A Medical Alert System often referred to as a personal emergency response system (PERS) or a fall button, is a combination of hi-tech communication and computer technology. There are two different types of systems available—in-home systems and mobile systems. These are easy-to-use communication tools that enable seniors to live independently and safely in their homes. It is a good investment for seniors who live alone, especially for those who need swift attention in case of an emergency. Investing in a medical alert system is a wise choice for anyone who has a fear of falling at home or on the go, and for those who want to be independent and continue doing the activities they love with an added level of security.
360Quadrants has released a quadrant best medical alert system to help businesses make quicker and more informed decisions for their business. Ranking Quadrants are generated post analysis of companies (product portfolios and business strategies) and will be updated every three months based on market and regional analyses and developments in the medical alert systems industry. 360Quadrants conducts an in-depth SWOT analysis which helps service providers in learning about new opportunities and areas where they lag behind their peers. It also helps clients in choosing the most appropriate vendor for their requirements.
CATEGORIZATION OF MEDICAL ALERT SYSTEM VENDORS
Company evaluation was conducted for 40+ companies offering Medical Alert System, out of which 25 companies were shortlisted and categorized on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Leaders.
Koninklijke Philips, Connect America, Valued Relationships (VRI), Guardian Alarm, and Alertone Services have been identified as Visionary Leaders, as they have established product portfolios and a robust market presence & business strategy. These vendors offer highly customizable and easily deployable Medical Alert Systems for commercial clients, which, when combined with their robust business strategies, enables them to achieve sustained growth in the market.
QMedic, BayAlarm, Lifefone, MobileHelp, and Critical Signal Technologies have been identified as Innovators, as these companies have innovative portfolios of the Best Medical Alert Systems and the potential to build strong business strategies for their business growth to be at par with the leading companies in the market. The companies have been providing the best Medical Alert System offerings as per the demands of their customers.
Rescue Alert, Better Alert, LifeStation, Response Now, and Vanguard Wireless have been identified as emerging players in the best Medical Alert System market. These companies are specialized in offering highly niche and personalized solutions and services to their clients and have also focused on completing acquisitions and improving their sales abilities in numerous regions with an aim to offer their integrated services to a wider range of clients.
Medical Guardian LLC, ADT Corporation, GreatCall, Galaxy Medical Alert System, and Bluelinea have been recognized as Dynamic Differentiators, as they have strong portfolios of the best Medical Alert Systems and also have a widespread network of channel partners and resellers to upsurge the deployment of their services across various vertical markets.
360QUADRANTS COMPANY EVALUATION METHODOLOGY
Top Medical Alert System Market will be rated using the following methodology:
A highly experienced team of researchers and senior analysts conducts extensive research to generate a list of vendors (competitors).
A patent-pending algorithm is used to collect inputs from key stakeholders—industry experts, buyers, vendors, and 360Quadrants analysts—based on criteria for Product Maturity and Company Maturity.
Criteria under Product Maturity include breadth and depth of product/service offering, product features and functionalities, product differentiation, and their impact on customer value.
Criteria under Company Maturity include geographical footprint, partner ecosystem, financial stability, and client coverage or sector footprint.
Approximately 80+ in-depth parameters will be considered for research for the Medical Alert System market. These parameters will be updated every six months to ensure the latest developments are taken into consideration.
A weight is assigned to each stakeholder based on information gathered pertaining to the above criteria as well as inputs from stakeholders. These inputs follow the order of priority given below:
The inputs are analyzed, and a final rating is assigned to each vendor (competitor).
After the finalization of ratings, each vendor is placed in the most relevant quadrant based on its score.
360Quadrants is the largest marketplace looking to disrupt USD 6.3 trillion of technology spends and is the only rating platform for vendors in the technology space. The platform provides users access to unbiased information that helps them make qualified business decisions. The platform facilitates deeper insight using direct engagement with 650+ industry experts and analysts and allows buyers to discuss their requirements with 7500 vendors. Companies get to win ideal new customers, customize their quadrants, decide key parameters, and position themselves strategically in a niche space, to be consumed by giants and startups alike. Experts get to grow their brand and increase their thought leadership. The platform targets the building of a social network that links industry experts with companies worldwide. The platform has around 400 total buyers across various markets.
360Quadrants will also be launching quadrants in fields like Healthcare Analytics, Video Surveillance Systems, and Lighting Control Systems.
Philips Lifeline HomeSafe system has four unique setups that include two base units and three help buttons in total. The systems are called HomeSafe Standard and HomeSafe with AutoAlert.
The market is likely to witness substantial growth, owing to the increased demand for high-tech connected medical alert devices based on IoT- and AI-based technologies.
Medical alert systems – also referred to as personal emergency response systems (PERS) and fall detection buttons—provide a quick and simple way for elderly and senior citizens, those with medical issues, and people who live by themselves to get support during emergencies, whether it be for a medical issue, a fire, a fall, or any event that requires an immediate response.
Philips Lifeline provides a complete medical alert device product with PERS offerings and an informative website that is supported by the name Phillips. Its core product line includes HomeSafe Standard, HomeSafe with AutoAlert, and GoSafe2.
The overall medical alert systems market is expected to grow from USD 5.9 billion in 2019 to USD 9.5 billion by 2025, at a CAGR of 7.9% during the forecast period.