MEDICAL ALERT SYSTEM: MARKET LEADERSHIP

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MEDICAL ALERT SYSTEM MARKET LEADERSHIP Medical
Alert System are devices primarily used by aged
people in case of medical emergencies such as
heart attacks, falls, or patients suffering from
dementia and Alzheimers and to get medical
assistance. Apart from the use of individuals to
expect help during emergencies, these devices can
be used to ensure safety and security while
living or traveling alone. The overall medical
alert system 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.
The growth of the overall medical alert system
market is driven by various factors such as
increase in geriatric population and health
literacy across the globe, rising adoption of
smart mobile emergency response systems,
technological advancements in medical alert
systems, and increasing inclination of elders
towards independent living. In 2019, the medical
alert systems market was dominated by Koninklijke
Philips, Connect America, Valued Relationships
(VRI), Guardian Alarm, and AlertOne Services.
These leading players adopted a few strategies
inthe medical alert systems market which created
a significant impact. Strategies comprise
product launches, strategic partnerships, and
business agreements, along with mergers
acquisitions. Koninklijke Philips (Europe)is one
of the industry leaders in the field of medical
alert systems with its diverse and strong
product portfolio. It deals in various medical
equipment such as medical alert systems, imaging
solutions, and respiratory care. The company
operates through four business
segmentsdiagnosis treatment, connected care
health informatics, personal health, and others.
Its global presence in the medical alert systems
market makes it a dominant player in this
segment. The company is expanding its connected
care and health informatics business segment by
using organic and inorganic strategies. It
focuses on innovations, partnerships, organic
investments, and acquisitions. The companys
strong brand name, distribution network, and
geographic reach are some of the reasons which
influence the leadership position of Philips in
the medical alert systems market. The company
partnered with other senior assistive device
manufacturers, such as Right at Home (US) and
Constant Companions (US), to create innovative
solutions for seniors. Connect America (US)is
one of the largest providers of medical alert
systems in North America. It caters to people
suffering from some physical challenges, medical
ailments, declining health, and senior citizens
who wish to live independently. The company
focuses on inorganic growth as a strategy for its
expansion in the medical alert systems market.
This inorganic strategy, combined with the
industrys best emergency response service at an
affordable cost, helped in increasing the
companys share in the medical alert systems
market in the US. The company can expand its
operations in different emerging markets in
order to increase its revenue and emerge as a
global player in the medical alert systems
market. It can target other regions of the world
with some product differentiation, which is
suitable for a particular market or which
matches the lifestyle of the people living
there. Valued Relationships (VRI) (US)is one of
the renowned players providing health monitoring
solutions to geriatric people with disabilities
or illnesses. The company provides medical alert
systems, which include electronic medication
reminder devices, tele-health and vitals
monitoring, fall detection, medication
management, and mobile medical alert solutions.
The company majorly focuseson partnerships and
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• collaborations to grow in the medical alert
  systems market. It holds a strong position in the
  US because of its product portfolio and
  excellent service. The company can take advantage
  of its existing strategy to collaborate with
  players who are working on emerging technologies
  such as IoT (Numerex) and can develop innovative
  solutions for targeted audiences in other
  regions. Such collaborations can help the
  company to become an international player in the
  medical alert systems market.
• Guardian Alarm(SU) primarily provides residential
  home security life safety systems, commercial
  access control, cameras, cloud storage security,
  and medical monitoring alert systems. The
  company offers a comprehensive line of medical
  alert systems that fit the specific needs of a
  person to support safe and independent living.
  Its offerings include basic medical alert systems
  that can be used only inside the home and are
  connected through landline or a cellular phone.
  The company also provides an option of adding an
  auto-fall sensor pendant to its tabletop medical
  alert systems. Guardian Alarm provides home and
  yard medical alert systems for people who are
  engaged in physical activitiessuch as gardening
  or spending time in the yard. The company focuses
  on partnerships with other companies to extend
  its reach to a higher number of customers. It
  partnered with healthcare agencies in order to
  establish a personal emergency response system
  (PERS) as a Medicaid waiver provided service.
  Guardian Alarm also incorporated advanced
  technologies such as 4G for faster communication
  and better response time in its services.
• 360 QUADRANT COMPANY EVALUATION METHODOLOGY
• Top companies in the Medical Alert System market
  will be rated using the following methodology -
• A highly experienced team of researchers and
  senior analysts conduct extensive research to
  generate a list of vendors (competitors).
• A patent-pending algorithm is used to collect
  inputs from key stakeholdersindustry experts,
• buyers, vendors, and 360Quadrants analystsbased
  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 20 in-depth parameters will be
  considered for research for the Medical Alert
• Systemmarket. These parameters will be updated
  every sixmonths to ensure 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
• Buyers
• Industry Experts
• 360Quadrants Analysts

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6. After the finalization of ratings, each vendor
is placed in the most relevant quadrant based on
their score. ABOUT 360QUADRANTS 360Quadrants is
the largest marketplace looking to disrupt USD
6.3 trillion of technology spend 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 insights using direct
engagement with 650 industry experts and
analysts and allows buyers to discuss their
requirements with 7,500 vendors. Companies are
able to win ideal new customers, customize their
quadrants, decide key parameters, and position
themselves strategically in niche spaces, to be
consumed by giants and start-ups alike. Experts
are able 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 buyers across various
markets. 360Quadrants will also be launching
quadrants in fields such as Digital
Transformation Software, Cloud Computing
Software, and Machine Vision Solutions.