NEWARK, Del, April 04, 2023 (GLOBE NEWSWIRE) -- The fall detection system market revenues were estimated at US$ 392 million in 2022. It is further anticipated to grow at a CAGR of 6.0% from 2022 to 2032. By the end of 2032, the fall detection system is expected to reach a valuation of US$ 700 million.
Fall detection systems can use a range of sensors, such as accelerometers, gyroscopes, and pressure sensors, to detect movement and changes in position. They might also use machine learning algorithms to analyze the data and look for patterns that indicate a fall.
As the elderly population rises, there is a growing demand for fall detection systems. Fall detection systems are a crucial component of patient care for patients with chronic diseases like Parkinson's, Dementia, and Alzheimer's. This is mostly because such conditions can increase the risk of falling manifold.
During the assessment period, it is also anticipated that an increase in the elderly population’s awareness of the harm that falls can cause will lead to a rise in demand for fall detection systems.
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Few fall detection systems also include additional features, such as medication reminders, GPS tracking, and emergency response services. These features can provide added peace of mind for both the person using the system and their caregivers. They simultaneously help in reducing the burden on emergency responders.
Such systems have the potential to improve the safety, health, and well-being of seniors and people with disabilities. As technology continues to advance and the demand for these systems grows, we can expect to see continued innovation and development in the fall detection systems market.
Key Takeaways from Fall Detection System Market Study
- The global fall detection system market exhibited a decent CAGR of around 3.3% during the historical period 2017 to 2021.
- North America fall detection system market is projected to be worth US$ 292 million in 2032.
- The United States fall detection system market is set to create an absolute $ growth of US$ 86 million till 2032.
- Based on component, the accelerometers & gyroscopes segment is anticipated to lead at a CAGR of 5.8% from 2022 to 2032.
- Based on system, the wearable systems witnessed prominent growth at a CAGR of 3.1% from 2017 to 2021.
“The incorporation of advanced technologies such as artificial intelligence and machine learning algorithms in fall detection systems is steadily rising. They are anticipated to enhance the accuracy and effectiveness of such systems, driving further growth in the market.” – Says a lead analyst.
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Competitive Analysis: Fall Detection System
The market players are investing heavily in research and development for new and efficient products. The companies are also focusing on product launches and mergers & acquisitions to augment their market positions.
For instance,
- In July 2021, Medical Guardian announced the launch of the Freedom Guardian 2, a new wearable device that includes fall detection, GPS tracking, and other safety features.
- In May 2020, ADT announced a partnership with Life360, a mobile safety app, to provide fall detection and emergency response services for seniors and people with disabilities.
Key Companies Profiled are Koninklijke Philips N.V., Connect America, ADT Corporation, Tunstall Healthcare Group Ltd., Medical Guardian LLC, Bay Alarm Medical, Mobilehelp, Mytrex, Inc., Semtech Corporation, Alertone Services, LLC, Lifefone, GreatCall, SafeGuardian LLC, LifeStation, Inc., Walgreens Company, Legrand Electric Ltd, Rescue Alert, Galaxy Medical Alert Systems
Get More Exclusive Insights into Fall Detection System Market
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the emergency spill response market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2022 to 2032.
The study reveals extensive growth in terms of components (accelerometers & gyroscopes, multimodal sensors, and other unimodal/ bimodal sensors), algorithm (simple threshold, and machine learning methods), systems (wearable systems, in-home landline systems, and in-home cellular systems), end-user (senior citizens - home, senior citizen – outside, lone workers, hospitals, nursing homes, and senior assisted living facilities) and region.
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Global Fall Detection System Market Outlook by Category
By Component:
- Accelerometers and Gyroscopes
- Multimodal Sensors
- Other Unimodal/Bimodal Sensors
By Algorithm:
- Simple Threshold
- Machine Learning Methods
By System:
- Wearable Systems
- In-Home landline Systems
- In-Home Cellular systems
By Application:
- Senior Citizens - Home
- Senior Citizens - Outside
- Lone Workers
- Hospitals
- Nursing Homes
- Senior Assisted Living Facilities
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Table of Content
1. Executive Summary | Fall Detection System Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
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