Aging Population Drives the Global Market for Social Alarm Devices, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on the Social Alarms markets. Global market for Social Alarms is projected to reach US$633 million by 2018, driven by an aging global population and the growing desire of the elderly to live independently.

Social Alarms: A Global Strategic Business Report

Follow us on LinkedIn – Over the past few decades, the combination of healthcare and technology has resulted in several path-breaking developments in the healthcare sector. Social alarm or Personal Emergency Response System (PERS), which can be worn as a pendant or a bracelet and is triggered by the event of an emergency, is one such revolutionary invention that facilitates efficient and timely provision of medical aid to people, particularly in times of emergencies. An aging population is the primary driving force for the social alarms market. With the number of people in the 65+ age group projected to reach 1.5 billion by the end of 2050, social alarms market is expected to make rapid gains.

The target market for social alarms primarily includes individuals with age-related or medical conditions living alone at home for longer durations of time. Social alarms enable older and vulnerable people to lead an independent life through reassurance and constant monitoring. The trend towards home-based healthcare, increase in average life expectancies, increasing population of baby boomers, and growing participation of public and private sectors in elderly care services bode well for social alarms market. With the aging population placing enormous strain on the overall cost of healthcare, telecare services and social alarms are emerging as ideal means to cut costs. Further, the integration of telecommunications and information technology is fueling a shift in provision of healthcare services from conventional hospital units to social care providers, which in turn translates into strong business opportunity for manufacturers of social alarm systems including providers of services and infrastructure products such as telecom, electronics, and security companies. Technological advancements, such as those focused on improving user experience and increasing coverage area are expected to fuel demand for social alarms.

Social alarms are the first generation telecare products and find use on a regular basis in a number of countries worldwide. At present, telecare is widespread in nations where initially social alarms were adopted mostly for or by social care and/or housing organizations as part of social care. In some countries, the main provision for older people in homes is by the private sector without any direct link to mainstream social care services. However, the level of adoption varies from country to country. Social alarm services are yet to achieve completely mainstream status in most countries, although few countries have a distinct edge in terms of their adoption levels.

The US and Japan are amongst the countries with most instances of mainstream adoption of social alarm services. Within Europe, some countries have witnessed instances of mainstream implementation of social alarm services. However, most of these are localized involving single or few localized providers. In few countries such as Germany, extensive trials have been undertaken that are leading to the development of increasingly generalized modes, even though most of them remain limited to few regions or providers. Hospitals and healthcare facilities have been the key providers of telehealth services across European countries, while public and private healthcare providers and facilities are mostly associated with offering social alarm services in the US. Differences in adoption levels are also evident among countries with adequate infrastructure facilities and favorable reimbursement policies.

As stated by the new market research report on Social Alarms, Europe represents the largest regional market for social alarm devices, globally. A key driving factor for the market is the rising proportion of the elderly, which continues to put pressure on the already constrained healthcare systems as the likelihood of chronic illnesses and disabilities tends to increase with age and the need for drugs, devices, and surgeries escalates. Within Europe, the United Kingdom constitutes the largest market.

The United States represents the fastest growing market for social alarm devices, globally. Demand for social alarms has increased manifold in the last few years, owing to the rising instances of injuries and sicknesses among the elderly. Falls comprise the primary cause of non-fatal injuries, injury-related deaths, and trauma-related hospital admissions in case of elderly people. Hospitals and various other healthcare centers also provide impetus to the growing social alarm market as the provision of social alarm service proves to be a cost effective affair for healthcare organizations. However, the high cost of the device is a major dampener for demand growth, which is also spurring the trend towards renting of the equipment as against its outright purchase.

Major players profiled in the report include ADT Security Services Inc., Aerotel Medical Systems, Alert Response LLC, Chubb Community Care, Connect America Medical Alarm Company, Koninklijke Philips Electronics N.V., Jontek Ltd., Robert Bosch GmbH, Tunstall Healthcare Group, and Tynetec Ltd., among others.

The research report titled “Social Alarms: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, and Rest of Europe), Asia-Pacific, and Rest of World.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Social_Alarms_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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