The social alarm market has been forecast to exceed a value of US$2.7 billion by 2018, with the ever aging population as the leading driver for market growth.
Furthermore, the shifting trend towards home based healthcare, the increase in average life expectancy, along with active participation from both public and private quarters for care of the elderly comprise the other factors spurring social alarm market growth.
Social alarms can be defined as wireless devices used to send information about the user's health and well-being and are part of the wider telecare and telehealth industries. A social alarm device can be worn as a pendant or a bracelet, which the user presses when in an emergency.
The United States represents the largest region globally for the social alarm market. Although on a growth trajectory, the US market for social alarms remains fraught with its share of challenges. Factors such as high cost of devices, signal interference or range limitations in social alarm services along with lack of awareness regarding the benefits of social alarms are the major deterrents obstructing the full-fledged acceptance of social alarms among general masses.
Europe is one of the very few markets with strong Government funding for social security and overall well-being of its citizens. Further, the ongoing demographic transition in Europe towards an aging population coupled with changes in society and value systems present considerable socio-economic implications.
By 2016, the overall number of active users of family locator services, of all sorts, in Europe and North America will reach 70 million, compared to only 16 million in 2011, growing at a compound annual growth rate (CAGR) of 34%.
For more information on the social alarm market, see the latest research: Social Alarm Market
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