MEDICAL ALERT SYSTEM: MARKET LEADERSHIP

1. MEDICAL ALERT SYSTEM: MARKETLEADERSHIP Medical Alert Systemare devices primarily used by aged people in case of medical emergencies such as heart attacks, falls, or patients suffering from dementia and Alzheimer’s 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 independentliving. 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 segments—diagnosis & 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 company’s 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 forseniors. 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 industry’s best emergency response service at an affordable cost, helped in increasing the company’s 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 livingthere. 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,andmobilemedicalalertsolutions.Thecompanymajorlyfocusesonpartnershipsand

2. 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 systemsmarket. • 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 itsservices. • 360 QUADRANT COMPANY EVALUATIONMETHODOLOGY • Top companies in the Medical Alert Systemmarket 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). • Apatent-pendingalgorithmisusedtocollectinputsfromkeystakeholders—industryexperts, • 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 sectorfootprint. • Approximately 20+ in-depth parameters will be considered for research for theMedical Alert • Systemmarket. These parameters will be updated every sixmonths to ensure latest developments are taken intoconsideration. • 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 givenbelow: • Buyers • Industry Experts • 360QuadrantsAnalysts • Vendors(Competitors) • 5. The inputs are analyzed, and a final rating is assigned to each vendor(competitor).

3. 6. After the finalization of ratings, each vendor is placed in the most relevant quadrant based on their score. ABOUT360QUADRANTS 360Quadrantsis 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 variousmarkets. 360Quadrants will also be launching quadrants in fields such as Digital Transformation Software, Cloud Computing Software, and Machine VisionSolutions.