities for investors in the fall detection systems market, says the report.
According to PMR’s analysis of the market based on technology, sensor-based fall detection systems currently represent ~45% of overall sales. However, the report also points to strong possibilities of GPS- and smartphone-based systems selling at healthy rates, in the near future. Moreover, wearables, such as necklaces and watches, continue to lead the way in fall detection systems market. The market growth will remain in parallel to the growth of technology landscape, and thereby, the consumer electronics industry.
Prominent players in fall detection systems market maintain their strategic focus on dedicating R&D resources to designing systems that are enabled by the machine learning technology. Some of the key market participants also prefer strategic partnerships with technology giants, for an added competitive advantage. Emergency response wearables are rapidly emerging as a profitable trend in the fall detection systems market, in line with the flourishing landscape of wearables and smart mobile devices.
The report offers deep-dive analysis of the competition landscape, and tracks strategic developments of the prominent participants in fall detection systems market. To learn more about how the report will bring a difference to your business in the fall detection systems market, write in to email@example.com