Global Fall Management Market - 2022-2029

Global Fall Management Market - 2022-2029

Market Overview

Fall Management Market size was valued US$ 170.07 million in 2021 and is estimated to reach US$ 253.90 million by 2029, growing at a CAGR of 4.9% during the forecast period (2022-2029).

Fall is defined as an event in which the person falls on the ground or floor or any other surface. People with balance impairment, gait impairment, muscle weakness, foot problems that cause pain, impaired mobility, and low blood pressure are at high risk of falling. Fall-related injuries may or may not be fatal or may not be fatal. People with dementia or an altered sense of balance could develop fatal injuries due to falls. Moreover, the accidental falls hamper the recovery process for preexisting medical problems and ultimately result in death. Fall management aims to minimize the risk of developing the injury, reduce the chances of falling, and maintain the level of mobility.

Market Dynamics

The global fall management market is growing due to several factors such as the rising demand for fall management products with growing falls incidents along with an increasingly aging population as these people require long-term care.

Rising falls incidents and various new technological advancements are expected to drive market growth.

The fall management market is driven by the rising demand for fall management products with growing falls incidents along with an increasingly aging population as these people require long-term care. Falls are the leading cause of accidental or unintentional injury deaths worldwide. According to the World Health Organization (WHO), around 646 000 individuals die from falls worldwide every year. People above older than 65 years of age suffer the greatest number of fatal falls. Every year around 37.3 million falls severe enough to require medical attention worldwide. Fatal falls are most common among people 65 or older, young adults aged 15–29, and children aged 15 years or younger.

The market is witnessing the launch of innovative fall management products with technological advancement. For instance, in Jun 2020, STANLEY Healthcare launched its Foresite solution by which communities can be use artificial intelligence to give proactive insights and track changes in a person’s fall risk and health condition. These insights enable caretaker and clinicians to enhance operational efficiencies and give high quality care, that drives the quality and longevity of life of the person using it.

The growing technological advancement with the digital platform for developing fall management products shall stimulate market growth. For instance, Stanley Healthcare provides a groundbreaking, AI-based solution, i.e., Foresite Proactive Health & Predictive Fall Management. It features continuous fall risk assessment, health monitoring, imminent bed exits alerts, and fall detection & post-fall intervention. Foresite actively assesses changing fall risk, tracking, and analyzing a wide range of factors known to contribute to falls, including bed occupancy, bed exits, sit-to-stand time, and gait. It continuously provides the fall risk for each individual comprising the high, intermediate, or low. Foresite uses automated algorithms for monitoring the changes in heart rate, bed restlessness, and other factors for providing the early warning of deteriorating health. It issues early alerts when an individual is attempting to stand. Thus, it provides the caregivers more time to intervene before the person can get up unassisted. Moreover, it provides the depth sensor images of post-fall assessment and response that can be replayed and analyzed for providing medical assistance and improve response to future incidents. Several companies and organizations are involved in creating awareness regarding fall management and prevention.

High treatment cost of falls is expected to hamper the market growth.

The market is hindered by the high treatment cost of falls. For instance, according to the Centers for Disease Control & Prevention (CDC), the medical cost of falls across the U.S. healthcare system is USD 50 billion annually. This cost includes the USD 38 billion paid by Medicare and Medicaid and USD 12 billion paid by private and other payers.

Industry Analysis

The global fall management market provides in-depth analysis of the market based on various industry factors such as Porter’s Five Forces, Regulatory Analysis, Supply Chain Analysis, Pricing Analysis.

Segment Analysis

Product type segment is expected to hold the largest market share in global fall management market

The global fall management market is segmented based on product type as sensor pad, floor mat, RFID tag, etc. The sensor pad accounts for the highest market share. The market is dominated by the availability of different sensor pads, including floor sensor pads, bed sensor pads, and chair sensor pads. These pads alert the healthcare staff and caregivers if they try to leave the bed or the wheelchair. The Smart Caregiver Corporation includes fall prevention monitors & exit alarms designed to alert caregivers when an at-risk individual needs assistance. These devices are ideal for bed exit monitoring, chair exit monitoring, and door exit monitoring. It is comprised of corded fall prevention monitors, cordless fall prevention monitors, and pull-string monitors. It is also comprised of bed sensor pads and chair sensor pads. It comprises the different variants of bed sensor pads, i.e., corded bed pads, bed alarm sensor pads with unique safe-t-release replaceable cords, cordless bed pads work with wireless cordless fall monitors, and timed bed pads with unique safe-t-release cords). The different variants of chair sensor pads include the corded chair pads, which alert the caregivers whenever pressure is removed from the sensor pad, cordless chair pads with no cords and reduce the tripping hazards and eliminates broken or tangled cords, and timed chair pads; a unique coiled cord reduces tripping & entanglement hazards.

The floor mat segment is expected to have positive market growth due to the growing usage of flexible, lightweight floor mats, which effectively protect the patient from falling from a wheelchair, bed, gurney, or recliner. These floor mats are widely used in the home and healthcare facilities. There is growing innovation in developing floor mats. Alimed provides several floor mats, including the flatmate bedside fall mat, an ultra-low profile, antibacterial bedside fall mat with a Slide-Stop bottom to help keep the mat firmly in place. It is resistant to mold, mildew, stains, and odors. It’s another product. Another product is a folding multifunction mat single fold, firm (IFD 60-70) energy-absorbing foam mats that include two carry handles for easy transport.

Further, the market is also classified based on the end-users as hospitals and clinics, nursing homes, home care settings, etc. The hospitals and clinics segment accounts for the highest market share owing to the increase in the number of people falling in the hospitals and clinics. According to the Centers for Disease Control and Prevention (CDC), every year, 3 million older people are treated in emergency departments for fall injuries. Over 800,000 patients a year are hospitalized because of a fall injury, most often because of a head injury or hip fracture. There is an increase in the number of companies developing fall management products for hospitals & clinics. Alimed, Inc’s Folding Multifunction Mat Single fold is the directly energy-absorbing foam mats that include two carry handles for easy transport. Alimed, Inc’s Drive Medical Prime Mat helps in reducing the tripping hazards with low-profile beveled edges. Accommodates wheelchairs and lifts without having to move the mat.

Geographical Analysis

North America region holds the largest market share in the global fall management market

By region, the global fall management market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global fall management market due to the growing number of falls and a significant healthcare problem. According to the Centres for Disease Control and Prevention (CDC), more than one in four older adults fall every year. There is rising adoption of fall management products with technological advancement. There is a large number of companies are presently developing fall management products. Several organizations are involved in creating awareness regarding fall management products. For instance, in Apr 2021, According to World Health Organisation (WHO), around 684000 fatal falls takes place every year, making it 2nd main cause of injury death. In every region of world, highest death rates are among adults more than 60 years age. Every year around 37.3 million falls are severe and require medical attention. These falls are responsible for 38 million disability adjusted life years lost each year.

The Asia Pacific region is expected to have positive market growth owing to the increasing demand for fall management products with the rising older population. According to the United Nations Fund for Population Activities (UNFPA), the older population would increase and reach 1.3 billion by 2030 in the Asia-Pacific region. Drastic market growth is expected to observe among the developing countries, including India and China, owing to older people's presence. The rising adoption of advanced fall management products shall stimulate market growth. The demand for fall management procedures is expected to increase with the increasing per-capita healthcare expenditure to improve healthcare facilities over the forecasted period.

Competitive Landscape

The global fall management market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Alimed, Inc., Deroyal Inc., Emfit Ltd., Medline Industries, Inc., Roundish Company Limited, Stanley Black & Decker, Inc., (Stanley Healthcare), and Tide Products, Llc (J.T. Posey Company) are the leading market players with significant market share. Major players are using product development, novel product approvals, market expansion, and product diversification strategies for holding their position in the market.

Emfit health provides the QS+CARE, a real-time bed exit, occupancy, and movement activity that monitor with simultaneous tracking of health data. It is effective in improving the elderly care outcome and reduces costs. QS+CARE also provides real-time data and notifications, helping to reduce falls.

The companies enter into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for fall management and their expansion across the globe. For instance, In Aug 2021, RoundTable a private equity firm works on healthcare industry announced its acquisition of American Optics and Replacement Parts Industries and formed Healthcare Components Group. Both of these companies, serves independent service organisations that contracts with acute care facilities and ambulatory surgical centres and repairs critical medical devices.

Key Companies to Watch

Alimed, Inc:

Overview: Alimed, Inc. was founded in 1971. The company's line of business includes the wholesale distribution of surgical and other medical instruments, apparatus, and equipment.

Product Portfolio:

AliMed ONE Wireless Alarm Base: It is a fall alarm unit for AliMed ONE Wireless Fall Monitoring System. The Alarm Base can be set up in the patient room and paired with around 6 wireless fall monitoring devices for caregiver notification of patient activity. One-touch EZPair technology makes it quick and easy to pair with devices. Totally gasketed speaker allows for complete cleaning. Long-lasting battery has life span of 4 months under typical usage.

Key Developments: In Apr 2022, Alimed Inc., introduced its PPS Glide Air Assisted Transfer System, single-patient use option. This is a patient transfer device that takes less pull force and few healthcare staff for patient’s movement safely from one surface to another. It reduces the injuries and infection and provides comfort.

The global fall management market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.