FALL DETECTION SYSTEMS MARKET ANALYSIS

An assistive device whose primary function is to warn when a fall event has taken place is referred to as a fall detection system. One of the important features used in the majority of smart walkers to address gait and balance problems is a fall detection system. To forecast, identify, and prevent instances of falling, a variety of procedures are used to monitor gait metrics using sensory systems.

Global fall detection systems market is estimated to be valued at US$ 5,849.3 million in 2022 and is expected to exhibit a CAGR of 9.4 % during the forecast period (2022-2030).

Figure 1. Global Fall Detection Systems Market Share (%), by Sensing Modalities, 2022

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Increasing prevalence of various chronic diseases such as Alzheimer’s disease, dementia, cardiovascular diseases, chronic obstructive pulmonary disease, (COPD) and diabetes are expected to drive growth of the global fall detection systems market.

Increasing prevalence of various chronic diseases such as Alzheimer’s disease, dementia, cardiovascular diseases, chronic obstructive pulmonary disease, (COPD) and diabetes are expected to drive growth of the global fall detection systems market. For instance, according to the WHO, the number of people suffering from dementia is expected to reach 65.7 million by 2030 globally.

Figure 2. Global Fall Detection Systems Market Share (%), by Region, 2022

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The increasing adoption of smartphones is expected to drive market growth during the forecast period.

The increasing adoption of smartphones is expected to drive market growth during the forecast period. For instance, according to the data from GSMA Intelligence, which is the mobile industry's leading data and analysis resource stated that in 2022, there are 5.34 billion mobile phone users in the world.

Global Fall Detection Systems Market– Impact of Coronavirus (COVID-19) Pandemic

COVID-19 had a negative impact on the fall detection system market owing to the supply chain disruptions and COVID-19 restrictions imposed by government. The epidemic that hindered market expansion significantly affected the industrial industry. The global lockdown's adoption had an effect on manufacturing industries' production plans. During the lockdown, sales decreased, which had an impact on the sales ratio and the number of deliveries. The market will, however, start to expand again after the epidemic because the earlier limits have been loosened.

Global Fall Detection Systems Market: Key Developments

Key players in the market are focused on adopting merger and acquisition (M&A) strategies to expand their product portfolio. For instance, in November 2019, ADT Security Services acquired Marietta, a commercial security integration company. The acquisition is expected to strengthen range of services the commercial division of ADT Security Services can offer customers in Atlanta.

Key players in the market are also focused on adopting collaboration strategies to expand their product portfolio. For instance, Philips, which is a technology company collaborated with Humana Inc., which is U.S. health insurance company, to help improve healthcare outcomes for selected high-risk Medicare Advantage members. Humana Inc. implemented two programs that use medical alert services and remote member monitoring (RMM) solutions of Philips to actively monitor at-risk Medicare Advantage members.

Global Fall Detection Systems Market: Restraint

High cost of fall detection systems is expected to hinder growth of the global fall detection systems market. High subscription costs may inhibits adoption of these devices in emerging economies. Moreover, fall detectors offered by various market players are not entirely accurate. Automatic fall detection systems do not detect sliding falls. These drawbacks are also expected to hinder growth of the market.

Key Players

Major players operating in the global fall detection systems market include 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.