The global population is aging, and with it comes an undeniable demand for medical alert devices. As the number of people aged 80 or over is projected to triple from 157 million in 2022 to 459 million in 2050, the demand for medical alert devices is extremely on the rise. With an increasingly competitive landscape and larger demand, a medical alert devices company must first understand the market and its needs. This is where primary market research from companies such as FMR Global Health comes in.
- Understanding the Medical Alert Devices Market
- Importance of Primary Market Research
- Key Benefits of Conducting Primary Market Research for Medical Alert Devices
- Challenges and Best Practices for Conducting Primary Market Research for Medical Alert Devices
- Future Trends and Opportunities for Primary Market Research in Medical Alert Devices Market
Understanding the Medical Alert Devices Market
If someone lives alone or has a severe medical condition, they might want to consider medical alert devices. Also known as life alert systems, these devices offer an added layer of protection and peace of mind for older adults, as well as for their loved ones and caregivers. A wide variety of these devices are on the market. Most are simple alert buttons that can be worn around the neck or wrist (on-the-go-wearables), other devices are sophisticated at-home systems that may include fall detection and even GPS tracking.
With the increasing senior population, the global medical alert devices market size was valued at $7.2 billion in 2020 and is expected to reach $15.82 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.8% over the forecast period. Not only is this growth driven by the increasing number of elderly people, but also due to the growing prevalence of chronic diseases, and the actual rising awareness of the benefits of medical alert devices. Primary market research supports the growing awareness of the benefits of medical alert devices, leading to more people recognizing their importance in providing quick and effective medical assistance. As a result, demand for medical alert devices is increasing, immensely driving the market growth.
Importance of Primary Market Research
With the projected increase in demand for medical alert devices, primary market research is even more crucial for several reasons, including:
- Identifying specific needs and preferences of the target market. For example, the types of devices that people may prefer, the features they value most, and the price points they are willing to pay. This in-depth information can then be used to develop devices that exactly meet those needs and preferences.
- Understanding the competitive landscape. By gathering information such as competitors’ strengths, weaknesses, and market share, medical alert devices companies can develop strategies to differentiate themselves and gain a competitive advantage.
- Assisting companies with identifying emerging trends and opportunities in the market. By staying on top of trends such as the rise of remote patient monitoring and the increasing use of artificial intelligence in healthcare, companies can develop products that meet the changing needs of their target market.
To create successful medical alert devices, companies must understand the market and its needs. This is where FMR Global Health comes in. Our primary market research involves collecting data directly from potential customers to gain insights into their expectations, challenges, and preferences.
Key Benefits of Conducting Primary Market Research for Medical Alert Devices
There are several key benefits of conducting primary market research for medical alert devices.
- It can, for example, allow companies to develop products that meet the specific needs and preferences of their target market. This can lead to a higher customer adoption rate, satisfaction, and loyalty and can help companies gain a competitive advantage.
- It can assist in identifying opportunities for innovation and differentiation. By understanding emerging trends and customer needs, companies can develop more impactful products.
- It can help avoid costly mistakes. By testing products with potential customers before launch, companies can identify issues and make improvements before investing in large-scale production.
Challenges and Best Practices for Conducting Primary Market Research for Medical Alert Devices
Primary market research can provide valuable and much-needed insights, but within the medical alert devices sector, it is not without challenges. For example, the recruitment of a representative sample of potential customers can be particularly challenging, as the target audience may be less tech-savvy or may have limited mobility.
Also, accurate and reliable data collection can be difficult, as customers may not always provide honest or accurate feedback, or they may have difficulty articulating their needs and preferences.
To overcome challenges and maximize the benefits of primary market research, there are several best practices that FMR Global Health advises to follow:
- Defining the research objectives and target audience. Defining this will help ensure that the research is focused and relevant to the needs of the company.
- Using a variety of research methods to gather both quantitative and qualitative data. This will provide a more comprehensive understanding of customer needs and preferences and will help ensure that the data collected is accurate and reliable.
- Ensuring that the research is conducted ethically and with the privacy and confidentiality of participants in mind. This involves obtaining informed consent, protecting personal information, and ensuring that participants are not harmed or exploited in any way.
- Using the insights gained from primary market research to inform product development, marketing, and sales strategies. By incorporating customer feedback into all business aspects, companies can create products that meet the specific needs of their target market and drive growth and profitability.
One company that has successfully used primary market research is Lifeline Systems (formerly Philips Lifeline). Through primary market research, Lifeline identified the need for medical alert devices that could track the location of the wearer and provide automatic fall detection. This led to the development of the GoSafe 2, a mobile medical alert device that includes GPS tracking, automatic fall detection, and two-way communication, and even more devices.
Future Trends and Opportunities for Primary Market Research in Medical Alert Devices Market
There are several future trends and opportunities for primary market research in the medical alert devices market. One trend is the increasing use of artificial intelligence (AI) in healthcare. By gathering data on how customers interact with AI-powered medical alert devices, companies can develop products that are more intuitive and user-friendly.
Another trend is the rise of remote patient monitoring. Through primary market research, companies can identify the specific needs and preferences of patients who use remote monitoring devices, such as the desire for real-time alerts and personalised care. This information can then be used to develop products that meet those needs and provide better patient outcomes.
Primary market research is essential for driving the growth of the medical alert devices market. By gathering insights into customer needs and preferences, companies can develop products that meet those needs and gain a competitive advantage. While there are challenges to conducting primary market research, following best practices and using a variety of research methods can help overcome those challenges and maximize the benefits.
As the medical alert devices market continues to grow, companies that invest in primary market research will be better positioned to succeed and drive innovation.