DUBLIN, March 21, 2022–(BUSINESS WIRE)–The "Fall Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product and End User" report has been added to ResearchAndMarkets.com's offering.
The fall management market is projected to reach US$ 230.10 million by 2028 from US$ 171.36 million in 2021; it is expected to grow at a CAGR of 4.3% from 2021 to 2028.
The surge in the geriatric population is one of the key factors driving the growth of the market. Statistics from the United Nations show that the total geriatric population in China, India, the US, and Japan is the highest while the percentage of elderly adults to the total population is highest in Japan, Germany, and Italy, at 28.2%, 21.4%, and 22.8%, respectively. As per the World Health Organization (WHO), falls are the second leading cause of unintentional injury deaths worldwide. Mortality from falls is higher among adults above the age of 60 years.
An estimated 684,000 fatal falls occur each year. The financial costs related to fall-related injuries are substantial. For an elderly adult, the average healthcare costs due to a fall in Ireland and Australia are US$ 3,611 and US$ 1,049 respectively. In the geriatric population, the prevalence of falls in the US ranges from 20 to 30% while in India, it is around 26-37%. The high prevalence rate of falls in the rising population of elderly adults is expected to create significant growth opportunities for the fall management market during the forecast period.
The global fall management market is bifurcated on the basis of product and end user. Based on product, the market is segmented into sensor pads, floor mats, and RFID tags. The sensor pad segment would account for the largest market share during 2021-2028. Sensor pads have gained attention in the global market owing to their high applicability and functionality. Sensor pads can be a part of larger fall detection systems, chair sensors, bed sensors, and floor sensors, which makes the product multi-functional. Therefore, the pads provide fall detection and prevention of a diverse set of environments and conditions. Sensor pads can be connected to smart devices for better monitoring of patients and residents wherein, the systems use sensors pads to detect a fall and alert relevant caretakers. Also, the use of smart devices allows efficient daily activity monitoring of residents in nursing homes to ensure immediate assistance in case of falls.
By end user, the fall management market is segmented into hospitals & clinics, nursing homes, and others. The hospitals and clinics segment is expected to hold the largest share of the market during the forecast period due to a higher occurrence of falls in hospitals and clinics. According to the US Agency for Healthcare Research and Quality, annually 700,000 to 1 million people falls occur in the US. Similarly, the National Audit of Inpatient Falls (NAIF) 2020 Annual Report found over 247,000 falls occurred in patients in hospital settings in the UK. Also, as per a study by the Indian Journal of Public Health in 2019, falls were the most frequent incidents, especially among elderly adults, in critical care hospitals accounting for 14-53% in India. These statistics show a higher incidence of falls in hospitals and clinics, which can lead to injuries and subsequent lawsuits due to negligence. Therefore, for better care and monitoring, the demand for fall management systems is expected to be the highest in hospitals and clinics during the forecast period.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the fall management market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the fall management market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhancing the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Surge in Geriatric Population
Use of Multimodal Technology in Fall Detection Systems
Lack of Awareness Regarding Fall Management Systems
Strategies to Expand Presence in Emerging Markets
Technological Advancements and Rising Investments
Medline Industries, Inc.
Stanley Black & Decker Inc.
DeRoyal Industries, Inc.
Personal Safety Corporation
Rondish Company Limited
Smart Caregiver Corporation
TIDI Products, LLC.
For more information about this report visit https://www.researchandmarkets.com/r/egahbx
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