Fall Detection Systems Market – Insights
A fall detection system is a device that is used to alert emergency services in the event of a fall. Such devices have the potential to mitigate some of the adverse consequences of a fall.
The global fall detection systems market is estimated to account for US$ 402.8 Mn in terms of value in 2019 and is expected to account for US$ 604.3 Mn by the end of 2027.
Global Fall Detection Systems Market: Drivers
Increasing geriatric population is expected to boost growth of the global fall detection systems market over the forecast period. For instance, according to the World Health Organization (WHO), the worldwide geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
Moreover, increasing prevalence of various chronic diseases such as Alzheimer’s disease, dementia, cardiovascular diseases, chronic obstructive pulmonary disease, (COPD) and diabetes is also expected to propel growth of the market. For instance, according to WHO, the number of people suffering from dementia is expected to reach 65.7 million by 2030.
North America region held dominant position in the global fall detection systems market in 2018, accounting for 45.8% share in terms of value, followed by Europe.
Global Fall Detection Systems Market: Restraints
High cost of fall detection systems is expected to hinder growth of the global fall detection systems market. High subscription costs may inhibits adoption of these devices in emerging economies.
Moreover, fall detectors offered by various market players are not entirely accurate. Automatic fall detection systems do not detect sliding falls. These drawbacks are also expected to hinder growth of the market.
Global Fall Detection Systems Market: Opportunities
Tele-health solutions can help enhance health outcomes and reduce healthcare costs. Advancements in mobile technologies and increasing adoption of home care services is expected offer lucrative growth opportunities for market players.
Moreover, increasing R&D in fall detection algorithm is also expected to aid in growth of the market. For instance, in March 2019, researchers from Bern University of Applied Sciences reported the technical validation of the AIDE-MOI fall detection algorithm in the journal MDPI Sensors.
By product segment in global fall detection systems market was valued at US$ 382.9 Mn in 2018 and is expected to reach US$ 604.3 Mn by 2027 at a CAGR of 5.2% during the forecast period.
Market Trends/Key Takeaways
Key players in the market are offering smartwatches with fall detection. For instance, Apple Watch 5 has inbuilt watch detection. The watch automatically calls 911 (in the U.S.) if it cannot detect movement or input after a minute.
Key players in the market are also focused on developing fall detection technology that is based on Wi-Fi. For instance, in December 2019, Origin Wireless announced the launch of Origin Health, a new wirelessAI WiFi sensing software platform that enables remote monitoring and fall detection.
Global Fall Detection Systems Market: Competitive Landscape
Major players operating in the global fall detection systems market include, Koninklijke Philips N.V., LifeWatch USA, Tunstall, Apple, Inc., ADT Security Services, Medical Guardian LLC, MobileHelp, Bay Alarm Company, MariCare Oy, and Origin Wireless.
Global Fall Detection Systems Market: Key Developments
Key players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in November 2019, ADT Security Services acquired Marietta, a commercial security integration company. The acquisition is expected to strengthen range of services the commercial division of ADT Security Services can offer customers in Atlanta.
Key players in the market are also focused on adopting collaboration strategies to expand their product portfolio. Philips collaborated with Humana Inc. to help improve care and health outcomes for select high-risk Medicare Advantage members. Humana Inc. implemented two programs that use medical alert services and remote member monitoring (RMM) solutions of Philips to actively monitor at-risk Medicare Advantage members.