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| Fall Detection Systems Market Size |
The Fall Detection Systems Market is estimated to be valued at US$ 6399.13 Mn in 2023 and is expected
to exhibit a CAGR of 9.4% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Fall detection systems use sensors and detection algorithms to automatically
detect falls and summon help. These systems use sensors such as accelerometers,
gyroscopes, and position sensors to detect sudden movements and unusual
postures that may indicate a fall. When a fall is detected, the system prompts
the user to confirm if they need help. If the user is unresponsive, the system
automatically contacts emergency contacts like family, caregivers or emergency
services to report the fall and get medical assistance. These systems provide
safety and independence to elderly individuals by minimizing the time to
respond to fall incidents.
Market Dynamics:
Increasing geriatric population is a major driver expected to boost the growth
of fall detection systems market over the forecast period. According to the
United Nations' World Population Ageing Report, the number of people aged 65 or
above is projected to grow from 703 million in 2019 to 1.5 billion in 2050
globally. Elderly people aged 65 and above are more susceptible to falls, which
can often lead to severe injuries or hospitalization. Fall detection systems
can help monitor their safety and improve emergency response times in case of
fall incidents. Additionally, growing adoption of wearable devices that
incorporate fall detection capabilities is also fueling market growth.
Smartwatches, fitness trackers and accessories from prominent players are
integrating fall detection algorithms and connectivity to emergency platforms.
This allows wearable-based monitoring of falls for the aging population.
Segment Analysis
The Fall
Detection Systems Market Size is dominated by wearable devices segment.
The wearable fall detection systems segment accounted for the largest market
share of about 60% in 2020. Wearable fall detection devices have gained
popularity due to their easy portability and ability to transmit alerts to
caregivers in real-time. These devices are compact, comfortable to wear, and
can integrate a wide range of functions such as activity trackers, GPS
trackers, heart rate monitors etc.
PEST Analysis
Political: The government initiatives towards increasing adoption of assisted
living technologies for elderly population care is driving the market growth.
Various countries have implemented regulations to make public places and
institutions equipped with fall detection systems.
Economic: Rising healthcare costs associated with fall-related injuries among
elderly is compelling government and individuals to invest more in fall
prevention technologies. The economic burden of fall-related fractures in
elderly population globally stands in billions annually.
Social: With increasing life expectancy, the aging population worldwide has
grown significantly. Fall incidents pose serious health threats to senior
citizens. This has increased focus on ensuring their safety, mobility and
independent living through adoption of fall detection systems.
Technological: The integration of advanced technologies such as artificial
intelligence, machine learning and IoT in fall detection systems is allowing
for real-time fall detection, location tracking and alert notifications. The
use of accelerometer and gyroscope sensors provides accurate fall detection.
Key Takeaways
The global fall detection systems market is expected to witness high growth,
exhibiting CAGR of 9.4% over the
forecast period 2023 to 2030, due to increasing elderly population worldwide
susceptible to fall injuries. The market size for fall detection systems was
valued at US$ 6399.13 Mn in 2023.
Regional analysis
North America accounts for the largest share in the global fall detection
systems market, with the US being the major revenue generating country. This is
attributed to factors such as high healthcare expenditure, favorable regulatory
environment, presence of key players and increasing geriatric population in the
region susceptible to fall injuries. Asia Pacific region is expected to witness
fastest growth during the forecast period owing to improving healthcare
infrastructure and rising medical spending in countries like China and India.
Key players
Key players operating in the fall detection systems market are Koninklijke
Philips N.V., LifeWatch USA, Tunstall, Apple Inc., ADT Security Services,
Medical Guardian LLC, MobileHelp, Bay Alarm Company, MariCare Oy, Origin
Wireless, The ADT Corporation, Singapore Technologies Electronics Limited,
Semtech Corporation. Major players are focusing on product launches with
technological innovations and acquisitions to strengthen their market position
and tap growth opportunities.
Read More: https://www.rapidwebwire.com/fall-detection-systems-market-scope/