Fall Detection System Market Worth 497.3 Million USD by 2022
PUNE, India, May 17, 2017 /PRNewswire/ --
According to the new market research report "Fall Detection System Market by Component (Accelerometer & Gyroscope, Unimodal/Bimodal, Multimodal Sensors), Algorithm (Simple Threshold, Machine Learning), System (In-Home Landline, In-Home Cellular, Wearable), End User, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to be worth USD 497.3 Million by 2022, growing at a CAGR of 5.58% between 2017 and 2022.
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Browse 64 market data Tables and 73 Figures spread through 154 Pages and in-depth TOC on "Fall Detection System Market"
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The major factors driving the growth of the fall detection system market include the better accessibility to assistance in case of fall leading to reduced medical expenses, increasing demand for smartphone and wearable technology, and increasing demand for multimodal technology. These factors are expected to propel the growth of the fall detection system market during the forecast period.
"Accelerometers & gyroscopes expected to hold the largest market share between 2017 and 2022"
Accelerometers and gyroscopes are the most widely used components in the fall detection system. Among accelerometers, mostly tri-axial accelerometers are used; for the gyroscope-based system, either a bi-axial or tri-axial gyroscope is used to detect a fall. In case a fall is detected, the accelerometer & gyroscope system sends an alert signal along with the GPS location of the person. The increasing use of accelerometers & gyroscopes by end users such as senior citizens - home, and hospitals, nursing, and senior assisted living facilities is a key factor driving the fall detection system market for accelerometers & gyroscopes.
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"Fall detection system market for machine learning method expected to grow at the highest CAGR during the forecast period"
Machine learning method to detect fall is a kind of artificial intelligence that utilizes the ability of sensors to understand the fall-related data collected in experimental conditions and during the designing of the product. However, though the machine learning method increases the robustness, sensitivity, and specificity of the fall detection system, its algorithmic design consumes a lot of computable resources, thus limiting its applications in wearable devices. The machine learning algorithm is more expensive than the simple threshold method. However, owing to its better accuracy and reducing costs as well as the increasing number of artificial intelligence companies in the market, it is expected to be the fastest-growing segment during the forecast period.
"Market in North America accounted for the largest share of the overall fall detection system market during the forecast period"
North America is considered as the major contributor to the global fall detection system market, and the US holds the largest market share in the region. The market in North America is segmented into the US, Canada, and Mexico. A major trend driving the fall detection system market in the region is the expected increase in the acceptance rate of fall detectors among the rapidly increasing geriatric population. Furthermore, the growing adoption rate of the machine learning method and reimbursement of healthcare-related costs are the major factors driving the fall detection system market in the US and Canada.
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The major companies involved in the development and supply of fall detection systems include 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), and LifeFone (US). Intel Corporation, MariGroup Oy, Vital Connect Inc. and Blue Willow Systems are the four key innovators considered as a part of the fall detection system market.
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