The Global Market for Personal Emergency Response Systems (PERS) is Projected to Reach US$7.4 Billion by 2024
Rising Preference for Aging-In-Place to Drive the
Global Personal Emergency Response Systems (PERS) Market, According to a New
Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market size, share and
demand forecasts on the global Personal Emergency Response Systems (PERS) market.
The global market for Personal Emergency Response
Systems (PERS) is projected to reach US$7.4 billion by 2024, driven by the rapidly aging population and increase
in social and community centered programs and solutions such as home-based
health programs that support aging in place.
An aging society is a
major concern for governments worldwide, with the growing number of senior citizens
exerting significant burden on healthcare systems. Consequently, this
demographic cluster usurps a sizable portion of annual healthcare costs, which
shows no signs of abating. With the focus on providing better care while
minimizing costs, aging has been a subject of various public and private policy
decisions over the past decade. Given the growing costs of treating the elderly
in nursing homes, assisted living centers and hospitals, alongside the growing
willingness of many to lead an active, independent, dignified life, the trend
towards aging-in-place has gathered significant momentum over the years.
Technologies such as personal emergency response systems (PERS) have gathered
significant importance. PERS, also known as social alarms in Europe,
facilitates efficient and timely provision of medical aid to people in times of
emergencies while they enjoy the comfort of home and thereby reduce costs.
Personal Emergency Response Systems (PERS) are stationary devices or mobile
devices that can be worn as a pendant or a bracelet, which the user
presses/triggers in the event of an emergency. Aging population, rising costs
of healthcare, growing prevalence of chronic and aging related diseases such as
dementia and Alzheimer’s, and advances in telecommunications, information
technology, telemedicine, and remote patient monitoring (RPM) are driving market growth.
The target market for PERS
primarily includes individuals with age-related or medical conditions living
alone at home. The addressable target market continues to grow supported by the
growing number of disabled people, children and elderly requiring special
assistance deciding to remain at home. Technological developments are underway
in PERS services and devices, such as passive monitoring of physical routines
for identifying out of norm events,
voice-activation systems for those unable to move after a fall to reach
the device but can speak and auto-detection technology and GPS connectivity
in PERS devices. The market is shifting away from conventional at-home landline-based PERS to Mobile PERS (mPERS) that enables functionality even when users move out of their houses.
The transition is enabled by the integration of cellular communications in PERS
devices to connect to response centers. Further, advances such as two-way voice
communication, significant battery back-up, and improved functionality of panic
buttons are driving confidence in PERS services.
As stated by the new
market research report on Personal Emergency Response Systems (PERS), the United States represents the largest market
worldwide, supported by technological developments, launch of new smart devices
with fall detection, disease tracking, proximity sensing and health data
integration capabilities, and increased acceptance of technology-assisted
healthcare among the educated elderly. Although demand for social care services
is still at an embryonic stage in Asia-Pacific, the region nevertheless is
forecast to grow at the fastest CAGR of 8.2% through the analysis period. The projected
growth is forecast to be driven by the affluence of aging population and their
adult children; growing private investments in medical alert response services;
robust foreign investments by overseas med-tech companies; digitalized lifestyles
and familiarity of the elderly with the use of smartphones and other connected wearables.
While fragmented and inconsistent regulatory and reimbursement regimes will hamper
market penetration, strong commercial opportunities currently exists in premium
customer segments.
Major players in the
market include ADT Security Services Inc., Alert Response LLC, AlertOne
Services LLC, Appello, Bay Alarm Medical, Chubb Community Care, Connect America
Medical Alarm Company, Galaxy Medical Alert Systems Ltd., Healthcom Inc.,
Koninklijke Philips Electronics N.V., Life Alert Emergency Response Inc.,
LogicMark LLC, Ningbo Hi-Tech Park Jabo Electronics Co. Ltd., Rescue Alert,
TeleAlarm SA, Tunstall Healthcare Group, Tynetec Ltd. and VRI Inc., among
others.
The
research report titled “Personal Emergency Response Systems (PERS): A Global
Strategic Business Report” announced
by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers,
acquisitions and other strategic industry activities of global companies. The
report provides market estimates and projections for Personal Emergency
Response Systems (PERS) in value terms for all major geographic markets such as
United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and
Rest of Europe), Asia-Pacific, Middle East & Africa and Latin America.
Global
Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights
Reserved.
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