Fall Detection System Market is expected to reach USD 497.3 million by 2022

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Jun 05, 2017, 14:54 ET

LONDON, June 5, 2017 /PRNewswire/ -- Highlights

· Fall detection system market estimated to grow at a CAGR of 5.58% between 2017 and 2022

· The overall fall detection system market was valued at USD 358.6 million in 2016 and is expected to reach USD 497.3 million by 2022, at a CAGR of 5.58% between 2017 and 2022.

· Better accessibility to assistance in case of fall leading to reduced medical expenses, increasing demand for smartphone and wearable technology-based fall detection systems, and increasing demand for multimodal technology are the factors driving the growth of the fall detection system market.

· Multimodal sensor expected to witness the highest growth rate during the forecast period

· Multimodal sensors include accelerometers and gyroscopes; magnetometers; and audio, images, and video clips via speech recognition and on-demand video techniques.

· The popularity of the machine learning method is the primary reason behind the growth of the market for multimodal sensors in the fall detection system market.

· The machine learning algorithm needs an array of sensors to carry out a real-time analysis of numbers and differentiate a fall from other activities of daily living.

· Fall detection system for wearable system expected to hold the largest market share during the forecast period

· Wearable fall detector systems are miniature electronic systems that can be worn as a pendant or watch or on top of clothing.

· Wearable systems are preferred owing to their advantage of cost-efficiency and ease of installation.

· The wearable systems segment currently holds the major market share and is expected to be fastest-growing segment because wearable systems can be used in homes as well as outside.

· APAC and North America expected to be the fastest-growing and the largest markets, respectively, during the forecast period

· The fall detection market in APAC is expected to grow at the highest rate during the forecast period.

· The market in APAC is further subsegmented into India, China, Brazil, and Rest of APAC.

· The rising geriatric population, technological innovation, and growing penetration of personal emergency response systems are the three crucial factors encouraging the growth of the market in this region.

"Fall detection system market estimated to grow at a CAGR of 5.58% between 2017 and 2022"
The overall fall detection system market was valued at USD 358.6 million in 2016 and is expected to reach USD 497.3 million by 2022, at a CAGR of 5.58% between 2017 and 2022. Better accessibility to assistance in case of fall leading to reduced medical expenses, increasing demand for smartphone and wearable technology-based fall detection systems, and increasing demand for multimodal technology are the factors driving the growth of the fall detection system market. However, the low practicality and acceptability of the technology among elders, and the use of data from simulated conditions for designing fall detection system algorithms acts as a restraining factor for the market.

"Multimodal sensor expected to witness the highest growth rate during the forecast period"
Multimodal sensors include accelerometers and gyroscopes; magnetometers; and audio, images, and video clips via speech recognition and on-demand video techniques. The popularity of the machine learning method is the primary reason behind the growth of the market for multimodal sensors in the fall detection system market. The machine learning algorithm needs an array of sensors to carry out a real-time analysis of numbers and differentiate a fall from other activities of daily living. Along with this, multimodal sensors also use artificial intelligence to detect a fall. These factors are expected to act as key drivers for the multimodal sensor market.

"Fall detection system for wearable system expected to hold the largest market share during the forecast period"
Wearable fall detector systems are miniature electronic systems that can be worn as a pendant or watch or on top of clothing. Wearable systems are preferred owing to their advantage of cost-efficiency and ease of installation. The wearable systems segment currently holds the major market share and is expected to be fastest-growing segment because wearable systems can be used in homes as well as outside. Furthermore, the availability of devices pre-installed with the machine learning algorithm is expected to be a major driver for the growth of the wearable systems segment in the fall detection system market.

"APAC and North America expected to be the fastest-growing and the largest markets, respectively, during the forecast period"
The fall detection market in APAC is expected to grow at the highest rate during the forecast period. The market in APAC is further subsegmented into India, China, Brazil, and Rest of APAC. The rising geriatric population, technological innovation, and growing penetration of personal emergency response systems are the three crucial factors encouraging the growth of the market in this region. The market in North America is further segmented into the US, Canada, and Mexico. The companies situated in the US are focusing on increasing their footprint in the US and Canada. Thus, North America would continue to dominate the fall detection system market.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts. The breakup of the profile of primary participants has been given below:

• By Company Type: Tier 1 = 33%, Tier 2 = 17%, and Tier 3 = 50%
• By Designation: D-level Executives = 50%, C-Level Executives = 17%, and Others = 33%
• By Geography: North America = 83% and Europe = 17%

The companies providing a range of customized solutions are expected to emerge as the game changers as customers find it easier to sync up with such devices for use within a specific industry.

The key market players profiled in the report are:
• Koninklijke Philips N.V. (Netherlands)
• Connect America (US)
• The ADT Corporation (US)
• Tunstall Healthcare Group Ltd. (UK)
• Medical Guardian LLC (US)
• Bay Alarm Medical (US)
• Singapore Technologies Electronics Limited (Singapore)
• MobileHelp (US)
• MariGroup Oy (Finland)
• Mytrex, Inc. dba Rescue Alert (US)
• Semtech Corporation (Netherlands)
• AlertOne Services, LLC (US)
• LifeFone (US)

Research Coverage:
• The market is segmented on the basis of component into accelerometers & gyroscopes, other unimodal/bimodal sensors, and multimodal sensors.
• The market is segmented on the basis of algorithm into simple threshold and machine learning methods.
• The market is segmented on the basis of system into wearable systems, in-home landline systems, and in-home cellular systems.
• The market is segmented on the basis of end user into senior citizens – home; senior citizens – outside; hospitals, nursing homes, and senior assisted living facilities; lone workers; and others.
• The geographic analysis is done with regard to four major regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Reasons to buy this report:
From an insight perspective, this research report focuses on various levels of analysis—industry analysis (industry trends), market ranking analysis of top players, value chain analysis, vendor DIVE analysis, company profiles that discuss the basic views on the competitive landscape, emerging segments and the segments having a high growth potential in the fall detection system market, high-growth regions, and the market dynamics such as drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:
• Market penetration: Comprehensive information on fall detection systems offered by the top players in the global fall detection system market
• Product development/innovation: Detailed insights regarding R&D activities, emerging technologies, and new product launches in the fall detection system market
• Market development: Comprehensive information about lucrative emerging markets along with the analysis of the fall detection system market across the major regions
• Market diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the overall fall detection system market
• Competitive assessment: In-depth assessment of the market ranking analysis, strategies, products, and manufacturing capabilities of the leading players in the fall detection system market
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