Davis described the tracking of vulnerable adults as a "key market" for the company, which was only launched in January this year.
"I took the communication technologies that were already out there in homebound assisted living and put it onto the wrist," he said.
Wearable tech game-changer?
Berg Insight's Malm says this shift from more traditional assisted-living systems towards wearable tech could be a game-changer for the market.
There are currently around 5.9 million "telecare" alarms – in-house safety systems that raise an alarm if a user gets into difficulty - in Europe and North America, according to Berg Insight. By contrast, there were only just under 100,000 mobile telecare users in mid-2013.
"But across the world – and in Europe specifically – the older systems are being replaced with digital systems and so there's the possibility to move to these next-generation, wearable devices," he said.
Malm forecasts around 3.5 million mobile telecare systems to be in use in Europe and North America by the end of 2018 – with roughly half of these being used on people with dementia.
As a result, he expects revenue from the sector to grow from around 35 million euros ($48.5 million) per year in 2013 to 500 million euros ($692 million) in 2018 in Europe, and from $40 million in 2012 to $550 million in 2018 in the U.S.
Another growth trigger point for the market would be the widespread adoption of the technology in nursing homes – an area from which Childtrac's Regimbal has reported growing demand.
"Nursing homes don't want to become prisons. They want to let the elderly go for walks, but sometimes they get lost – this device means they have peace of mind," he said.
Despite the relatively high cost of these devices, Malm said their implementations could actually save nursing homes – and even the state – money.
"There is less need for around-the-clock surveillance," he said. "In fact, these devices could be the only way our society will be able to afford the care of an aging population."
(Read more: The pros and cons of long-term care insurance)