New York, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Fall Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Sensor Pads, Floor Mats, and RFID Tags) and End User (Hospitals and Clinics, Nursing Homes, and Others)”. The fall management market growth is driven by the use of multimodal technology in fall detection systems and increasing geriatric population. The hospitals and clinics segment dominated the global market and accounted for the largest market share of 44.59% Mn in 2021.
| Report Coverage | Details |
| Market Size Value in | US$ 171.36 Million in 2021 |
| Market Size Value by | US$ 230.10 Million by 2028 |
| Growth rate | CAGR of 4.3% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 134 |
| No. Tables | 57 |
| No. of Charts & Figures | 79 |
| Historical data available | Yes |
| Segments covered | Product and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Fall Management Market: Competition Landscape and Key Developments
Medline Industries, Inc.; Stanley Black & Decker, Inc.; Alimed, Inc.; Curbell, Inc,; DeRoyal Industries, Inc.; Emfit Ltd.; Personal Safety Corporation; Rondish Company Limited; Smart Caregiver Corporation; and TIDI Products, Llc are among the key companies operating in the fall management market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to tap into prevailing business opportunities.
In September 2021, Curbell Medical Products, Inc. announced launching of two new products—Assistive Control Adaptor (AC-20) and Zephyr Breath-Activated Call Device. The products assist patients and rehabilitators as they are highly specialized for patients suffering from disabling surgeries and illnesses.
The global fall management market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In North America, the U.S. is the largest market for fall management market. The US is estimated to hold the largest share in the fall management market during the forecast period. The presence of top players and favorable regulations related to product approvals coupled with commercializing new products are the contributing factors for the regional growth. Additionally, the increasing number of R&D activities is the key factor responsible for the Asia-Pacific regional growth for fall management accounting fastest growth of the region during the coming years.
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The increased risk of falls among the geriatric population is one of the essential factors driving the growth of the fall management market. According to the Centers for Disease Control and Prevention (CDC), around 36 million falls are reported among older adults every year, which has resulted in more than 32,000 deaths. Moreover, every year, around 3 million older adults are treated in emergency departments for a fall injury. Each year, more than 95% of hip fractures are caused by falling, and at least 300,000 older people are hospitalized for these fractures. Thus, the rising risk of falls in the elderly population propels the demand for fall management systems.
A multimodal technology has been adopted increasingly to develop fall detection systems as the technology confers precision and robustness in these systems. Moreover, the technology is majorly based on wearable sensors, ambient sensors, and vision devices. The multimodal technology has traditionally been in use in short-term memory networks (LSTM) and convolutional neural networks (CNN) for real-time detection. "Design and Analysis for Fall Detection System Simplification," a research paper released in April 2020, presents a methodology based on multimodal sensors to configure a simple, comfortable, and fast human-activity recognition system.
Based on product, the fall management market is segmented into sensor pads, floor mats, and RFID tags. The sensor pads segment took the forefront lead in the worldwide market by accounting largest share in 2020 and is expected to continue to do so during 2021–2028.
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By end user, the fall management market is segmented into hospitals and clinics, nursing homes, and others. The hospitals and clinics segment held a considerable share of the market in 2021, and it is likely to continue its dominance in the market during the forecast period.
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