Fall Detection System Market to Soar in the Near Future Owing to Growing Consumer Adoption

The rise in geriatric population, upsurge in the adoption rate of wearable technology and smartphones by consumers and better ability to assist in case of fall resulting in decreased medical expenses are the major factor driving market growth. Furthermore, rise in the preferences of consumers towards healthcare system and growing demand for multimodal technology will enhance the growth rate of fall detection system market.

The global fall detection systems market is estimated to account for US$ 402.8 Mn in terms of value in 2019 and is expected to account for US$ 604.3 Mn by the end of 2027.

Moreover, upsurge in the number of artificial intelligence companies and approach of machine leaning to detect fall will create beneficial opportunities for the growth of the market.

The market's growth, however, is hampered by its lack of practicality and acceptability among the elderly, as well as the use of data from duplicated conditions for building the fall detection system algorithm. The most significant challenges in the market for fall detection systems are privacy concerns regarding the use of fall detection systems, as well as the sensitivity and specificity of the fall detection system.

This fall detection system market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market.

Key players in the market are also focused on adopting collaboration strategies to expand their product portfolio. Philips collaborated with Humana Inc. to help improve care and health outcomes for select 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.