The Fall Detection System Market is expected to reach US$ 600.0 Million at a CAGR of 4% from 2019 to 2029. Tech-driven innovation is the trend that the healthcare vertical would be resting on in the forecast period. With precision medicine being the focal point, extensive research is being carried out in every arm of the healthcare vertical. The status quo is expected to stay unchanged even in the forecast period.
The new research study by Persistence Market Research (PMR) unveils worldwide revenue of fall detection systems reached US$ ~380 Mn, in 2018. According to the study, it is projected that the industry for fall detection systems is anticipated to expand by ~ 4% YOY in 2019, mainly affected by the latest changes in the worldwide fall detection systems landscape such as technological advancements.
Growing focus on making highly sensitive and cost-effective fall detection systems contribute to the build-up of the industry for fall detection systems by the end of 2029, according to the study. Increasing number of falls in geriatric population combined with increasing prevalence of chronic diseases and endorsement of fall detection systems as supportive tool for independent living – all contribute to the upsurge in the sales of fall detection systems in 2019 and beyond.
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Fall Injuries Increasing the Demand for Fall Detection Systems
Treatment of fall injuries imposes an enormous financial strain on the community, especially for seniors as the hospitalization time and cost of treatment increases with age. This is linked to rising ageing population coupled with increasing number of falls among the elderly group.
Fall detection systems deliver immediate access to elderly population and provides a potential solution for unreported falls among seniors, thus improving outcomes and reducing the overall healthcare cost. According to the Center for Diseases Control and Prevention, each year, 3 million seniors undergo treatment in emergency departments for fall injuries.
According to the PMR report, growing adoption in homecare settings accounted for relatively high sales in 2018, and this end-use sector will continue to harness the maximum share during the forecast period of 2019-2029. This is attributed to the growing desire for seniors to spent time at home and to live their life independently and at their convenience.
Demand for automatic fall detection systems is estimated to shoot up by the end of 2029, as end users seek user-friendly fall detection systems that have capability to alert senior care or healthcare facility automatically during emergency saving time for the patient to get proper therapy.
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Based on sensing method, sales of wearable fall detection systems have been, and will continue to witness greater adoption among end users, reveals the PMR research study. Demand for wearable fall detection systems is primarily driven by their ease-of-use nature and mobility, as they come in the form of watches, necklaces, and clip-to-garments, thus enabling users to carry them wherever they wish to go.
Thus, the PMR study report estimates that wearable fall detection systems will hold ~ 70% of the total market share during the forecast period.
Asia Pacific Market Set to Grow 2X
According to the PMR study, growth opportunities for the fall detection systems market players are picking pace in the Asia Pacific region. After North America and Europe, Asia Pacific is expected to harness the maximum share in the market for fall detection systems, owing to subtle expansion of the regional healthcare industry and development of senior care facilities in this region.
High population factor and increasing investment in healthcare by the government, especially in Asian countries also create an opportunity for fall detection systems manufacturing companies to invest in these regions.
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PMR’s business analytics also shows breakthrough perspectives into the competitive landscape of the fall detection systems market along with highlights of manufacturers’ key business policies and approaches.
Key market players in the fall detection systems will continue to draw upon the global drive by focusing their research and development resources on developing machine learning based fall detection systems and also companies will be expanding their business through partnerships with other technology giants.
For instance, MobileHelp®, an emerging company in the fall detection systems market, has taken a step further and created a new smart-watch based fall detection systems solution in collaboration with Samsung and Trelawear and announced the launch of new line of emergency response wearables to expand its product offerings of fall detection systems.
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